The Global Advanced Materials in Electrical Vehicle Charging Infrastructure Market is expected to reach USD 2,162.5 Million by 2028, growing at a CAGR of 36.70% from 2022 to 2028. Negative environmental effects from the widespread usage of petroleum-based transportation have prompted a shift to electric transportation. The supportive government policies for EV charging stations, increasing adoption of EVs, and increasing initiatives by private companies for deploying EV charging infrastructure will drive the Advanced Materials in Electrical Vehicle Charging Infrastructure market expansion over the projection period.
Key Highlights from Report:
- The metals and alloys segment held a significant share in 2021. The substantial proportion of this market is due to the physical and visual features of metals and alloys, which allow manufacturers to meet all design and operational regulations for electric vehicles and charging stations while keeping costs low.
- The cords segment is projected to grow at a considerable CAGR during the forecast period. The high share of this segment is due to frequent changing of EV charging station cords because of its high-temperature changes; abrasions; and scratches; resulting in low operational life, increasing adoption of electric vehicles & related EVSE components globally, rapid increase in demand for high power charging (HPC) cables to enable DC fast charging, and technological developments in EV charging cables such as liquid-cooling.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. High adoption of EVs & associated infrastructure to meet climate change commitments, reduce air pollution, & increase energy security, are the factors attributed to this region's high growth.
Some of the key players in the Advanced Materials in Electrical Vehicle Charging Infrastructure market include Ryerson Holding Corporation (U.S.), DOMO Chemicals GmbH (Germany), DuPont de Nemours Inc. (U.S.), SABIC (Saudi Arabia), BASF SE (Germany), Thyssenkrupp AG (Germany), Covestro AG (Germany), Evonik Industries AG (Germany), POSCO (South Korea), Trinseo S.A. (U.S.), Celanese Corporation (U.S.), Lanxess AG (Germany).
Due to the negative environmental consequences of the widespread usage of petroleum-based transportation, the transition to electrified transportation has been accelerated. The transition is projected to move quickly due to several advantages, including lower prices due to large-scale production and political incentives to help the industry flourish. Electric vehicles are becoming a recognized transportation solution and are projected to continue gaining acceptance as technology advances and economic feasibility. EVs are more efficient since they have better fuel economy and emit fewer pollutants. Furthermore, the introduction of electric vehicles is expected to provide a variety of transportation fuel options. On the other hand, the lack of well-developed electric vehicle charging infrastructure limits the market's widespread adoption.
Private enterprises are also transitioning to electric vehicle fleets, which are primarily powered by renewable energy. In addition, they are installing charging infrastructure in the offices. Automobile manufacturers are also working on higher capacity batteries with quick charging capabilities to enhance driving range. They're also working with the operators to build a network of DC charging stations along the roadway and outside of cities. Households are installing AC charging stations for their automobiles. All of these activities necessitate the use of sophisticated materials to produce improved vehicle supply equipment.
Europe held the largest share for Advanced Materials in Electrical Vehicle Charging Infrastructure market in 2021. This dominance can be attributed to rising EV demand in countries like China and Japan among others. Additionally, rising government initiatives in emerging economies to reduce greenhouse gas emissions, is expected to increase the adoption of EVs; ultimately increasing the demand for EV charging stations. Moreover, rising initiatives by emerging economies like Indonesia and Thailand to expand their footprint in EV and charging station production.