Visionary Government Policies propels the Global Electric Vehicle Polymer Market Growth at 39.48%

According to a new market research report published by Inkwood Research, the Global Electric Vehicle Polymer Market is projected to evolve at a CAGR of 34.98% during the forecasting years of 2020-2028.

"Browse 60 market Data Tables and 51 Figures spread over 175 Pages, along with an in-depth TOC on Global Electric Vehicle Polymer Market Forecast 2020-2028."

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The need to achieve feasible transportation has been resulting in the high adoption of electric vehicles all over the world. The electric vehicles market has been witnessing considerable growth, primarily driven by the need to meet future requirements. Due to the increase in the production of electric vehicles, the application of polymers in electric vehicles is expected to demonstrate rapid growth. Polymers help in reducing the overall weight of the vehicles without compromising the efficiency and functionality of the vehicle. Strict environmental regulations and surging fuel prices have propelled the demand for electric vehicles, and hence promote the polymer application in its manufacturing process.

Dynamic Government Policies Favors the Use of Electric Vehicles

The formulation of policies and gradual adoption and implementation has made a major impact on the growth of electric vehicles. A deployment plan includes procurement programs to promote the demand for electric vehicles and allow initial public access to the charging stations. Fiscal incentives, combined with regulatory measures, drive the value proportion of electric vehicles. Economic incentives bridge the gap between less expensive ICE vehicles and electric vehicles, and accelerates the development of charging infrastructure. Some of the other measures offering major incentives to drive the availability of low or zero fuel emissions vehicles are zero-emission vehicle mandates, fuel economy standards, and increasing plan of public procurement programs. Japan aims at reducing 80% of greenhouse gas emissions from vehicles manufactured by domestic automakers by 2050.

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Engineering Plastics Contributes Largest Market Share and Records Highest Growth Rate

Engineering plastics are substituting metals in automotive industries due to their multiple properties such as durability, high strength-to-weight ratios, low densities, and designing flexibility. Some of the high-performance engineering plastics are PU, PC, PVC, PP, ABS, and PMMA, which are majorly adopted by the manufacturers. Three main plastics that constitute more than 60% of the total high-performance plastics used in a vehicle are PP with about 32%, PU having more than 15%, and PVC having about 16%. The significant factors fueling the application of engineering plastics are the demand for lightweight and fuel-efficient electric vehicles, the implementation of strict rules to reduce CO2 emissions, subsidies for hybrid and electric vehicles, growth in end-use industries including automotive.

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Asia Pacific Regon is predicted to Dominate the Global Market

In terms of revenue, Asia Pacific contributed the largest market share in 2019, which is attributed to the innovation and adoption of high-performance electric vehicles in Japan, China, and South Korea. In addition, stringent regulations related to CO2 emissions and subsidies for electric and hybrid vehicles aided the Asia Pacific region to attain a major portion of the overall market in the last few years. Moreover, India is emerging as a developing electric vehicle market. Mahindra Electric and Tata Motors are the prominent players making huge investments in the industry.

The competitive rivalry among existing players in the polymer and electric vehicles industry has become intense. All of the leading firms have announced plans for investing billions for the development of the market resulting in high competition between the suppliers. Some of the companies persistently innovating and promoting their products are Asahi Kasei Corporation, AGC Chemicals Americas Inc, BASF SE, DuPont, Arkema SA, etc.

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Related Report:

GLOBAL ELECTRIC VEHICLE BATTERY MARKET
https://inkwoodresearch.com/reports/electric-vehicle-battery-market/

GLOBAL ELECTROACTIVE POLYMERS MARKET
https://inkwoodresearch.com/reports/global-electroactive-polymer-market/

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This release was published on openPR.