Press Release-Electric Vehicle Plastic Market to Reach Valuation of USD 3862.1 Million by 2028 - Shift Toward Producing Automobiles that Emit Fewer Greenhouse Gases to Drive the Growth of the Global Electric Vehicle Plastic Market
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Electric Vehicle Plastic Market to Reach Valuation of USD 3862.1 Million by 2028 - Shift Toward Producing Automobiles that Emit Fewer Greenhouse Gases to Drive the Growth of the Global Electric Vehicle Plastic Market
From the period 2022 to 2028, the Global Electric Vehicle Plastic Market is expected to reach USD 3862.1 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 26.50%.
The tendency of lightweight plastic applications as a manufacturing section is primarily driving the size of the electric vehicle plastics market. The use of lightweight plastics in electric vehicles improves fuel efficiency while also expanding the range of battery vehicles. Battery electric vehicles are expected to be the leading provider of electric vehicle plastics, which will drive the growth of the electric vehicle plastics market. The electric vehicle plastics industry is also expected to grow due to its superior presentation experience when compared to metal. While metal is the most commonly used material in the production of various automotive components, the resulting increase in vehicle weight has prompted automakers to seek alternatives to improve overall vehicle efficiency. As a result, plastics have surpassed metals as the most commonly used standard materials for the construction of various vehicle components. The rising trend of weight reduction in PHEV/ HEV/ BEV, combined with the increasing demand for thermally stable plastic, is expected to drive the demand for plastic in the electric vehicle market.
Key Highlights from the Report
Some of the key players in the Electric Vehicle Plastic Market include [object Object] and others.
Market Dynamics:
With a shift toward producing automobiles that emit fewer greenhouse gasses and are more fuel efficient, almost all of the major automobile manufacturers are producing electric vehicles and variants, with improved year on year sales of electric vehicles directly influencing the growth of the electric vehicle plastics market. The decrease in the prices of raw materials used in the manufacture of electric vehicles is another factor driving the market growth. One of the major factors contributing to the growth of the electric vehicle plastics market is the increasing use of plastics as raw materials in the manufacture of automotive parts and supplies.
The trend in lightweight plastic applications as a manufacturing element is driving the plastics market for electric vehicles. The use of lightweight plastics in electric vehicles improves fuel efficiency as well as battery electric vehicle (BEV) range. BEV is expected to be the largest contributor to the electric vehicle plastics industries, fueling global electric vehicle plastics demand growth. Plastic benefits such as lower carbon emissions and less reliance on petroleum drive the plastics market for electric vehicles.
The electric vehicle plastics market in North America is thriving as a result of the growing popularity of non-polluting vehicles as a mode of transportation. With a shift in consumer demand toward automobiles that contribute to lower greenhouse gas emissions, almost all major automakers are producing highly fuel-efficient electric vehicles and their variants, owing to improved year-on-year sales of this product, directly influencing the development of the electric vehicle plastics market. Another factor is the decrease in the prices of raw materials used in the production of electric vehicles.
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Electric Vehicle Plastic Market to Reach Valuation of USD 3862.1 Million by 2028 - Shift Toward Producing Automobiles that Emit Fewer Greenhouse Gases to Drive the Growth of the Global Electric Vehicle Plastic Market
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