Stratview Research has published a new report titled ‘Electric Vehicle (Car) Polymers Market’ to its database. It has segmented the market by Type (Engineering Plastics, Elastomers), by Component Type (Powertrain System, Exterior, and Interior), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Electric Vehicle (Car) Polymers Market is likely to grow from USD 11.32 billion in 2021 to USD 373.23 billion by 2028 at an impressive CAGR of 64.24% during the forecast period.
Market Segments' Analysis
Based on the type, the market is segmented as engineering plastics and elastomers. The elastomers segment is expected to fuel the major share of the market during the forecast period as elastomers find their extensive usage in insulation in cars and also, in manufacturing of tires.
Based on the component type, the electric vehicle (car) polymers market is segmented as powertrain system, exterior, and interior. The interior segment of components is witnessing a significant transformation by replacement of metals with polymers, as components made with polymers have lower accidental risk and safety issues. Therefore, electric car manufacturers are employing polymers, instead of metals, in the interiors of electric cars, which also reduce the overall weight of electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing, also reducing the noise, vibration, and harshness (NVH) levels of an electric car. All these factors are likely to drive the growth of the segment during the forecast period.
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