Key Market Insights

“Increasing government spending for power utilities along with growing energy demand will boost the market”

The global electric vehicle insulation market is growing proficiently, projected to grow at a CAGR of 26.3% during the expected period from 2023 to 2030, starting from US$ 2.25 Bn in 2030.

Electrical vehicle cabin insulation types highly rely on the vibration, noise, and harness (NVH) design of an automobile. The overall electrical vehicle cabin insulation is precisely intended for making the ride quality smooth for the occupants of the particular automobile. The automotive cabin insulation and refinement is part of the NVH design quality. Although electric vehicles already produce less noise, there are still significant opportunities for manufacturers for tapping markets in this emerging industry. The electric vehicle's cabin can be made silent by close analysis of the NVH transfer paths. The quest for making luxurious electrical vehicles amongst manufacturers is anticipated to fuel the market growth to a greater extent.  The heavy investments by the automakers and growing concern over pollution are generating significant demand for electric vehicles in the automotive industry which is expected to drive the electric vehicle insulation market. Also, the increasing demand for high-range vehicles and high-density batteries are driving the demand for electric vehicles, which in turn is estimated to fuel the electric vehicle insulation market. Cybertruck and Roadstar are high-performance electric vehicles made by Tesla Inc., which are already production-ready. These electric vehicles are the fastest and expected to available at the longest range than any other electric vehicle. These types of advancements in the electrical vehicles industry are anticipated to create lucrative opportunities for manufacturers operating in the electric vehicles insulation market. Moreover, the presence of key manufacturers of EV such as BAIC, BYD, Geely, and SAIC, among others, is anticipated fuel market growth in the Asia Pacific region to a greater extent.

Market Synopsis

Propulsion Analysis

“Rising demand for capacity utilization along with the implementation of government policies and schemes will drive the demand for electric vehicle insulation globally”

The future of EVs is expected to be bright and with time the price of batteries, one of the most vital components in an EV, is reduced significantly which would make EVs more affordable. The mid-Priced vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive vehicles. In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric MINI vehicles in China. In December 2018, the company launched its new flagship vehicle under its new ‘ORA’ electric car brand: the ORA R1. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles.

Regional Analysis

“Dominance is led by rising power demand from residential and industrial communities coupled with intensifying utility investments to drive the market growth.”
 

The electric vehicle insulation market is expected to grow at a faster rate withholding a market share of around 43% in the Asia-Pacific region, particularly in Japan, China, and South Korea. Growing energy demand across the region and the presence of emerging economies like Japan, China, India, and Singapore is likely to propel the demand for electric vehicle insulation across the region. Additionally, in 2017 the Asia-Pacific tempted a capital investment of around 45%, thereby leading potential for foreign direct investment (FDI) on a global scale. Moreover, increasing investments for improving infrastructure and urbanizing populations, particularly in emerging economies like India and China, is anticipated to drive the market for electric vehicle insulation across the region. Furthermore, growing investments and developments for smart cities and grid technologies like the installation of smart meters, distribution grid automation, and demand response systems in countries such as South Korea, Japan, and Australia would generate ample prospects for the electric vehicle insulation market.

The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in countries such as China, Japan, and South Korea is inclined toward innovation, technology, and the development of advanced electric vehicles. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicles. BYD, BAIC, Chery, and SAIC among others are some of the key players in the Asia Pacific electric vehicle market.

List of Companies Covered:

• Hilti
• Marian Inc.
• Techman Advanced Material Engineers
• Pyrophobic Systems Ltd.
• Elmelin Ltd.
• Alder Pelzer Holding Gmbh
• Morgan Advanced Materials
• 3M
• DuPont
• Unifrax
• Von Roll Holding AG
• Zotefoams Plc
• ITW Inc.
• BASF SE
• Autoneum
• Saint-Gobain

Key Industry Development:

• In March 2019, Tesla launched its fully electric Model Y, which can carry 7 passengers and their cargo. It has two ultra-responsive, independent electric motors that digitally control torque to the front and rear wheels—for better handling, traction, and stability control.
• In July 2018, Tesla landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the US that would double the size of the electric car maker’s global manufacturing.
  In April 2019, Nissan announced that the new Nissan Leaf would go on sale in Indonesia and the Philippines by 2020, underscoring Nissan's commitment to driving electrification in the region.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Vehicle Insulation market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Electric Vehicle Insulation market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Electric Vehicle Insulation market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Electric Vehicle Insulation market?
• Which is the largest regional market for Electric Vehicle Insulation market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Electric Vehicle Insulation market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Vehicle Insulation market worldwide?