#Vehicle Electrification Market Forecast 2030

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Vehicle Electrification Market 2024 Analysis of Rising Business Opportunities with Prominent Players, Forecast to 2030

The qualitative report Published by Exactitude Consultancy research on the Vehicle Electrification Market offers an in-depth examination of the current trends, latest expansions, conditions, market size, various drivers, limitations, and key players along with their profile details. The Vehicle Electrification market report offers the historical data for 2018 to 2023 and also makes available the forecast data from the year 2024 to 2030 which is based on revenue. With the help of all this information research report helps the Market contributors to expand their market positions. With the benefit of all these explanations, this market research report recommends a business strategy for present market participants to strengthen their role in the market. This report analyzes the impact of the Covid 19 pandemic on the Vehicle Electrification Market from a Global and Regional perspective.

The global vehicle electrification market is projected to reach USD 157.75 billion by 2030 from USD 65.28 billion in 2023, at a CAGR of 11.8 % from 2023 to 2030.

For The Full Report Click here: https://exactitudeconsultancy.com/reports/28090/vehicle-electrification-market/

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Low-Carbon Propulsion Market: Key Technologies Driving Innovation

Introduction to Low-Carbon Propulsion Market

 The Low-Carbon Propulsion Market is at the forefront of global efforts to reduce greenhouse gas emissions in transportation. As industries, governments, and consumers prioritize sustainability, this market is seeing rapid expansion driven by electric, hybrid, hydrogen, and alternative fuel technologies. Innovations in battery storage, electrification, and the infrastructure for sustainable energy sources are reshaping the future of transport. Increased government regulations and carbon reduction goals across various sectors further bolster market demand, positioning it as a key player in the green energy transition.

The Low-Carbon Propulsion Market is Valued USD XX billion in 2022 and projected to reach USD XX billion by 2030, growing at a CAGR of 21.4% During the Forecast period of 2024-2032.  It encompasses technologies such as electric vehicles (EVs), hydrogen fuel cells, biofuels, and hybrid propulsion systems. Driven by global environmental policies, this market seeks to reduce the carbon footprint associated with conventional transportation methods, particularly in sectors like automotive, aviation, and maritime industries. Ongoing advancements in battery technology and fuel efficiency are central to the market's expansion.

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Major Classifications are as follows:

Low-Carbon Propulsion Market, By Fuel Type

Compressed Natural Gas (CNG)

Liquefied Natural Gas (LNG)

Ethanol

Hydrogen

Electric

Low-Carbon Propulsion Market, By Mode

Rail

Road

Low-Carbon Propulsion Market, By Vehicle Type

Heavy-Duty

Light-Duty

Low-Carbon Propulsion Market, By Rail Application

Passenger

Freight

Low-Carbon Propulsion Market, By Electric Vehicle

Electric Passenger Car

Electric Bus

Electric Two-Wheeler

Electric Off-Highway

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada,) ◘ Latin America (Brazil, Mexico, Argentina,) ◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) ◘ Europe (UK,Germany,France,Italy,Spain,Russia,) ◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South

Key Players of Black Alkaline Water Market

Tesla (US), BYD (China), Nissan (Japan), Yutong (China), Proterra (US), Alstom (France), Bombardier (Canada), BYD Auto Co. (China), Honda Motor Co., Ltd (Japan), Hyundai Motor Company (South Korea), MAN SE (Germany), Nissan Motor Company, Ltd (Japan), Siemens Energy (Germany), Toyota Motor Corporation (Japan) & others.

Market Drivers in Low-Carbon Propulsion Market

Government Regulations: Stringent carbon emission standards and the push for decarbonization across industries.

Technological Advancements: Breakthroughs in battery storage, electrification, and hydrogen propulsion technologies.

Rising Fuel Prices: The increasing costs of fossil fuels encourage the shift towards more efficient, low-carbon alternatives.

Market Challenges in Low-Carbon Propulsion Market

High Initial Costs: Upfront costs for low-carbon propulsion technologies, such as electric vehicles and hydrogen fuel cells, are still high.

Infrastructure Deficiencies: Insufficient charging and refueling stations for alternative fuel vehicles limit their adoption.

Technology Limitations: While improving, battery storage capacity, charging times, and range continue to pose challenges for electric vehicles.

Market Opportunities in Low-Carbon Propulsion Market

Innovation in Battery Technology: Advancements in solid-state batteries and fast-charging technologies can significantly enhance the market.

Expansion in Emerging Markets: Developing regions, especially in Asia and Africa, present vast untapped potential for low-carbon transportation.

Renewable Energy Integration: Combining low-carbon propulsion systems with renewable energy sources such as wind and solar can further reduce emissions.

Conclusion

The Low-Carbon Propulsion Market is poised for substantial growth as global efforts to combat climate change intensify. While challenges like infrastructure deficits and high upfront costs exist, technological advancements and policy support are driving the transition. The shift towards sustainable transportation is not only necessary for environmental protection but also offers considerable economic opportunities for industries willing to innovate. As consumer preferences evolve and government policies become more stringent, the market's expansion will continue to accelerate in the coming years.

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Electric Vehicle Market - Forecast(2024 - 2030)

Electric Vehicle Market Overview

Electric vehicle market size is valued at USD 171.35 billion in 2020 and is expected to reach a value of USD 726.14 billion

 by 2026 at a CAGR of 27.19%

 during the forecast period 2021-2026. Plug-in Hybrid Electric Vehicles is modern electric propulsion, consisting of electric machines, power electronic converters, electric energy sources such as fuel cells and storage devices, and electronic controllers. The automotive Manufacturers have been driven to supply electric Zero Emission vehicles all over the world due to electric vehicle market trends such as rising demand for low-emission and governments encouragement towards long-range, zero-emission vehicles via subsidies and tax refunds which is estimated to boost the electric vehicle market size. Major players such as Tesla, ford, General motor and others are focused on increase of investment towards EV production. For instance Ford is investing $1 billion in an electric vehicle production facility in Cologne, Germany; this investment will transform the existing vehicle assembly operations into the Ford Cologne Electrification Centre for the manufacture of electric vehicles. Moreover Indian government to boost electric mobility over Internal Combustion engine based vehicles in the country announced to support 15.62 lakh electric vehicles through subsidies and have implemented a budgetary support of ₹ 10,000 crores. APAC is expected to hold large share in the electric car industry analysis estimation, with China accounting for half of the vehicle sales. The electric vehicle industry analysis, particularly the global electric commercial vehicle market will be driven by this rising investment.

