Global EV Lightweight Materials Market Size To Worth USD 98.90 Billion By 2033 | CAGR Of 27.20%
Category: Advanced MaterialsGlobal EV Lightweight Materials Market Size To Worth USD 98.90 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global EV Lightweight Materials Market Size is Expected to Grow from USD 8.92 Billion in 2023 to USD 98.90 Billion by 2033, Growing at a CAGR of 27.20% during the forecast period 2023-2033.
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Browse key industry insights spread across 230 pages with 141 Market data tables and figures & charts from the report on the "Global EV Lightweight Materials Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Metal & Alloys, Composites, Plastics, Elastomers, Others), By Application (Body-In-White, Battery, Chassis & Suspension, Powertrains & Closures, Interiors, Others), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Two-wheelers, and Buses & Coaches), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/ev-lightweight-materials-market
EV lightweight materials are advanced materials used in electric cars (EVs) that reduce weight while preserving strength, safety, and performance. The main objective of using lightweight materials is to enhance energy efficiency and extend the driving range of electric vehicles, lighter weight, and lower energy consumption. The expansion of the EV lightweight materials market is being driven by numerous factors, including severe emissions laws and fuel economy standards, which induce manufacturers to reduce vehicle weight, improve performance, and expand driving range. However, the EV lightweight materials market has numerous constraining issues that hinder its expansion including high costs associated with innovative materials like carbon fiber can inhibit manufacturers.
The metal & alloys segment is predicted to hold the largest market share through the forecast period.
Based on the material type, the EV lightweight materials market is classified into metal & alloys, composites, plastics, elastomers, and others. Among these, the metal & alloys segment is predicted to hold the largest market share through the forecast period. The segment's dominance is primarily due to the extensive usage of aluminum and high-strength steel, which offer an excellent balance of strength, weight reduction, and cost-effectiveness.
The body-in-white segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the EV lightweight materials market is divided into body-in-white, battery, chassis & suspension, powertrains & closures, interiors, and others. Among these, the body-in-white segment is anticipated to hold the highest market share during the projected timeframe. The segment significance is due to the vital function that lightweight materials play in enhancing structural integrity and reducing overall vehicle weight, which is necessary for improving the efficiency and range of electric vehicles.
The passenger cars segment is anticipated to hold the greatest share of the EV lightweight materials market during the projected timeframe.
Based on the vehicle type, the EV lightweight materials market is categorized into passenger cars, light commercial vehicles, two-wheelers, and buses & coaches. Among these, the passenger cars segment is anticipated to hold the greatest share of the EV lightweight materials market during the projected timeframe. The passenger car segment can be attributed to the growing demand for electric passenger vehicles, driven by consumer preferences for efficiency, performance, and sustainability.
Asia Pacific is estimated to hold the largest share of the EV lightweight materials market over the forecast period.
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Asia Pacific is estimated to hold the largest share of the EV lightweight materials market over the forecast period. The Asia Pacific region can be attributed to numerous factors, including the region's strong increase in electric car manufacturing and adoption, driven by key markets like as China, Japan, and South Korea.
North America is predicted to have the highest CAGR growth in the EV lightweight materials market over the forecast period. Major automakers and startups have increased their investments in electric vehicle technology and innovation, contributing to the region's rapid growth.
key players in the EV lightweight materials market include BASF SE, Covestro AG, Toray Industries, Inc., ArcelorMittal, SABIC, Solvay, SGL Carbon SE, Celanese Corporation, Novelis Inc., Teijin Limited, Evonik Industries AG, LANXESS Deutschland GmbH, Alcoa Corporation, Owens Corning, and Others.
Recent Developments
- In September 2021, Constellium SE announced that it supply aluminum structural components for the recently debuted all-electric Ford F-150 Lightning, which extensively uses high-strength aluminum alloys.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the EV lightweight materials market based on the below-mentioned segments:
Global EV Lightweight Materials Market, By Material Type
- Metal & Alloys
- Composites
- Plastics
- Elastomers
- Others
Global EV Lightweight Materials Market, By Application
- Body-In-White
- Battery
- Chassis & Suspension
- Powertrains & Closures
- Interiors
- Others
Global EV Lightweight Materials Market, By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Two-wheelers
- Buses & Coaches
Global EV Lightweight Materials Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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