The electric vehicle insulation market size is likely to be worth US$ 43,795.7 Mn by 2033, up from US$ 6,145.1 Mn in 2023. According to research by Future Market Insights, the sales of electric vehicle insulation are anticipated to expand at a CAGR of 21.7% during the forecasted period.
Due to rising worries about pollution and climate change, people are turning away from fossil fuels and toward renewable alternatives. Additionally, governments in several nations are strengthening pollution standards. For instance, in India, stricter pollution standards that came into effect in 2020 would make diesel and gasoline engines more expensive and less environmentally friendly, which is anticipated to boost the adoption of electric vehicle insulation. Even with updated and pricey engines, EVs produce no greenhouse emissions or air pollution when compared to a petrol or diesel automobile.
According to the research, more than 6.6 Mn electric vehicles were sold. In particular, China sold more than 3.4 Mn electric vehicles in 2021, compared to the U.S.’s sales of about 500,000 EVs. The continual rise in EV sales numbers, in turn, is likely to drive up demand for essential car parts like electric vehicle insulation options.
Emerging Trends in Electric Vehicle Insulation Market
To manufacture insulation goods, the raw material suppliers chose forward integration, which has resulted in an excessive quantity of forward integration on the market. To cut production costs, the companies in the electric vehicle insulation market use captive consumption. The companies may now broaden their horizons and go into new application markets.
Growing Government Regulations to Propel the Sales of Electric Vehicle Insulation
As heat management has an impact on the electric vehicle’s entire performance, battery safety is now much more crucial. Government agencies are putting in place strict regulations to improve the security of battery packs. The United Nations Economic Commission for Europe (UNECE) suggested a new legislative instrument to protect the longevity of batteries used in plug-in hybrid and fully electric cars, to provide one example.
What are the Major Companies in the Market Focusing On?
To increase their product portfolios and establish a solid foothold in the global market, key companies are working on product development and strategic alliances. Additionally, the businesses are concentrating on creating custom insulating solutions for automakers, escalating competitiveness. Electric vehicle insulation companies are spending a significant amount of money on research and development to create hybrid insulation solutions, which is causing the market to be active.
Autoneum Acquired by Saint-Gobain is One of the Leading Companies in the Electric Vehicle Insulation Market
Regarding acoustic insulation, the firm provides a robust product line. It provides insulation for electric vehicles that may be used for thermal and acoustic control. To stay competitive in the market, the corporation concentrates on methods including new product releases, expansions, and joint partnerships. Autoneum introduced Hybrid-Acoustics PET as a new material in November 2019. It is also utilized in powertrain-mounted insulators for combustion engines and is flameproof. Alpha-Liner, a multipurpose wheelhouse outer liner introduced by Autoneum, lowers tire noise and quietens and lightens automobiles.