Report Coverage

The report: “Electric Vehicle Market Forecast (2021-2026)”,

 by IndustryARC covers an in-depth analysis of the following segments of the Electric Vehicle Market Analysis.By Vehicle Type

 – Passenger Cars, Commercial VehiclesBy Components 

– Motors, Electric Engine, Drivetrain, Power Conditioner, Battery, Controller, Other componentsBy Vehicle Class 

- Luxury, Mid-pricedBy Vehicle Drive Type

 - Front-Wheel Drive, Rear Wheel Drive, All-Wheel DriveBy Geography

 - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Belgium, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others), and RoW (Middle east and Africa)

Key Takeaways

Growing awareness towards reduction of harmful emission and fuel efficiency is significantly driven by the global electric vehicle market during the forecast period 2021-2026.

The governments incentives such as cheap or no registration fees, as well as exemptions from import tax, sales tax, and road tax are estimated to spur the electric vehicle market size.

APAC is analysed to grow at highest CAGR during the forecast period owing to the growing government involvement and presence of original equipment manufacturers. 

Global Electric Vehicle Market, By Region, 2021

Electric Vehicle Market Segment Analysis – By Vehicle Type 

The EV passenger Vehicle is set to have the largest market share globally. This is owing to the governments' considerable backing for passenger electric vehicles in the countries. EV passenger vehicle is estimated to have the considerable share in APAC market owing to the presence of original equipment manufacturers and other automaker. The adoption of EV passenger car is increasing due the factors such as reduced emission, higher fuel efficiency.

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Electric Vehicle Market Segment Analysis – By Vehicle Drive Type

Rear Wheel Drive EV demand has risen in all regions, particularly in Asia Pacific and Europe. This is due to the fact that it is easier to drive and there is an increasing demand for these vehicles. North America has also experienced a faster increase in these vehicles, with Tesla Model 3 Standard, BMW i3, Volkswagen ID4, Porsche Tycan, and other models. The expansion of RWD electric vehicles is expected to accelerate in the future decade. Moreover the market for AWD is likely to increase as the demand for better ride handling and traction control grows. Continuous development of a three-motor AWD system for EVs is projected to boost the global electric vehicle market.

Electric Vehicle Market Segment Analysis – By Geography 

Asia Pacific has the largest electric vehicle market for passenger automobiles, followed by Europe and North America. China being the world’s largest EV producer, around 90% domestic OEMs currently dominate the Chinese EV market. To encourage residents to change to electric vehicles, the city of Beijing, for example, exclusively offers 10,000 registration licences for combustion-engine vehicles per month. Moreover MEA countries have begun to expand their electric vehicle markets, and they are likely to be the fastest-growing in the future years.

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Electric Vehicle Market Drivers

Increase in demand for fuel-efficient and low emission vehicles

The demand for fuel-efficient automobiles has recently increased as the price of gasoline and diesel has risen. Petrol and diesel are non-renewable sources hence the concern for developing alternative source of fuel is increasing which is further expected to increase the production of electrical energy vehicle. The Stringent CO2 emission norms have increased the demand for electric vehicles; these vehicles are environment friendly which has zero emission technology. The factors such as higher fuel economy, low pollution rate, smoother driving experience, reduced engine sound are driving the market for electric vehicle.  

Initiatives by the government to promote electric vehicles 

Government initiatives steps toward investment in Electric Vehicle market for promoting reduction of vehicle emissions is paramount. For instance in 2017, the United States government spent $5 billion to develop electric vehicle infrastructure, such as charging stations. Several governments are offering a variety of incentives, including cheap or no registration fees, as well as exemptions from import tax, sales tax, and road tax. Furthermore, countries such as Germany are heavily investing in EV sales promotion such as an amount of 6.5 billion will be provided by Germany for electric-car charging infrastructure.

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Electric Vehicle Market Challenges

Inadequate uniformity of E.V charging infrastructure

One of the major challenges of Zero emission vehicle market is the Inadequate E.V charging infrastructure. The rise of the electric car market, as well as variations in charging loads, have highlighted the need for electric car charging station uniformity. Certain electric vehicle charging stations may only work with a specific voltage. For example, level 1 charging stations provide a voltage of 120V AC, whereas level 2 charging stations provide a voltage of 208/240V AC. DC charging stations, on the other hand, use 480V AC to provide quick charging. Fast charging requirements range from country to country. CHAdeMO is used in Japan, while CCS is used in Europe, United States, and Korea, and GB/T in China. Both CHAdeMO and CCS procedures were required by the Indian government. Hence due lack of uniformity across countries may impact the installation of charging stations and hamper the growth.

Electric Vehicle Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electric vehicle Market. The market of Electric Vehicle has been consolidated by the major players -Tesla, Volkswagen AG, Nissan Motors, BMW Group, BYD Company motors, General Motors, Chevrolet, Toyota Motor Corporation, Ford Motor, and Mercedes.

Acquisitions/Technology Launches/Joint Venture

In September 2020 Volkswagen with its local Chinese joint ventures FAW Group, SAIC Motor, and JAC, invested USD 17.4 billion in the Electric Vehicles market to support new product releases of Battery Electric and Plug-in Hybrid Electric Vehicles in the market.

