Electric Vehicle Lightweight Materials Market Analysis 2024 - Global Insights, Industry Demand, Growth Trends And Outlook By 2033
Overview and Scope
Electric vehicle lightweight
materials refer to metal alloys used to reduce the total cost of ownership and
improve efficiency by enhancing the performance-to-weight ratio. It is a
refined material that can be used to create lightweight car bodies and interiors.
The vehicle's weight will be reduced, resulting in improved energy efficiency.
Sizing and Forecast
The electric vehicle lightweight
materials market size has grown exponentially in recent years. It will grow
from $6.87 billion in 2023 to $8.92 billion in 2024 at a compound annual growth
rate (CAGR) of 29.9%. The growth in the historic period can be
attributed to fuel efficiency and range optimization, stringent emission
standards, increased consumer awareness, cost reduction in manufacturing, focus
on sustainability, urbanization and traffic efficiency, advancements in
composite manufacturing..
The electric vehicle lightweight
materials market size is expected to see exponential growth in the next few
years. It will grow to $23.95 billion in 2028 at a compound annual growth rate
(CAGR) of 28.0%. The growth in the
forecast period can be attributed to increasing range expectations, expansion
of charging infrastructure, rising demand for affordable evs, integration of
autonomous driving, improved energy density in batteries, enhanced performance
requirements, emergence of energy-efficient materials.. Major trends in the
forecast period include technological innovations in materials, innovations in
battery technologies, integration of nanostructured materials, lightweight
design software, thermal management materials, collaborations for material innovation..
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Segmentation & Regional
Insights
The electric vehicle lightweight
materials market covered in this report is segmented –
1) By Material Type: Metals
and Alloys, Composites, Plastics, Elastomers, Other Material Types
2) By Vehicle Type:
Passenger Cars (Hatchbacks and Sedans), Utility Vehicles (SUVs, MPVs, Compact
SUVs), Light Commercial Vehicles, Medium and Heavy-duty Vehicles, Buses and
Coaches
3) By Propulsion Type:
BEVs, PHVs, HEVs
4) By Application: Battery
Packs, Electric Traction Motors, Electronic Components, Power Electronic
Controllers, Body-in-White, Chassis and Suspension, Transmissions, Doors,
Interiors, Other Applications
Asia-Pacific was the largest
region in the electric vehicle lightweight materials market in 2023, and is
expected to be the fastest-growing region in the electric vehicle lightweight
materials market during the forecast period. The regions covered in the
electric vehicle lightweight materials market report are Asia-Pacific, Western
Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market
Growth
The rise in the adoption of
electric vehicles (EVs) is expected to boost the growth of the electric vehicle
lightweight materials market going forward. An electric vehicle refers to one
that can be propelled by an electric motor that gets power from a battery and
can be recharged from an external source. The next generation of electric
vehicles may be largely dependent on lightweight materials. Electric vehicles'
weight can be significantly decreased by using composite materials made of
fiber-reinforced plastic polymers, which also improve their performance,
longevity, and range. For instance, according to the International Energy
Agency (IEA), a France-based autonomous intergovernmental organization, in
2022, electric vehicle sales nearly doubled to 6.6 million in comparison to
2020, bringing the total number of electric vehicles on the road to 16.5
million globally. Electric vehicle sales share climbed by 4% in 2021. In the
first half of 2022, 13% of newly purchased vehicles will be electric.
Therefore, the rise in the adoption of electric vehicles (EVs) is driving the
growth of the electric vehicle lightweight materials market.
Key Industry Players
Major companies operating in the
electric vehicle lightweight materials market are focusing on product
developments, such as advanced thermal insulation additives, to sustain their
position in the market. Advanced thermal insulation additives refer to materials
or substances that, when added to a system or structure, enhance its ability to
resist the transfer of heat. For instance, in May 2023, Cabot Corporation, a
US-based specialty chemicals and performance materials company, unveiled its
latest product innovation, the ENTERATM aerogel particle portfolio. This launch
represents a strategic move by Cabot into the realm of electric vehicle (EV)
technology, as the ENTERA aerogel particles serve as advanced thermal
insulation additives. this is Specifically designed for the development of
ultra-thin thermal barriers in EV lithium-ion batteries, these innovative
aerogel products empower formulators with versatile options. Cabot's portfolio
includes three distinct ENTERA aerogel products that can be seamlessly incorporated
into various thermal barrier forms such as blankets, pads, sheets, films,
foams, and coatings. This strategic introduction aligns with the automotive
industry's ongoing pursuit of enhancing thermal management systems for EV
batteries, aiming to optimize energy efficiency and extend the range of
electric vehicles.
The electric vehicle
lightweight materials market report table of contents includes:
1. Executive Summary
2. Electric Vehicle Lightweight
Materials Market Characteristics
3. Electric Vehicle Lightweight
Materials Market Trends And Strategies
4. Electric Vehicle Lightweight
Materials Market - Macro Economic Scenario
5. Global Electric Vehicle
Lightweight Materials Market Size and Growth
.................................
31. Global Electric Vehicle
Lightweight Materials Market Competitive Benchmarking
32. Global Electric Vehicle
Lightweight Materials Market Competitive Dashboard
33. Key Mergers And Acquisitions
In The Electric Vehicle Lightweight Materials Market
34. Electric Vehicle Lightweight
Materials Market Future Outlook and Potential Analysis
35. Appendix
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