In terms of revenue, the Global Electric Vehicles Adhesives Market is expected to reach USD 5,829.6 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 44.80% from 2022 to 2028. The Global Electric Vehicles Adhesives Market growth is attributed to the factors such as, increasing initiatives by governments, increasing investments from automobile manufacturers along with governments, and rising demand for electric and hybrid vehicles. Additionally, factors such as increasing advancements in technology and efforts to minimize the weight of vehicles are further fueling the market growth.
- ‘Under the application segment, exterior sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to the rising production and sale of electric cars consequently increasing the demand for batteries, electric motors, and doors, among others.
- Electric car sub-segment held a significant market share in 2021 of vehicle type segment for Electric Vehicles Adhesives Market. Increasing demand for electric vehicles owing to growing environmental concerns is propelling the growth of the segment further boosting the market growth.
- Asia Pacific is the largest regional segment. This is due to an increase in the demand for adhesives in Asian countries. Furthermore, the larger base population in the region is anticipated to boost market growth.
Some of key players in Electric Vehicles Adhesives Market include - Henkel AG & CO. KGAA (Germany), H.B. Fuller Company (US), Sika AG (Switzerland), 3M Company (US), Wacker Chemie AG (Germany), Bostik SA – An Arkema company (France), L&L Products (US), Jowat SE (Germany), Ashland (US), PPG Industries, Inc. (US), Lord Corporation (US), DELO Industrie Klebstoffe GmbH & Co. KGaA (Germany), Uniseal Inc. (US), Illinois Tool Works Inc. (US), and Permabond LLC (UK).
The demand for electric vehicles is increasing at an unprecedented level, across the globe. The adoption rate of electric vehicles is increasing with the introduction of DC fast charging, wireless charging, ultrafast electric vehicle supply equipment (EVSE) that has the capacity to charge vehicle batteries to 100% within 15-30 minutes. The different technologies and applications help the drivers to easily search for charging stations by using smartphones and navigation systems in cars which may also boost the sale of electric vehicles. Also, government support is increasing by taking several initiatives. The government supports the market growth by providing tax credits and various subsidies to promote the sale of electric vehicles. Further, the government also provides road tax exemption to increase the sale of electric vehicles. Another driving factor for the growth of the market is government incentives and subsidies for electric vehicle charger infrastructure development.
Moreover, along with the government, several key players in the market are investing their money heavily to increase the production of EVs and to develop the technology. These are some factors increasing the demand for EVs, further boosting the demand for Electric Vehicles Adhesives. Thus, driving the growth of the market.
Asia Pacific is expected to emerge as largest market for Electric Vehicles Adhesives Market. The market growth is attributed to the presence of developing countries such as India and China, among others, increasing demand for EVs, consequently increasing the increase the demand for adhesives. Also, increasing government initiatives and support in the region is further likely to propel market growth.