In December 2020 the United States, Nissan has revealed the Leaf model for 2021. The car is available with a battery capacity ranging from 40 to 62 kWh. Per charge, the mileage varies between 149 and 226 miles.

In November 2019 BYD debuted the e3 electric vehicle. It has two battery capacities of 35.2 kWh and 47.3 kWh, as well as a single electric motor of 70 kW. The vehicle's range is approximately 252 miles. 

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Next Generation Energy Storage Market — Forecast(2024–2030)

Next Generation Energy Storage Market Overview

Next Generation Energy Storage is witnessing significant advancements driven by innovations in battery technologies, grid-scale solutions, and sustainable power systems. One prominent trend is the development of high-capacity, long-life batteries capable of storing renewable energy efficiently. These batteries are crucial for balancing the intermittency of renewable sources like solar and wind power, thereby enhancing grid stability and reliability. Moreover, there is a growing focus on enhancing the sustainability and environmental footprint of energy storage solutions, with an emphasis on recycling and eco-friendly materials. Additionally, advancements in grid-scale energy storage technologies are enabling utilities to manage peak demand more effectively and optimize energy distribution networks. Another notable trend is the integration of energy storage systems with electric vehicle charging infrastructure, facilitating the widespread adoption of electric vehicles and promoting energy grid integration. Overall, the evolution of Next Generation Energy Storage is reshaping the energy landscape, offering sustainable solutions to address the challenges of modern power systems.

Next Generation Energy Storage Market Report Coverage

The report: “Next Generation Energy Storage Market — Forecast (2024–2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Next Generation Energy Storage industry.

By Device: Ultracapacitors, Energy Grids, Batteries, Fuel Cells, Flywheels, Pumped Storage and Others.

By Application: Electronics, Oil and Gas, Transportation, Military, Marine, Mining, Manufacturing, Residential and Others.

By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands and Others), APAC (China, Japan India, South Korea, Australia & New Zealand, Indonesia, Malaysia, Taiwan and Others), South America (Brazil, Argentina, Chile, Colombia and others), and RoW (Middle East and Africa).

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Key Takeaways

The Next generation energy storage systems refers to the integration of renewable energy generation into the grid, for relatively large loads across periods extending up to the extended hours. The deployment of the innovative devices, such as Energy grids, Ultracapacitors, Batteries, along with the automation tools, such as smart inverters, physical sensors and advanced analytics are coordinating across a wider range of next-generation technologies.

The rising grid expansion and promising investment in advanced infrastructure across Mining, Manufacturing, Oil and Gas, Electronics and other industrial sectors are estimated to drive the market. In addition, the introduction of regulations for green energy, and rising demand in the energy efficiency promote the Next generation energy storage systems market.

The prominence of renewable energy investments by the major companies, including Beckett Energy Systems, Lockheed Martin Corporation, BYD Company Limited, FlexGen Power Systems and more, along with increasing electrification of the transport sector are denoting profitable opportunities for the growth of Next generation energy storage systems market in the forecast period.

Next Generation Energy Storage Market Segment Analysis — By Type

The market for Next Generation Energy Grid Energy Storage Systems is analyzed to grow at highest CAGR of 10.9% during the forecast period 2024–2030. There are growing research and development in terms of electricity storage for applications, such as Grid support, Electricity supply, Ancillary services, Renewables integration and more is considered as a prime success factor in increasing the market prominence of energy storage technologies. Presently, the lithium-ion and lead-acid batteries are becoming popular for residential users, and sodium-sulphur and other breakthrough batteries are majorly deployed in commercial sectors. The leading companies such as Beckett Energy Systems, BYD Company Limited, Energ2, Inc., Enersys, Enphase Energy, FlexGen Power Systems, Lockheed Martin Corporation, S&C Electric Company, UniEnergy Technologies, LLC. And AES Corporation played a significant role to accelerate the Next Generation Energy Storage Systems Market growth through extensive research and developments activities for product innovation.

Next Generation Energy Storage Market Segment Analysis — By End Use Industry

Transportation dominated the recycled polyethylene terephthalate market in 2023 and is analyzed to grow at a CAGR of 10.77% during forecast period 2024 to 2030. The Electric vehicles are the solution for this problem. However, there are many challenges like the less availability of charging stations. To overcome and fix these issues, what we need is efficient next generation energy storage system for electric vehicles which can store more energy and in efficient manner, thus longer running time of vehicles with one time charging. The serious growing issue of climate change needs adoption of sustainable Transportation system. Because the way the demand of vehicles on road is increasing, and with the expected growth rate of usage of vehicles, the peak oil demand could be reached very soon. With this they are ideal for use in short-distance electric vehicles such as taxis, trams and buses where the capacity to charge it is the time it takes for passengers to exit and enter a vehicle. Now virtually all automakers are offering plan to offer or are already offering fully electric vehicles or at least hybrid models.

Researchers from Imperial College London and University College London (UCL) are working towards creation of low-cost, high-energy supercapacitors which can power electric vehicles, and they have produced cheaper energy-dense electrode which is more sustainable and energy efficient and can make the way for wider market of high-power and rapid vehicle charging. In November 2019, Ford Unveiled its all-Electric vehicle, which was part of company’s 11 Billion plan to make 40 all electric and hybrid models by 2022. Volkswagen as well has increased its electric vehicle goal to 70 new models by 2028 with the earlier target of 50.

