- Rise in popularity and growth in adoption of electric vehicles are expected to increase the EV lightweight materials market size during the forecast period
- Increase in usage of conventional materials with latest innovations in the automotive industry is anticipated to augment the EV lightweight materials industry growth during 2022–2031
- Rise in awareness about greenhouse gas emissions is likely to propel use of electric vehicles, thereby boosting the EV lightweight materials market growth
WILMINGTON, Del., Jan. 9, 2023 /PRNewswire/ — The global EV lightweight materials market is expected to grow at a CAGR of 27.4% from 2022 to 2031. Lightweight materials are usually made of composites and alloys to reduce the overall volume of windmills, aircraft, and automotive parts without impacting their efficiency or strength. EV lightweight materials are used in the manufacture of medical equipment, aircraft, packaging solutions, and other products apart from automotive parts. Increasing practices of product development and innovation in manufacturing industries are projected to serve as strong growth drivers, helping to attract notable market revenue during the forecast period.
Rise in disposable income of people and the growth in popularity of lightweight vehicles are projected to aid in EV lightweight materials market expansion. This also propelled the growth of the automobile sector and intensified market competition between manufacturers. On the flipside, rapid fluctuations in the prices of raw materials used to produce lightweight materials are estimated to pose a threat to the overall EV lightweight materials market during the forecast period.
According to TMR report, the global EV lightweight materials market was valued at US$ 5.5 Bn in 2021 and is anticipated to reach US$ 69.4 Bn by the end of 2031. The rise in consumer inclination toward environment-friendly products and commodities is driving manufacturers to use materials that are eco-friendly. This is further projected to aid in the popularity of EV vehicles with lightweight technology, thereby creating business opportunities for the overall EV lightweight materials market growth during the forecast period.
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Key Findings of Study
- Government Efforts to Promote Reduction of Carbon Emissions to Spur Market Growth: Increase in pollution levels and emission of greenhouse gases propelled multiple governments to adopt stringent norms and regulations for control of greenhouse gases and pollution. Therefore, governments of various developed and emerging nations are likely to promote the adoption of lightweight vehicles and electric vehicles in the next few years.
- Increase in Production of Heavy and Medium Commercial Vehicles to Bolster Growth: Growth in working population and the passenger commute to and from the workplace propelled the production of passenger cars. Additionally, the rise in production of medium and heavy commercial vehicles is also projected to increase the EV lightweight materials market demand in the near future.
Key Drivers
- Increase in adoption of medium and heavy vehicles for commercial applications is projected to increase the sales of EV lightweight materials during the forecast period
- Rise in production of commercial cars would help promote the growth of the global EV lightweight materials market during the forecast period
- Government efforts to control carbon footprint are anticipated to increase demand for electric vehicles, thereby boosting expansion of the EV lightweight materials market during the forecast period
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Regional Growth Dynamics·
- Asia Pacific dominated the market owing to the presence of large automobile manufacturing bases in Japan, China, and India
- Rise in the production and sales of electric vehicles is estimated to help support growth of the Asia Pacific market during the forecast period
- Low cost of raw materials and availability of cheap labor in countries such as India, China, and Japan would aid Asia Pacific continue to dominate the market in the long run
Key Players
Some notable players in the global EV lightweight materials market include WHB Brasil, US Magnesium LLC, Tata Steel, Stratasys Ltd., Owens Corning, Alcoa Corporation, Evonik Industries AG, Evonik Industries AG, Teijin Limited, Celanese Corporation, Solvay, LyondellBasell Industries Holdings B.V., SABIC, Toray Industries Inc., BASF SE, Constellium, and ArcelorMittal.
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EV Lightweight Materials Market Segmentation
Material Type
- Metals and Alloys
- High-strength Steel (HSS)
- Aluminum
- Magnesium
- Titanium
- Beryllium
- Others
- Composites
- Carbon-fiber-reinforced Polymers (CFRPs)
- Glass-fiber-reinforced Polymers (GFRPs)
- Natural Fiber-reinforced Polymers (NFRPs)
- Other Composites
- Plastics
- Polycarbonate (PC)
- Polyamide (PA)
- Polymethyl Methacrylate (PMMA)
- Polyacetal/Polyoxymethylene (POM)
- PET
- Others
- Elastomers
- Others
Application
- Battery Packs
- Electric Traction Motors
- Electronic Components
- Power Electronic Controllers
- Body-in-White
- Chassis and Suspension
- Powertrains/Transmissions
- Closures
- Interiors
- DC/DC Converters
- Thermal Systems
- On-board Chargers
- Tires and Wheels
- Bumpers and Fenders
- Lighting
- Dashboards
- Seat Systems
- Steering Systems
- Fuel Tanks
- Doors
- Others
Vehicle type
- Passenger Cars (Hatchbacks and Sedans)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Utility Vehicles (SUVs, MPVs, Compact SUVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Light Commercial Vehicles
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Medium and Heavy-duty Vehicles
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Buses & Coaches
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries/Sub-regions
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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