The primary reason for EVs to possess lower ranges is due to their bulkier bodies when compared to that of traditional vehicles. The battery, which is the most crucial component in an EV, also happens to be the bulkiest part of an EV. Moreover, the drivetrain of an EV is said to be more than twice the weight of a comparable size internal combustion engine (ICE) vehicle owing to the complex parts needed to run the vehicle. Therefore, this added weight in an EV hampers its ability to travel farther on a single charge, which aligns with the common law of motion, inertia. The law of inertia describes how a heavier body having more inertia requires higher levels of force and energy to keep it in motion than the same body with lesser inertia. Therefore, the most efficient way to tackle this problem is to reduce the overall weight of the vehicle, which would consequently help in increasing the range and the performance of the EV.
Read Report Overview: Lightweight Materials for EV Market
The global lightweight materials for EV market is expected to account for a market volume of 10,906.5 kilotons by the end of 2025. The market is expected to witness high growth due to the wide adoption of electric vehicles and the rising need for increasing the range and efficiency of the vehicle. Lightweight Materials for EV Market is expected to witness a CAGR of 26.97% during the forecast period. The environmental standards regarding the carbon dioxide emissions laid down by the governments across various countries have led to an increasing need for decreasing the weight of the vehicle for improving its efficiency and reducing CO2 emissions, thus propelling the demand for lightweight materials.
This report covers an in-depth analysis of the lightweight materials for EVs. It also covers various propulsion types of EVs, such as BEV, HEV, and PHEV. The report includes a thorough analysis of various lightweight materials such as metals and alloys, composites, and plastics and elastomers. Additionally, the research also covers regional and country-wise analysis for the lightweight materials for EVs in various regions such as North America, Europe, Asia-Pacific & Japan, China, the U.K, and Rest-of-the-World. The research is based on extensive primary interviews (industry leaders and market players) and secondary research (a host of paid and unpaid databases), along with various analytical tools that have been used to build the forecast and predictive models.
Impact of COVID-19
The automotive industry, in particular, has borne the brunt of the pandemic, owing to the ongoing lockdown, the decrease in sales, and the impending apprehensions to invest in future ambitious projects. A sharp decline in global automotive trends has been witnessed in the first four months. However, the sales of electric vehicles can pick up pace in China and in various countries of Europe from the second half of 2020, as these countries emerge out of the lockdowns. China also, aims to further scale up the reduced incentives to negate the effect of the pandemic.
Key Companies in the Global Lightweight Materials for EV Market
The companies profiled in the report are SSAB AB, Toray Industries, Inc., Arcelor Mittal S.A., SABIC, ThyssenKrupp AG, Solvay S.A., SGL Carbon SE, Covestro AG, DuPont de Nemours, Inc., Celanese Corporation, Novelis Inc., Nippon Steel Corporation, LyondellBasell Industries, BASF SE, and Constellium SE.
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Key Questions Answered by The Report:
- What are the key drivers and challenges in the global lightweight materials for EV market?
- How does the supply chain function in the global lightweight materials for EV market?
- What will be the potential impact of COVID-19 on the market?
- Which product segment is estimated to witness the maximum demand growth in the global lightweight materials for EV market during 2019-2025?
- Which are the key application areas for which different lightweight material types may experience high demand during the forecast period, 2020-2025?
- Who are the key suppliers of different lightweight materials?
- What are the business and corporate strategies adopted by manufacturers involved in the global lightweight materials for EV market?
- Which regions and countries are leading in terms of consumption of the global lightweight materials for EV market, and which of them are expected to witness high demand growth from 2019 to 2025?
- What are the key consumer attributes in various regions for lightweight materials for EV market?
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The global Automotive Lightweight Materials Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global automotive lightweight materials market are Alcoa Inc., ArcelorMittal S.A., BASF SE, Covestro AG, Lyondellbasell N.V., Novelis, Inc., Owens Corning, PPG Industries, Inc., ThyssenKrupp AG, Toray Industries Inc., and others.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global Automotive Lightweight Materials Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/automotive-lightweight-materials-market/download-sampleMarket DynamicsThe rising demand for lightweight automotive materials from automobile industry owing to their capability to achieve higher fuel economy in vehicles is stimulating the market value.
Additionally, increasing demand for high performance and overall safety of the vehicle is also fueling the market growth.
However, the high cost associated with lightweight automotive materials could hinder market growth.The report has been created by using crucial tools such as Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis to help businesses around the globe navigate opportunities and challenges in the rapidly evolving marketplace with clarity.