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Next Generation Energy Storage Market Segment Analysis — By Geography

North America is analyzed to be $ 8,490.98 Million in 2023, and is successfully contributing towards the growth of Next Generation Energy Storage Systems Market, and is also estimated to grow at a CAGR of 8.57% during 2024 to 2030. The Next Generation Energy Storage Systems Market is witnessing a significant growth in the U.S. due to the advent of the Solar PV and wind power technologies, both of which are recognised for their intermittent nature, and also account for a large portion of the renewable energy potential in the United States. The problem necessitates the development of more efficient battery energy storage devices. According to the U.S. Energy Information Administration by the end of 2022, operational utility-scale battery energy storage systems (BESSs) in the US had a total nameplate power capacity of 8,842 MW and a total energy capacity of 11,105 MWh. This has been aided significantly by price declines as well as strong governmental support at both the federal and state levels.

Next Generation Energy Storage Market Drivers

Growing Demand for Renewable Energy

Government globally is focusing on the society’s commitments to cutting carbon emissions in lune with the goal which is set out in the Paris agreement and many are putting renewable energy at the center of their strategy to meet those rapidly approaching commitments. Lower-emissions electricity generation from sources such as wind and solar power are the main building blocks of the future energy mix considered essential to bring down countries’ carbon footprints. As their share of the generation grows, there is a growing opportunity and need for next generation storage systems such as battery grids to help balance demand and supply fluctuations and to better integrate large volume of variable renewable energy. Further, the next generation storage systems market is led by the US and China, and with the leadership in both countries committed to increasing the share of electricity coming from ‘clean’ sources, energy storage capacity between them will need to increase sevenfold by 2030 from 55GW in 2020.

As per the Macquaire Organization in August 2021, in China alone, which is the world’s biggest power market and the largest investment destination for renewables, wind and solar capacity is expected to increase eightfold by 2040. Apart from this, U.S’s new goal of cutting emissions by half by 2030 could more than quadruple ESS capacity by then from 23GW in 2020. The mix that the cost of wind, solar and energy storage have fallen dramatically in the past decade — by 77 per cent, 35 per cent, and 85 per cent respectively- and it also opens up the potential for considerable new demand for these storage systems. As these systems enable high shares of renewable energy integration into the grid and can help transform the whole energy sector. Utility-scale batteries, for example, can enable a greater feed-in of renewable energy into the grid by storing excess generation during times of energy over-production for later use. Hence the growing need for renewable energy sources is creating ample number of growth aspects for the next generation energy storage systems market during the forecast period of 2024–2030.

Rising Demand for Solid State Battery

Solid-state battery development aims for a next-generation energy storage systems with higher energy density, fast charging capability, lower cost, and greater safety. Solid-state batteries have many potential applications across multiple industries, such as automotive, consumer electronics, industrial, aerospace, etc. There are two distinct categories of solid-state batteries: solid-state batteries with a very small energy capacity, already commercially available from several suppliers, aimed at applications in consumer electronics, while the biggest drive is for large-energy capacity (“bulk”) solid-state batteries for electric and hybrid electric vehicles (EV/HEVs). Many battery and automotive manufacturers have already presented their target roadmaps for mass production to secure a leadership role in the solid-state battery market despite the remaining technology and supply chain challenges. For Instance: As per the EE Times (Europe) in September 2021, Toyota is planning mass production of solid-state batteries from 2025. Quantum Scape and Panasonic are also planning mass production of solid-state batteries from 2025–2026, and Samsung SDI is working on solid-state batteries with mass production from 2027. In addition, many EV makers, such as Volkswagen, Hyundai, and BMW, have made investments in solid-state battery startups and are planning to launch their EVs with solid-state batteries in the coming years. For example, Volkswagen plans to launch its electric vehicles with solid-state batteries in about 2025, forging a partnership with startup Quantum Scape.

With this they are ideal for use in short-distance electric vehicles such as taxis, trams and buses where the capacity to charge it is the time it takes for passengers to exit and enter a vehicle. Now virtually all automakers are offering plan to offer or are already offering fully electric vehicles or at least hybrid models. For Instance: In November 2019, Ford Unveiled its all Electric vehicle, which was part of company’s 11 Billion plan to make 40 all electric and hybrid models by 2022. Volkswagen as well has increased its electric vehicle goal to 70 new models by 2028 with the earlier target of 50. Such factors would positively influence the growth of the next generation energy storage systems market during the forecast period of 2024–2030.

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Next Generation Energy Storage Market Challenges

Security Issues Preying Utility Sector

Security aspect is impacting energy & utility sector with the cyberattacks. This factor is somewhere restricting the next-generation energy storage systems market growth. Power and utilities systems that connect organizations and homes are essential types of critical infrastructure. A recent study conducted by Fortinet shows that attacks against energy utilities are among the top three most targeted sectors for cyberattacks in the US. In addition, Europe, Australia, and Japan have reported an increase in threats against critical infrastructure. This threat is caused by modernization of OT networks that control critical infrastructure. As IT and OT networks converge, the “air gap” that OT systems once relied on for cybersecurity is eliminated. Without any utility cybersecurity measures in place, these critical infrastructures are left at risk. The risk of a successful cyberattack on critical infrastructure could be severe — damaged power grids could leave cities in the dark, or even put lives at risk. Also, Nowadays, the battery energy storage system (BESS) has become an important component of the electric grid. It can serve multiple services such as frequency regulation, voltage control, backup, black start, etc.

Next Generation Energy Storage Market Landscape

The Next Generation Energy Storage market is moderately consolidated with key players are adopting strategies such as acquisition, product launches and others with the players and companies prevalent in the market. The top companies present in the market include the below.

BYD Company Limited

Energ2, Inc.

Enersys

Enphase Energy

Flex Gen Power Systems

Lockheed Martin Corporation

S&C Electric Company

AES Corporation

LG Energy Solution

NextEra Energy Inc.

Launches/Acquisitions

In September 2023, Ener Venue introduces its latest Energy Storage Vessels™ (ESVs) with enhanced capacity, density, and power, offering unparalleled advantages over lithium-ion batteries for various clean energy applications. Backed by an extended warranty and large-scale deals, the next-generation ESVs mark a significant step in advancing stationary storage solutions.

