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IntroductionGlobal Electric Vehicle Polymers Market
With innovation spurring out of every corner of the world, the traditional systems have been challenged the status quo. Companies have been looking for opportunities that help them market and sell their products according to the changing times. One such industry that has seen a tremendous change in recent years is the global electric vehicle polymers industry. Car manufacturers have been looking for opportunities that make their products better and polymers have been leading the change. Polymers have evolved in recent years and cost cheap to the manufacturers in comparison to their metal counterparts.
There is a slew of factors that affect the growth prospects of the global electric vehicle polymers industry. The polymers are known for their lightweight and have already replaced the plastic components. The substance prevents vibration, noise, and harshness. Furthermore, being lightweight, it has helped the electric vehicle run faster on the streets. The electric vehicle polymers market represents a huge opportunity and is estimated to grow at a compound annual growth rate of 67% for the next few years. The market is expected to boom from $4.1 billion in 2019 to $52.5 billion in 2025.
Despite the technological advancements, the electric vehicle polymers market has been facing some severe challenges. The global slowdown in the auto industry coupled the expected economic turmoil is expected to have a negative impact on the industry. On the other hand, lack of technical skills coupled with increasing demand for rental services is expected to hamper the sale of the latest electric vehicle polymers market. However, the analysts remain positive on the growth prospects as the traditional automobiles would eventually be replaced by the new ones. This, in turn, will affect the growth prospects of the industry positively.
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Segmentation
The global electric vehicle polymer market is characterized by several factors which play a critical role in the growth of the industry. Each segmentation allows to examine the industry from varying angles and hence needs to be carefully crafted. But two major categories that have been the most crucial factor for the growth of the segment are the type and the components. Based on the type, the industry is segmented into engineering plastics and the elastomers. Furthermore, based on the components, the industry is segmented into the exterior, interior, and the powertrain system. With the latest innovation in the field, the industry is expected to proliferate further.
Regional Overview
The global electric vehicle polymers market has a global presence. Yet, the industry finds its latest market in North America. The presence of major automobiles industry in the region and the rising disposable income has helped the industry grow in the region. On the other hand, Europe and the Asia Pacific regions show some great signs of growth. The growing number of the middle class in the region coupled with stress on the growth of electric vehicles by the governments is expected to boost the growth of electric vehicle polymers in the region. The growth in electric vehicles will help the industry grow by leap and bound all across the globe.
Industry News
In November of 2018, the global giant, DowDuPont looked to expand its geographic presence with a new factory in China. The industry would produce high-end plastics to cater to the needs of the electronic and transportation industry. The company would use state of the art facilities to produce high-end polymers for electric cars.
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