The global lightweight materials for Electric Vehicle (EV) market size was USD 7.00 Billion in 2022 and is expected to register a revenue CAGR of 27.4% during the forecast period. Rising government initiatives in electric vehicles across the globe for reducing carbon emissions, rapid adoption of lightweight materials for EV devices, rising demand for electric vehicles for rising petroleum prices, and increasing product launches by key market players are some of the major factors driving the market revenue growth.
Rapid adoption of lightweight materials for EV devices is a major factor driving revenue growth of the market. As lighter vehicles spend less energy under the same conditions, lightweight technology is crucial in the field of electric car sustainability. Transitioning from metals to non-metallic composite materials gives automotive manufacturers several possibilities for achieving marginal advantages. Carbon-Fiber-Reinforced Plastic (CFRP), polymers, and other lightweight materials are extensively used in manufacture of electric cars. Furthermore, the use of such materials can reduce the weight of electric vehicles, improving their efficiency, range, and lifetime. By using lightweight structural materials, cars can carry more complex pollution control systems, safety equipment, and integrated electrical components without adding to the total weight of vehicle. Furthermore, increasing product launches by key market players is driving market revenue growth. For instance, on 15 August 2022, Mahindra & Mahindra introduced a new brand BE in the U.K., with five all-electric cars planned over the next five years. In Oxfordshire, U.K., an electric car portfolio of five electric automobiles was also displayed.
Furthermore, the report supplies an in-depth understanding and insight into the leading manufacturers and players with a brief overview of their business. This section deals with the latest business moves, product launches, strategic collaborations, technological advancements, and profitable business ventures. The report also includes revenue estimations and CAGR of the Lightweight Materials for Electric Vehicle (EV) market in the coming years. The global Lightweight Materials for Electric Vehicle (EV) market report includes a comprehensive analysis of the top players of the market and their market scope through advanced analytical tools. Tools such as Porter’s Five Forces Analysis, SWOT analysis, feasibility analysis, and investment return analysis are used to analyze their growth patterns and market scope for the forecast period of 2020-2027.
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The leading market contenders listed in the report are:
Toyota Kirloskar Motor., Tata Steel, Tesla., Covestro AG, BYD Company Ltd., TOYOTA MOTOR CORPORATION., Ford Motor Company., Nissan Motor Co., Ltd., Mercedes-Benz Group AG., General Motors
Key reasons to buy the Global Lightweight Materials for Electric Vehicle (EV) Market report:
- The latest report comprehensively studies the global Lightweight Materials for Electric Vehicle (EV) market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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Market Segmentations of the Lightweight Materials for Electric Vehicle (EV) Market
-
Material Type Outlook (Revenue, USD Billion; 2019-2032)
- Metals and alloys
- Aluminum
- Magnesium
- Titanium
- High-strength Steel (HSS)
- Others
- Plastics
- Polycarbonate (PC)
- Polyamide (PA)
- Polymethyl Methacrylate (PMMA)
- PET
- Others
- Composites
- Carbon fiber-reinforced polymers
- Glass fiber-reinforced polymers
- Natural fiber-reinforced polymers
- Other composites
- Elastomers
- Others
- Metals and alloys
-
Electric and Hybrid Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Extended Range Electric Vehicle (EREV)
- Fuel Cell Electric Vehicle (FCEV)
-
Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Passenger vehicles
- Light commercial vehicles
- Trucks
- Buses
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Regional Outlook of the Lightweight Materials for Electric Vehicle (EV) Market
The global Lightweight Materials for Electric Vehicle (EV) market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East Africa. In this section, authors of the report have studied the presence of the global Lightweight Materials for Electric Vehicle (EV) market across major geographies. Moreover, the estimated market share, market size, revenue contribution, sales network and distribution channel, and other crucial elements of each regional segment have been detailed in the report.
Key reasons to buy the Global Lightweight Materials for Electric Vehicle (EV) Market report:
- The latest report comprehensively studies the global Lightweight Materials for Electric Vehicle (EV) market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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