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Automotive Battery Market - Forecast 2024-2030

Automotive Battery Market Overview:

Automotive Battery Market size is forecast to reach $72.75 Billion by 2030, after growing at a CAGR of 5.5% during 2024-2030. This growth is driven as the exponential rise in global transportation demand and is a pivotal growth factor for the automotive battery market, notably propelled by the soaring popularity of electric vehicles (EVs). The surge in demand for automotive lithium-ion (Li-ion) batteries, witnessing a remarkable 65% increase from 330 GWh in 2021 to 550 GWh in 2022, is directly attributed to the robust growth in electric passenger car sales. This escalating demand underscores the pivotal role of automotive batteries in supporting the electrification trend, emphasizing a significant market growth avenue driven by the expanding adoption of electric vehicles worldwide. 

Additionally, the automotive battery market is experiencing a significant growth trajectory with a notable trend toward increasing cell dimensions and energy density. In 2022, the shift towards longer cells, particularly pouch cells reaching 500 mm and prismatic cells almost hitting 1000 mm, signifies a notable evolution in battery design. Concurrently, there's a remarkable increase in cell energy, demonstrating a substantial advancement in energy density and specific energy. Compared to the averages of 2010 and 2021, there's a substantial gain of about 100% in energy density and 70% in specific energy. This trend is a key growth factor for the automotive battery market, as it caters to the evolving needs of electric vehicles (EVs), providing enhanced performance, longer ranges, and improved overall efficiency. The drive towards larger dimensions and increased energy reflects the industry's commitment to innovation, addressing the demands of a burgeoning electric vehicle market.

Automotive Battery Market - Report Coverage:

The “Automotive Battery Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Automotive Battery Market.

By Battery Type: Lead Acid, Lithium-Ion, and Others 

By Vehicle Type: Passenger Vehicles, Commercial Vehicles 

By Engine Type: Internal Combustion Engine, Electric Vehicles 

By Geography: North America, South America, Europe, APAC, and RoW.

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COVID-19 / Ukraine Crisis - Impact Analysis:  

• The COVID-19 pandemic significantly impacted the Automotive Battery Market, causing disruptions in production, supply chains, and consumer demand. Lockdowns and restrictions led to factory closures and a decrease in vehicle manufacturing, directly affecting the demand for automotive batteries. Fluctuating raw material prices and logistic challenges further strained the industry. However, the pandemic also accelerated the shift towards electric vehicles, boosting demand for advanced battery technologies. Manufacturers faced challenges in maintaining workforce continuity, resulting in delays. As the automotive sector gradually recovers, the industry adapts to new market dynamics, emphasizing innovation and sustainability in battery technologies amidst a changing landscape shaped by the pandemic.

• The Russia-Ukraine crisis has significantly impacted the automotive battery market, causing disruptions in the supply chain and triggering price fluctuations. As both countries are key players in the production of raw materials like nickel and cobalt, essential components of batteries, their geopolitical tensions have led to supply uncertainties. This has resulted in increased production costs and scarcity of resources, directly affecting battery manufacturers and, subsequently, the automotive industry. The heightened geopolitical risks and economic instability have induced caution among investors, impacting the overall market sentiment. The crisis underscores the interconnectedness of global markets, emphasizing the vulnerability of industries like automotive batteries to geopolitical events.

Key Takeaways:

• The Asia Pacific region leads in Automotive Battery sector growth due to rising electric vehicle adoption and strong economic expansion. Government policies promoting clean energy and growing environmental awareness fuel demand for automotive batteries. With a substantial shift towards electrification, manufacturers are strategically investing in the region to leverage this momentum. Consequently, the Asia Pacific emerges as a pivotal hub for the burgeoning Automotive Battery Market, offering lucrative opportunities for industry players.

• Passenger vehicles drive the fastest growth in the Automotive Battery Market, mirroring the global shift toward electric mobility. Rising consumer demand for electric cars fuels adoption of automotive batteries, particularly for these vehicles. Factors like environmental awareness, government incentives, and battery technology advancements boost this trend. The dominance of passenger vehicles signifies a transformative shift in the automotive sector, with batteries serving as crucial enablers for the rise of electric vehicles.

• The electric vehicle (EV) sector leads as the fastest-growing engine type in the Automotive Battery Market, driven by a global move toward sustainable transportation. Environmental concerns, strict emissions regulations, and battery advancements fuel EV adoption. Governments incentivize electric mobility, boosting growth. Increased investments in EV infrastructure and ongoing technological innovations underscore the pivotal role of automotive batteries, marking a transformative era in the automotive industry.

Automotive Battery Market Segment Analysis – By Battery Type

By Type, Automotive Battery Market has been segmented into Lead Acid, Lithium-Ion, and Others. The Lithium-Ion segment is expected to grow at the fastest CAGR of 7.8% during the forecast period. A surge in demand for smartphones and other electronic devices, as well as an increase in electric vehicles, are some of the key factors driving the growth of the lithium-ion battery. Lithium-ion batteries charge faster, last longer, and have a better power density for more battery life in a lighter container than older battery technology. In comparison to conventional batteries such as lead-acid and nickel-metal hydride, the vehicle lithium-ion battery has developed as an environmentally friendly, rechargeable power source which will help to boost the growth of the Lithium-Ion battery and eventually, the Automotive Battery Market. Manufacturers are trying to reduce the cost of lithium-ion batteries by implementing severe fuel efficiency standards in nations such as the United States, India, Germany, and Japan, hence raising the demand for electric vehicles. For example, In January 2020, Maruti Suzuki announced a collaboration with Toshiba and Denso to establish the world's largest vehicle lithium-ion battery production factory in Gujarat (India).

