Stratview Research has recently published a report on Electric Vehicle Insulation Market segmented by Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028. The objective of the market experts at Stratview Research is to conduct a thorough analysis of ‘Electric Vehicle Insulation’ and put detailed knowledge about the industry and business attractiveness, revenue, market size, segmentation, growth, and restraining factors so that the user gets in-depth information about the industry and the business from a past, current and a future perspective and can potentially invest capital for further growth.

Market Insights

The electric vehicle insulation market was estimated at USD 410 million in 2021 and is likely to grow at a CAGR of 11.93% during 2022-2028 to reach USD 913.14 million in 2028.

The surge in the production of electric vehicle insulation in countries such as China, the US, and Germany, among others countries, is likely to bolster the market growth for electric vehicle insulation during the forecast period.

The electric vehicle insulation market is expected to grow with the rising concern over pollution, heavy investments by automakers in electric vehicles, and increasing demand for high-density batteries and high-range vehicles driving the market towards excellent growth.

Electric vehicle insulations are of different types, such as TIM, foamed plastics, ceramic, and others.

Segment-wise analysis

The report encompasses in-depth segmentations like regional segmentation, segmentation by product types, application-wise segmentation, geographical segmentation and thereby gives the user an overview of the effectiveness of the segmentation by various classes.

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 2021 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 Vehicles, Plug-In Hybrid Electric Vehicles, Hybrid Electric Vehicle (HEV), and Fuel Cell Electric vehicles (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 motors and batteries, among other components, considering BEVs; and electric motors, internal combustion engines (ICE), battery among a host of other components in the 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 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 vehicles 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.

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