In terms of revenue, the Global Engineered Polymers in Electric Charging Infrastructure Market is expected to reach USD 935.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 36.30% from 2022 to 2028.
Polymeric materials are considered the most essential manufactured component in machine manufacturing. Without the application of polymers, it is pretty impossible to run complicated machines. The use of engineering polymers in the automotive industry started in late 1975 and has multiplied. The rapid growth of the automotive car and the growing trend of EV vehicles are expected to fuel the market's growth in the years to come. The ever-increasing automotive production is expected to drive the market in the coming years.
Key Highlights from Report:
The engineering polymers plastics sub-segment of the polymer product segment is anticipated to dominate the Engineered Polymers in Electric Charging Infrastructure Market. The growing production and high demand for engineering plastics in passenger cars are expected to drive this segment and will increase during the forecast period. The global production of passenger cars in 2020 was approximately 55,000, which grew to 57,000 in 2021. This shows that the rise in output will generate demand for engineering plastics in the coming years.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period. There is a surge attributed to the rising demand for engineering plastics required for charging infrastructure in developing economies such as India, China, and Indonesia, which has generated a rise in the market in this region. Furthermore, the rising manufacturing sector and flexible market players are also expected to drive this region. Additionally, the lower wages and availability of ample raw materials are also anticipated to contribute to the regional growth of the market as per the predicted duration.
The fast growth in the automotive spare part market and growing demand for EV vehicles are expected to generate massive demand for the Engineered Polymers in Electric Charging Infrastructure Market over the forecast period. By creating innovative features and technologies that attract customers and boost sales, the new automobile players are fighting against established producers. This new technology is coupled with high-end material science and hardware. To fulfill this, key polymer manufacturers continuously invest time and funds in the R&D of novel material technology required for charging infrastructure. Thus, technological advancements in EV cars and charging infrastructure are expected to boost the market shortly.
North America dominated the market in 2021 and is likely to continue the same trend during the forecast period. Major manufacturing industries in China, India, and Thailand operate in this region. China, the center of global suppliers, manufactures around 73.7% of polymer devices needed for automotive. Indonesia and India are considered major assembly hubs for the EV car business. Hence, in the coming years, it is expected that the region will continue to flourish owing to its high potential for manufacturing capability.