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Automotive Battery Market Segment Analysis – By Vehicle Type

Passenger cars have emerged as a dominant and rapidly growing segment in the automotive battery market with a market Share of 65% in 2023. The surge in demand for electric vehicles (EVs) and hybrid cars has propelled the need for advanced and high-performance batteries. With increasing environmental concerns and government incentives promoting cleaner transportation, there's a notable shift towards electrification in the passenger car sector. This shift, coupled with advancements in battery technology, presents lucrative opportunities for manufacturers. As consumer preferences lean towards sustainable mobility solutions, the passenger car segment is expected to sustain its upward trajectory, driving substantial growth in the automotive battery market. 

Automotive Battery Market Segment Analysis – By Engine Type

By Engine Type, the Automotive Battery Market has been segmented into Internal Combustion Engine and Electric Vehicles. During the forecast period, the Electric Vehicle segment is expected to grow at the fastest CAGR of 12.6% in the Automotive Battery Market. Increased demand for fuel-efficient, high-performance, and low-emission vehicles, stringent government rules and regulations on vehicle emissions, as well as lower costs of electric vehicle batteries and rising fuel costs, all contribute to the growth of the electric vehicle and will help to boost the Automotive Battery Market. The cost of EV batteries has decreased over the last decade as a result of technological improvements and the mass production of EV batteries in enormous quantities. As EV batteries are one of the most expensive components of the car, this has resulted in a fall in the cost of electric vehicles. This is due to lower manufacturing costs for these batteries, lower cathode material prices, increased output, and so on. The price of EV batteries is predicted to decline to around $60 per kWh by 2030, significantly lowering the price of EVs and making them cheaper than conventional ICE vehicles. This is expected to boost the market growth.

Automotive Battery Market Segment Analysis – By Geography

By Geography, Automotive Battery Market has been segmented into North America, Europe, APAC, South America, and RoW. Due to increased demand for vehicles and high sales of passenger cars, commercial vehicles, and motorbikes, the Asia-Pacific region is predicted to have the quickest growth in the Automotive Battery Market value. Rising product demand for automotive applications in several nations, including South Korea, India, Malaysia, and Indonesia, is expected to have a beneficial impact on the region's growth throughout the projection period. Furthermore, continued product development by various businesses to build cost-effective and high-performance automobiles is expected to help the growth of the regional market. Furthermore, government measures to provide subsidies based on the price difference between EVs and ICE-enabled vehicles, with a maximum limit of CNY 85,000, are delivering a boost to the Asia-Pacific market. Various electric vehicle manufacturers have signed contracts or agreements with Asia's vehicle battery manufacturers, boosting the region's demand for automotive batteries. For example, BMW and Volkswagen signed contracts with CATL and Korean companies LG Chem and Samsung SDI to purchase batteries. This region is rapidly developing in terms of infrastructure, economy, and technology.

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Automotive Battery Market Drivers 

The Growing Integration of Electronics Is Set to Drive the Automotive Battery Market

The increasing integration of electronics in vehicles is poised to emerge as a significant driver for the automotive battery market. As modern automobiles incorporate advanced technologies such as electric vehicles (EVs), hybrid systems, and various electronic components, there is a growing demand for reliable and high-performance batteries. The surge in electric vehicle adoption underscores the pivotal role of automotive batteries in powering these cutting-edge technologies. This trend not only propels the automotive battery market forward but also presents a lucrative opportunity for manufacturers to innovate and cater to the evolving needs of the automotive industry, emphasizing the pivotal role of electronics in driving market growth.

Investments in EVs Will Positively Impact Market Growth in The Future

Investments in Electric Vehicles (EVs) are poised to catalyze substantial growth in the Automotive Battery Market. With a global push towards sustainable mobility, increased funding in EV technology translates to a surging demand for advanced and efficient automotive batteries. As governments worldwide incentivize electric vehicle adoption, major automotive players are allocating substantial resources towards EV research and development. This strategic shift aligns with consumer preferences for eco-friendly alternatives, propelling the market forward. The confluence of technological advancements, supportive policies, and heightened environmental awareness positions EV investments as a pivotal driver, ensuring a positive trajectory for the Automotive Battery Market in the foreseeable future.

Automotive Battery Market Challenges

A dip in Automotive Production Amid the Pandemic may limit the market growth

The automotive battery market faces a formidable challenge as automotive production experiences a dip amidst the ongoing pandemic. With manufacturing slowdowns and supply chain disruptions, the demand for automotive batteries is constrained, impacting market growth. The pandemic-induced limitations on workforce availability, logistical challenges, and semiconductor shortages have led to reduced production volumes across the automotive sector, directly affecting the demand for batteries. Furthermore, as consumer purchasing patterns shift and uncertainty prevails, original equipment manufacturers (OEMs) face challenges in forecasting and adapting production schedules. This dip in automotive production not only affects immediate sales but also hampers the overall market potential for automotive batteries. Navigating through these challenges requires industry players to adopt agile strategies, reassess supply chain resilience, and innovate to meet evolving market demands amid the uncertainties triggered by the pandemic.

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Market Landscape

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Automotive Battery Market. The top 10 companies in this industry are EXIDE INDUSTRIES LTD, Panasonic Corporation, LG Chem, GS Yuasa International Ltd, Robert Bosch GmbH, Hitachi Group Ltd, Contemporary Amperex Technology Co. Limited, A123 Systems, SAMSUNG SDI CO. LTD, BYD Company Ltd, and Others.

Developments:

In a pivotal move for the automotive battery market, Stellantis and Samsung unveiled plans in May 2022 to invest USD 2.5 billion in establishing a battery manufacturing facility in Indiana. This strategic partnership signifies a commitment to advancing electric vehicle (EV) technology and enhancing battery production capabilities. The facility is anticipated to commence operations in 2025, contributing to the growing infrastructure supporting the global shift towards electric mobility. This collaboration underscores the industry's recognition of the increasing demand for electric vehicles and the essential role of robust battery manufacturing to meet these evolving market dynamics. 

