The electric vehicle lightweight materials market is witnessing significant growth, driven by innovations such as the launch of aerogel particles for advanced thermal management and next-generation nonwoven fabrics for safer electric vehicle batteries. The market, valued at approximately $6.85 billion in 2023, reflects a strong compound annual growth rate with projections to reach $76.25 billion by 2033. Strategic partnerships among key industry players are enhancing product offerings, focusing on delivering materials that improve electric vehicle efficiency. The market is segmented by material type, vehicle type, application, and propulsion type, with substantial growth expected in the plastics and light commercial vehicle segments. Notably, the Asia-Pacific region dominates the market, with rapid expansion anticipated in North America as well.
In other trading, BYD was trading firmly up 7.4% and ending the day at HK$352.00, near its 52-week high. At the same time, XPeng trailed, down 6.8% to close at $15.52.
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Ford Motor ended the day at $9.21 down 0.3%, close to the 52-week low.
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Tesla finished trading at $328.50 down 6.3%.
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NIO ended the day at $4.04 down 6.7%.
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