The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Electric Vehicle Insulation Market.
It was estimated prior to this unanticipated outbreak that the Electric Vehicle Insulation Market was expected to grow at a CAGR of 26.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
The surge in production of electric vehicle insulation in countries such as China, the US, and Germany, among other countries, is likely to bolster the market growth for electric vehicle insulation, during the forecast period.
Electric vehicle insulation market is expected to grow with the rising concern over pollution, heavy investments by the automakers in electric vehicles, increasing demand for high-density batteries and high range vehicles is driving the market towards excellent growth.
Electric vehicle insulations are of different types, such as TIM, foamed plastics, ceramic, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as thermal interface materials (TIM), foamed plastics, ceramic, and others. The foamed plastics segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The growth of the segment is directly driven by the growing demand for lightweight and impact-resistant insulation materials in the electric vehicle industry.
Based on the propulsion type, the electric vehicle insulation market is segmented as Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle (HEV), and Fuel Cell Electric Vehicle (FCEV). The BEV segment is estimated to lead the market governed by its emission-free technology and its large battery pack.
Based on the application type, the market is segmented as under the bonnet and battery pack, interior, and others. The under the bonnet and battery pack application segment is expected to dominate the market during the forecast period. The growth of the segment is owing to the need to insulate electric motor and battery, among other components, considering BEVs; and electric motor, internal combustion engine (ICE), battery among a host of other components in case of PHEVs.
Based on the insulation type, the market is segmented as thermal insulation & management, electrical, and acoustic. The thermal insulation & management application segment is estimated to govern the market during the forecast period. The growing demand for high capacity batteries is the major factor propelling the demand for thermal insulation & management in battery packs, which in turn, is contributing to the growth of the segment.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing electric vehicle insulation market during the forecast period, with China being the major region with lucrative growth opportunities. The growth of the market is driven by the presence of major electric vehicle manufacturers such as BYD, Geely, SAIC, Chery Automobile, JAC Motors, and Zotye Automobile, creating a positive impact on the market. The growing concern to reduce greenhouse gas emissions is also creating an increase in the demand for electric vehicle insulation in the region.
Some of the major electric vehicle insulation manufacturers are-