Solid-state batteries represent a groundbreaking innovation poised to revolutionize Automotive Battery Industry. By utilizing solid electrolytes, they eliminate the risk of leakage, enhancing safety and efficiency. With high energy density, they enable compact and lighter packages, promising longer driving ranges and faster charging. This advancement stands as a major breakthrough in the Automotive Battery industry, shaping the future of electric mobility.

[researchrealmblog]

Recreational Vehicle Market Share, Size, Future Demand, and Emerging Trends

Market Overview

In 2024, the recreational vehicle industry is projected to generate revenue of USD 51.3 billion, which is projected to experience a CAGR of 4.2% over the projection period, to attain USD 53.1 billion by the end of the decade. This will be because of the increasing customer expenditure on eco-tourism, camping, and sustainable travel worldwide.

Eco-friendly travel options are in enormous demand worldwide as they emphasize on protecting natural ecosystems and decreasing the negative impact of travel. Such vehicles also provide a blend of mobility, convenience, comfort, and versatility, and also satisfy the evolving preferences of modern travelers.

It highlights on efficiency, sustainability, and comfort in recreational vehicles with less or no conventional fuel dependency. Electrification of cars, particularly RVs, offers sustainable travel options, which is appealing to consumers with a conscience. The advancements in battery technology enhance the performance and endurance of EV RVs hence attracting more customers. Integration is useful in applying aerodynamics in RVs since it reduces drag force and is useful in designing the RVs. These technologies inform the sector given the dynamic needs of the new generation of tourists.

Status-oriented customers look for vehicles that reflect their aspirations. As a result, RV firms are offering their clients options to choose from different customization options to help them design the RV of their dreams. Producers are buying hi-tech solutions along with high-quality materials to retrofit RVs with comforts and differentiate personal space.

Key Insights

Towable RVs are the higher-revenue-generating category, holding around 50% share in the market.

Increasing usage among campers, families, and adventurers.

The detachability option provides transportation adaptability for daily activities and holidays.

Motorhomes lead the market in growth rate with a CAGR of 4.6% during the forecast period.

Growing consumer inclination toward road trips.

Provides home-like comfort with living spaces, bathrooms, kitchens, bedrooms, and living areas.

Personal bifurcation dominates the market with a share of 70% in 2024.

RVs provide a homelike experience and allow engagement in outdoor activities like hiking, fishing, and camping.

Technological advancements in smart home connections, fuel efficiency, and luxurious interiors.

Appeals to consumers seeking luxury and comfortable travel experiences.

Commercial bifurcation is the faster-growing category with a CAGR of 4.7% during 2024–2030.

The trend of renting RVs and flexible accommodation options.

Convenient for less-regular travel based on trip length, distance, and required amenities.

Remote work and hybrid work models drive the need for RVs with modern facilities such as mobile workstations.

Non-motorized category dominates the market with a share of 75% in 2024.

Flexibility, accessibility, versatility, and affordability.

Low initial cost, simpler setup, and ease of maintenance.

Diverse options like travel trailers, fifth wheels, and truck campers.

The motorized category will witness a higher CAGR of 45% during 2024–2030.

Combined mobility and living spaces for long-distance journeys and full-time living.

Built-in facilities are similar to homes, such as bathrooms, kitchens, living areas, and sleeping quarters.

Appeals to travelers seeking comfort, convenience, and independent travel experiences.

North America is the largest market with a share of 45% in 2024.

Home to a highly competitive RV manufacturing industry.

Key manufacturers include THOR Industries, Winnebago Industries, and Forest River.

Source: P&S Intelligence

[creativeera]

Emi Shielding Materials Market Will Grow At Highest Pace Owing To Increasing Adoption

Emi shielding materials are used to protect electronic devices from electromagnetic interference (EMI). These materials help reduce or deflect electromagnetic fields and block the conduction and radiation of electromagnetic waves. Emi shielding materials find widespread application in the electronics industry for protecting sensitive electronic equipment by shielding out or absorbing electromagnetic interference. The growing penetration of internet of things (IoT) devices and increasing connectivity of electronics have resulted in rising electromagnetic noise levels, driving demand for efficient EMI shielding solutions. Global EMI shielding materials market was valued at US$ 8.01 Bn in 2021 in terms of revenue, exhibiting a CAGR of 5.67 % during the forecast period (2022 to 2030).

Key Takeaways Key players: 3M Company, Parker Chomerics, ETS-Lindgren, Henkel AG Co. KGaA, Kitagawa Industries Co., Ltd., Laird Plc., Leader Tech Inc., PPG Industries Inc., RTP Company, Schaffner Holding AG, and Tech-Etch Inc are major players in the emi shielding materials market. 3M Company offers a wide range of EMI shielding solutions including conductive tapes, coatings and adhesives. Growing demand: Rising adoption of electronic devices across industries is fueling EMI Shielding Materials Market Size. Rapid proliferation of IoT devices and adoption of 5G technology is also driving consumption. The automotive industry is a major consumer of EMI shielding materials to shield electronic control units from electromagnetic noise. Technological advancements: Manufacturers are focusing on development of lightweight, customizable and environment-friendly EMI shielding materials. Launch of graphene and carbon nanotube based materials has enabled effective shielding at ultra-thin thicknesses. Integrated EMI shields with conductive inks and adhesives provide effective protection. Market Trends Customizable and Flexible EMI Shielding Materials: There is a growing demand for customizable and flexible EMI shielding materials that can adapt to complex product designs easily without comprising on shielding effectiveness. Major players are focused on developing graphene and carbon nanotube based flexible EMI shielding solutions. Growing Adoption in Automotive Industry: The automotive industry is high growth application segment owing to rising electrification of vehicles and growing integration of electronic control units. Strict EMI regulations for automotive electronics will drive use of advanced Emi Shielding Materials Companies solutions in auto apps. Market Opportunities Development of Ultra-Thin and Lightweight EMI Shielding Solutions: With the focus shifting towards lightweight and compact electronics, there exists significant opportunities for manufacturers to develop ultra-thin and flexible EMI shielding materials without compromising on shielding effectiveness. Growing Demand from Medical Devices Industry: Growing use of IoT, imaging systems and connected medical devices will fuel opportunities for EMI shielding material providers to cater to the medical device industry and meet stringent EMI regulations in healthcare. Impact of COVID-19 on EMI Shielding Materials Market The COVID-19 pandemic has impacted the growth of the EMI shielding materials market. During pre-COVID times, the market was growing steadily at a CAGR of around 5.6% owing to rising demand from various end-use industries such as automotive, telecommunication, aerospace and defence. However, with lockdowns imposed globally and disruptions in industrial activities, the demand from end-use sectors witnessed a downfall in 2020. Complete shutdown of automotive plants significantly reduced the consumption of EMI shielding materials which are majorly used in electronic control units inside vehicles. Similarly, restrictions on air travel brought the aerospace industry to a standstill thereby reducing opportunities in this segment.

