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  • Electric Vehicle Insulation Market Forecast & Growth Analysis | 2023-2028

    Electric Vehicle Insulation Market Forecast & Growth Analysis | 2023-2028

    Electric Vehicle Insulation Market Forecast & Growth Analysis | 2023-2028
    Report code - SRAM451 Delivery - 2 Weeks
    Electric Vehicle Insulation Market Size, Share, Dynamics, Trends, Forecast, & Growth A See more...

    Market Insights

    The electric vehicle insulation market was estimated at USD 463.3 million in 2022 and is likely to grow at a CAGR of 11.77% during 2023-2028 to reach USD 911.14 million in 2028.

    Electric-Vehicle-Insulation-Market-Regional-Insights

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    What is electric vehicle insulation?

    Electric vehicle insulation refers to the materials and techniques used to protect the battery and other electronics within an electric vehicle (EV). An EV runs on electricity and has various electric components like batteries, motors, controllers, sensors, wiring, etc. Insulation keeps the battery safe by maintaining its temperature, reducing noise, preventing condensation, and ensuring the safety, efficiency, and reliability of all electric components.

    Electric Vehicle Insulation Market Highlights

    Market Size in 2022

    USD 463.3 million

    Market Size in 2028

    USD 911.14 million

    Market Growth (2023-2028)

    11.77% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    The major factors driving the growth of the electric vehicle insulation market are-

    • Increasing demand for electric vehicles: According to International Energy Agency (eia.org), the Zero-Emission Government Fleet Declaration, signed in September 2022, aims to reach 100% zero-emission cars and vans in government fleets, with an additional aspiration of 100% zero-emission trucks and buses acquisitions, by no later than 2035. Apart from this, the global electric vehicle fleet is also growing. Since vehicle insulation helps improve vehicle lifespan, with the growing fleet, the demand for electric vehicle insulation is also expected to grow.
    • Government regulations and incentives – Governments across the globe are promoting the adoption of EVs as a part of their efforts to reduce greenhouse gas emissions. To encourage consumers, governments are offering various incentives such as tax credits, subsidies, grants for EV purchases, and more. With such policies, there is a growing demand for EVs and to meet the demand, manufacturers are raising demand for electric vehicle insulation.
    • Cost reduction in batteries – The cost of lithium-ion batteries, one of the crucial components of electric vehicles, has been steadily decreasing over the years. Owing to this reduced cost, there is a significant popularity of EVs. As vehicles become affordable and more economical, the demand for insulation solutions increases.
    • Rising consumer awareness –Consumers are increasingly seeking eco-friendly ways of transportation, and EVs are driving consumer interest. EIA estimates that 18% of new cars sold in 2023 will be electric. The growth in electric vehicle insulation is directly linked to the growth of electric vehicle manufacturing. The more consumers demand EVs, the more the electric vehicle insulation market will grow.

    Electric-Vehicle-Insulation-Market-Dynamics

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    Segments' Analysis

    By Product Type

    Based on the product type, the market is segmented as thermal interface materials (TIM), foamed plastics, ceramic, and others. The foamed plastics segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The growth of the segment is directly driven by the growing demand for lightweight and impact-resistant insulation materials in the electric vehicle industry.

    By Propulsion Type

    Based on the propulsion type, the market is segmented as Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles, Hybrid Electric Vehicle (HEV), and Fuel Cell Electric vehicles (FCEV). The BEV segment is estimated to lead the market governed by its emission-free technology and its large battery pack.

    By Application Type

    Based on the application type, the market is segmented under the bonnet and battery pack, interior, and others. The under the bonnet and battery pack application segment is expected to dominate the market during the forecast period. The growth of the segment is owing to the need to insulate electric motors and batteries, among other components, considering BEVs; and electric motors, internal combustion engines (ICE), battery among a host of other components in the case of PHEVs.

    By Insulation Type

    Based on the insulation type, the market is segmented as thermal insulation & management, electrical, and acoustic. The thermal insulation & management application segment is estimated to govern the market during the forecast period. The growing demand for high-capacity batteries is the major factor propelling the demand for thermal insulation & management in battery packs, which in turn, is contributing to the growth of the segment.

    Regional Insights

    In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market during the forecast period, with China being the major region with lucrative growth opportunities. The growth of the market is driven by the presence of major electric vehicle manufacturers such as BYD, Geely, SAIC, Chery Automobile, JAC Motors, and Zotye Automobile, creating a positive impact on the market. The growing concern to reduce greenhouse gas emissions is also creating an increase in the demand for electric vehicle insulation in the region.

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories.

    By Product Type

    • Foamed Plastics
    • Thermal Interface Materials (TIM)
    • Ceramic
    • Others

    By Application Type

    • Under the Bonnet and Battery Pack
    • Interior
    • Others

    By Insulation Type

    • Thermal Insulation & Management
    • Electrical
    • Acoustic

    By Propulsion Type

    • Battery Electric Vehicle
    • Plug-In Hybrid Electric Vehicle
    • Hybrid Electric Vehicle (HEV)
    • Fuel Cell Electric Vehicle (FCEV)

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Electric-Vehicle-Insulation-Market-Segmentation

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    Key Players

    Some of the major electric vehicle insulation manufacturers are-

    • BASF SE
    • The 3M Company
    • Morgan Advanced Materials
    • DuPont
    • Zotefoams plc
    • ITW Inc.
    • Saint-Gobain
    • Von Roll Holding AG
    • Autoneum
    • Alder Pelzer Holding GmbH
    • Elmelin Ltd

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Electric Vehicle Insulation Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the product types by application type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Electric vehicle insulation refers to the materials and techniques used to protect the battery and other electronics within an electric vehicle (EV). An EV runs on electricity and has various electric components like batteries, motors, controllers, sensors, wiring, etc. Insulation keeps the battery safe by maintaining its temperature, reducing noise, preventing condensation, ensures the safety, efficiency, and reliability of all electric components.

    The electric vehicle insulation market was estimated at USD 463.3 million in 2022.

    The electric vehicle insulation market is likely to reach USD 911.14 million in 2028.

    The electric vehicle insulation market is expected to witness an impressive growth of 11.77% CAGR during 2023-2028.

    BASF SE, The 3M Company, Morgan Advanced Materials, DuPont, Zotefoams plc, ITW Inc., Saint-Gobain, Von Roll Holding AG, Autoneum, and Alder Pelzer Holding GmbH, Elmelin Ltd are among the key players in the market.

    Asia-Pacific is expected to be the largest market.

    The foamed plastic segment is expected to remain dominant in the market.

    The under the bonnet and battery pack application segment is expected to dominate the market.

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