DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Insulation Market Size, Share, Trends, By Product Type, By Propulsion Type, By Application, By Insulation Type, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global electric vehicle insulation market size is expected to reach USD 17.34 Billion in 2030 and register a revenue CAGR of 26.7% over the forecast period, according to latest report.

Increasing awareness regarding the need to reduce greenhouse gas emissions, supported by stringent government regulations is expected to drive the market growth.

Electric vehicles are powered by electricity from batteries or fuel cells and produce zero tailpipe emissions. These vehicles are considered as a promising solution to reduce carbon footprint and dependence on fossil. The United States Environmental Protection Agency (EPA) has imposed regulations to control the emission of pollutants from on-road vehicles. The agency has set Corporate Average Fuel Economy (CAFE) standards for passenger cars and light trucks manufactured in the country. These standards improve fuel economy and reduce greenhouse gas emissions from new vehicles sold in the U.S.

Rising fuel prices and stringent emission norms globally are expected to be the key drivers for the growth of the global electric vehicle insulation market during the forecast period. The growing demand for luxury and premium cars is also expected to have a positive impact on the market. However, the high initial cost associated with installation is expected to restrain market growth during the forecast period.

Automotive manufacturers are majorly focusing on the development of electric vehicles due to the stringent emission norms set by various governments across the globe. The insulation in electric vehicles is used for reducing the overall weight of the vehicle and improving its fuel efficiency. In addition, it also helps in providing thermal and acoustical comfort to the occupants of the vehicle.

The rising demand for fuel-efficient and environment-friendly vehicles is expected to drive the growth of the electric vehicle insulation market. The market is further driven by the government initiatives and subsidies provided for the promotion of electric vehicles. However, the high cost of electric vehicles is restraining the growth of the market.

Some Key Highlights from the Report

  • The electric vehicle insulation market can be segmented based on material type, application, and geography. Based on material type, the market can be divided into glass wool, stone wool, elastomeric foam, and phenolic foam. Glass wool is expected to be the largest market segment during the forecast period due to its low cost and easy availability.
  • In terms of application, the market can be classified into battery pack, motor, power control unit, and others. The battery pack segment is expected to grow at the highest CAGR during the forecast period due to the rising demand for electric vehicles.
  • The fiberglass segment is expected to grow at a rapid pace during the forecast period due to its lightweight and good insulating properties. The polyurethane foam segment is also expected to grow at a significant rate during the forecast period due to its superior properties such as high strength, resistance to water, and flexibility.
  • The market is bifurcated on the basis of application into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). BEVs are expected to grow at the highest CAGR over the forecast period. BEVs have a high energy efficiency as compared to other types of electric vehicles. These vehicles have a low running cost as there is no need to refuel them. BEVs are powered by electricity from batteries and produce zero tailpipe emissions. The range of BEVs is increasing with the advancement in technology.
  • Europe is estimated to hold the largest electric vehicle insulation market share in 2019. The rise in demand for electric vehicles in this region can be attributed to the stringent government regulations to reduce carbon footprint and dependence on fossil fuels. The European Commission has set a target of reducing greenhouse gas emissions by 20% by 2020 as compared to 1990 levels. In addition, the commission has also set a target of reducing emissions by 80-95% by 2050 as compared to 1990 levels.

For the purpose of this report, the author has segmented the electric vehicle insulation market based on product type, propulsion type, application, insulation type, and region.

Companies Mentioned

  • Saint-Gobain
  • BASF SE
  • Zotefoams Plc
  • 3M
  • Va-Q-tec AG
  • Elmelin Ltd
  • Pyrophobic Systems Ltd.
  • Morgan Advanced Materials
  • Autoneum
  • Illinois Tool Works Inc.
  • Von Roll

For more information about this report visit https://www.researchandmarkets.com/r/kb02bv

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