The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global electric vehicle lightweight materials market is witnessing an impressive surge, slated to elevate from $5.31 billion in 2022 to $6.91 billion in 2023, marking a remarkable Compound Annual Growth Rate (CAGR) of 30%. The upward trajectory continues, with the market anticipated to reach $18.74 billion by 2027, sustaining a substantial CAGR of 28.4%.

EV Revolution: Propelling Growth Through Adoption

Embracing Electric Vehicles (EVs)

• Market Catalyst:The burgeoning adoption of electric vehicles emerges as a pivotal driver fueling the growth of the electric vehicle lightweight materials market.
• Next-Gen EVs:The evolution of the next generation of electric vehicles hinges significantly on lightweight materials. These materials play a crucial role in reducing the weight of electric vehicles, thereby enhancing their performance, longevity, and range.
• Sales Surge:According to the International Energy Agency (IEA), global electric vehicle sales nearly doubled in 2022, reaching 6.6 million units compared to 2020. This surge brought the total number of electric vehicles on the road to 16.5 million globally. In 2021, electric vehicle sales share climbed by 4%, and in the first half of 2022, 13% of newly purchased vehicles are expected to be electric.

Industry Front-Runners: BASF, Covestro, Toray Industries, and More

• Market Leaders:Spearheading the electric vehicle lightweight materials market are major players such as BASF SE, Covestro AG, Toray Industries Inc., and SABIC.

Innovative Landscape: Product Innovation Takes Center Stage

Evonik’s Groundbreaking Solution

• Key Trend:Product innovation emerges as the dominant trend in the electric vehicle lightweight materials market, with companies striving to introduce sustainable and cost-effective lightweight materials.
• Evonik’s Breakthrough:In March 2022, Evonik Industries and Vestaro GmbH jointly unveiled a groundbreaking product—pure performance battery with new nano-dispersion technology. This next-gen electric vehicle battery pack features the extraordinary qualities of VESTALITE curing chemicals and the unique Epoxy-SMC cover, resulting in a glass fiber-SMC cover. This innovation reduces the battery housing weight by nearly 10%, providing equivalent performance levels as previous metal-based enclosures. The unique SMC materials offer designers the flexibility for semi-integral integration.

Market Dynamics: Comprehensive Segmentation Unveiled

1) By Material Type

• Metals and Alloys, Composites, Plastics, Elastomers, Other Material Types:
  • Diverse material types cater to varied applications, showcasing the market’s adaptability and comprehensive offerings.

2) By Vehicle Type

• Passenger Cars, Utility Vehicles, Light Commercial Vehicles, Medium and Heavy-duty Vehicles, Buses and Coaches:
  • Segmentation based on vehicle types, reflecting the varied lightweight material requirements across the automotive landscape.

3) By Propulsion Type

• BEVs, PHVs, HEVs:
  • Categorization based on propulsion types, distinguishing between Battery Electric Vehicles (BEVs), Plug-in Hybrid Vehicles (PHVs), and Hybrid Electric Vehicles (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:
  • Application-based segmentation provides insights into the multifaceted use of lightweight materials across various components of electric vehicles.

Global Landscape: Asia-Pacific Takes the Lead

• Regional Dynamics:Asia-Pacific emerged as the largest region in the electric vehicle lightweight materials market in 2022. Furthermore, it is poised to be the fastest-growing region in the global market during the forecast period, emphasizing its pivotal role in steering the electric vehicle lightweight materials landscape toward unprecedented growth.

View More On The Electric Vehicle Lightweight Materials Market Report 2023 – https://www.thebusinessresearchcompany.com/report/electric-vehicle-lightweight-materials-global-market-report

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The Electric Vehicle Lightweight Materials Global Market Report 2023  provides an in-depth analysis on the electric vehicle lightweight materials market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the electric vehicle lightweight materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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