Electric Vehicle Lightweight Materials Market 2024: Growth, Size, Segmentation And Opportunity Assessment

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Electric Vehicle Lightweight Materials Market 2024: Growth, Size, Segmentation And Opportunity Assessment

The Electric Vehicle Lightweight Materials by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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In accordance with The Business Research Company's report on Electric Vehicle Lightweight Materials, the market has undergone remarkable expansion, surging from $6.87 billion in 2024 to a projected $8.92 billion in the same year, exhibiting a noteworthy compound annual growth rate (CAGR) of 29.9%. This growth during the historical period can be attributed to a confluence of factors, including the pursuit of fuel efficiency, optimization of range, adherence to stringent emission standards, heightened consumer awareness, manufacturing cost reduction, sustainability focus, urbanization, traffic efficiency, and advancements in composite manufacturing.

Anticipated for the near future is an unprecedented surge in the electric vehicle lightweight materials market, forecasted to reach $23.95 billion by 2028, demonstrating a CAGR of 28.0%. This forward momentum is underpinned by a host of factors, such as burgeoning range expectations, the expansion of charging infrastructure, escalating demand for affordable electric vehicles, the integration of autonomous driving, enhanced energy density in batteries, elevated performance requirements, and the emergence of energy-efficient materials. Key trends in this forecast period encompass technological breakthroughs in materials, innovations in battery technologies, the integration of nanostructured materials, the utilization of lightweight design software, thermal management materials, and collaborative initiatives for material innovation.

The rise in the adoption of electric vehicles (EVs) is expected to boost the growth of the electric vehicle lightweight materials market going forward. An electric vehicle refers to one that can be propelled by an electric motor that gets power from a battery and can be recharged from an external source. The next generation of electric vehicles may be largely dependent on lightweight materials. Electric vehicles' weight can be significantly decreased by using composite materials made of fiber-reinforced plastic polymers, which also improve their performance, longevity, and range. For instance, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2022, electric vehicle sales nearly doubled to 6.6 million in comparison to 2020, bringing the total number of electric vehicles on the road to 16.5 million globally. Electric vehicle sales share climbed by 4% in 2021. In the first half of 2022, 13% of newly purchased vehicles will be electric. Therefore, the rise in the adoption of electric vehicles (EVs) is driving the growth of the electric vehicle lightweight materials market.

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The electric vehicle lightweight materials market covered in this report is segmented –

1) By Material Type: Metals and Alloys, Composites, Plastics, Elastomers, Other Material Types

2) By Vehicle Type: Passenger Cars (Hatchbacks and Sedans), Utility Vehicles (SUVs, MPVs, Compact SUVs), Light Commercial Vehicles, Medium and Heavy-duty Vehicles, Buses and Coaches

3) By Propulsion Type: BEVs, PHVs, HEVs

4) By Application: Battery Packs, Electric Traction Motors, Electronic Components, Power Electronic Controllers, Body-in-White, Chassis and Suspension, Transmissions, Doors, Interiors, Other Applications

A discernible trend shaping the landscape is the prominence of product innovation within the electric vehicle lightweight materials market. Leading companies are actively engaged in the development of groundbreaking products, including sustainable and cost-effective lightweight materials, as a strategic move to fortify their market standing. A prime illustration of this trend is the collaboration between Evonik Industries, a German specialty chemicals company, and Vestaro GmbH, where they jointly unveiled a cutting-edge electric vehicle battery pack, named the "pure performance battery." Launched in March 2022, this battery incorporates innovative nano-dispersion technology, showcasing the remarkable qualities of VESTALITE curing chemicals and the distinctive Epoxy-SMC cover, leveraging new glass fiber-SMC materials. The resulting SMC materials not only reduce battery housing weight by nearly 10%, compared to counterparts made from pricier materials, but also maintain equivalent performance levels as prior metal-based enclosures. Evonik's extensive material toolkit and expertise contribute to overcoming EMI-shielding challenges with GF composites, exemplifying the industry's commitment to technological advancement and sustainability.

The electric vehicle lightweight materials market report table of contents includes:

1. Executive Summary

2. Electric Vehicle Lightweight Materials Market Characteristics

3. Electric Vehicle Lightweight Materials Market Trends And Strategies

4. Electric Vehicle Lightweight Materials Market - Macro Economic Scenario

5. Global Electric Vehicle Lightweight Materials Market Size and Growth

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31. Global Electric Vehicle Lightweight Materials Market Competitive Benchmarking

32. Global Electric Vehicle Lightweight Materials Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Electric Vehicle Lightweight Materials Market

34. Electric Vehicle Lightweight Materials Market Future Outlook and Potential Analysi

35. Appendix