Electric Vehicle Insulation Market Outlook – 2027
Electric vehicle insulation is used to minimalize the effect of heat, sound, and shaking on vehicle as well as the passenger. When the vehicle overheats, it affects the performance of the vehicle and further leads to evaporation of motorized liquids. Furthermore, the shaking of the vehicle damages the its frame and heavy gears. Vehicle insulation confines these damages and helps improve vehicle lifespan, its performance, and also have an effect on the maintenance charges. Therefore, increase in adoption of the electric vehicles with these benefits is expected to boost the product demand.
Major players analyzed include BASF SE, Morgan Advanced Materials, Alder Pelzer Holding, Saint-Gobain, DuPont, Zotefoams plc, Autoneum, Unifrax, 3M, and Elmelin Ltd.
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COVID-19 scenario analysis:
Multiple automotive industries from Europe and the U.S. are facing adverse effects due to the lockdown declared by the governments, which resulted into closure of the manufacturing plant operations; thereby, disrupting the production of insulators.
As the governments all over the world have authorized various lockdown measures over the past few months, it disrupted both the demand and supply cycles due to which major automotive manufacturers have been affected.
Europe and the U.S. being the major manufacturing hub of the insulator industry in the world are significantly affected by the pandemic, which resulted in a complete halt of all the automotive markets.
The manufacturing Gross Value Added (GVA) is expected to fall by 5-17% in FY21.
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Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Growing concerns over pollution, emerging government regulations & subsidies for electric vehicles, and substantial investments from automakers in electric vehicles drive the growth of the market. However, absence of standardization of charging structure is expected to hamper the growth of the market. On the contrary, scope for further evolution of insulation materials for electric vehicles and scope of growth of autonomous electric vehicles are anticipated to provide lucrative opportunity for the market growth.
The global electric vehicle insulation market trends are as follows:
Growing concerns over pollution
People have shifted toward renewable resources rather than depending on fossil fuel due to growing concerns of pollution and climate change. In addition, governments across various countries are tightening emission norms. For example, in India, tougher emission norms have been set in 2020 making diesel and petrol engines pricier and less-polluting, which led to increase in adoption of electric vehicles (EVs). EVs emit no greenhouse gases and no air pollutants when compared to a petrol or diesel car even with revised and expensive engines. EVs can also help in reduction of noise pollution. Therefore, with increase in pollution levels, the global electric vehicle sales are expected to increase; thereby, boosting the growth of the electric vehicle insulator market.
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Key benefits of the report:
This study presents the analytical depiction of the global electric vehicle insulation industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the global electric vehicle insulation market.
The current market is quantitatively analyzed from 2019 to 2027 to highlight the global electric vehicle insulation market growth scenario.
We can also determine that insulators will remain a significant revenue shareholder in the global electric vehicle insulation market through the predictable future.
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Questions answered in the global electric vehicle insulation market research report:
What are the leading market players active in the global electric vehicle insulation market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future that would help in taking further strategic steps?
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