Get more insights on EMI Shielding Materials Market

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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[aadeshmmr]

The global light commercial vehicle market was valued at USD 580 billion in 2023, and revenue is predicted to reach USD 990 billion by 2030, growing at a CAGR of 6.7% over the forecast period.

[prajwal-agale001]

According to the latest publication from Meticulous Research®, the automotive electronics market is projected to reach $361.6 billion by 2030, at a CAGR of 6.7% during the forecast period of 2023 to 2030. The growth of this market is attributed to the surge in vehicle electrification, the increasing need for energy-efficient electronic devices, and the rising demand for safety and control systems. In addition, the growing demand for ADAS & AD and the high demand for adaptive lighting systems in passenger and entry-level SUVs are expected to offer significant opportunities for the growth of this market. However, the high cost of electronic systems hampers the growth of this market. In addition, fluctuating raw material prices is a major challenge to the growth of this market.

[trendingrepots]

South Africa Wires & Cables Market - Forecast(2024 - 2030)

South Africa Wires and Cables Market Overview

South Africa Wires & Cables Market size is projected to reach US$15.5 billion by 2030, and it is estimated to grow at CAGR of 5.5% during 2024-2030. With the rising demand for electricity and telecommunications, the market is poised for steady expansion and innovation. Government initiatives are also playing a crucial role in propelling the market forward. Increased investments in infrastructure development and electrification projects are contributing to the demand for South Africa wires and cables.

👉 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞

A wire is an electrical conductor, while a cable is a group of individually insulated wires encased together in sheathing. Wires and cables can be made from various materials, such as copper, steel, aluminum and others. The materials each have different resistances. Thick wire will have a lower resistance than thin wire made from the same material. Resistance of the wire can change proportionally with change in temperature or length of the wire. Wires and cables form an integral part of the modern-day industries. South Africa, a developing nation holds a significant potential for the wire and cable industry. It forms the backbone of the present information age, providing users with power, light and communication. Wires and cables are used in industries such as power transmission & distribution, buildings, automotive, home appliances and communications among others.

The Gauteng provincial government in South Africa is investing $4.9 billion to transform Mooikloof, a suburb of Pretoria, into a green city by 2030. The "Mooikloof Mega City" project aims to address environmental challenges such as water access, waste management, and air pollution. Growing investments in South Africa's construction sector, especially due to smart city trends and significant government infrastructure spending, are propelling demand for South Africa wires and cables market.

South Africa Wires and Cables Market Report Coverage

The report: “South Africa Wires & Cables Market Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the South Africa Wires & Cables Market.

By Material Type: Copper, Aluminum, Galvanized Steel, High Strength Composite Core, Others

By Voltage Ratings: Medium Voltage, High Voltage

By Installation: Overhead, Underground, Submarine 

By Type: Power Cables, Control Cables, Speciality Cables, Instrumentation Cables, Others

By Insulation Type: XLPE, EPR, PVC, MI, Others

By End-user: IT & Telecommunication, Marine, Aerospace & Defense, Automotive, Building Construction, Oil & Gas, Energy & Transportation, Residential, Infrastructure and Others

By Company Type: Local Manufacturing, Local Sales Presence, Imports

By Geography: SADC, EAC

Key Takeaways

• Copper wire and cable dominated the market in 2023 acquiring a share of 35.2% in 2023.

• IT and Telecommunication sector is estimated to witness the highest growth during 2024-2030 of 9.4% owing to the growing demand for advanced electronic devices in vehicles.

• The significant increase in investment in Construction Sector projects is set to drive the South Africa Wires and Cables Market

• The adoption of automotive Ethernet is hampering the wires and cables market in South Africa by replacing traditional copper wires with high-speed network technology.

[vijukumar]

Electric Vehicle Market: Driving Towards a Sustainable Future

The global electric vehicle (EV) market has been witnessing remarkable growth in recent years, driven by increasing environmental concerns, government incentives, and technological advancements. This report provides an in-depth analysis of the EV market, including market size, share, growth, trends, key players, challenges, and future outlook.

Market Size, Share, and Growth

The EV market has been experiencing a significant surge, with sales and adoption rates accelerating across various regions. According to industry data, the global EV market was valued at $163.01 billion in 2020 and is projected to reach $823.75 billion by 2030, registering a compound annual growth rate (CAGR) of 18.2% during the forecast period of 2021-2030.

In terms of market share, battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) are the two primary segments of the EV market. BEVs currently hold the largest market share, accounting for approximately 65% of the total EV market in 2021. However, PHEVs are expected to gain significant traction in the coming years due to their extended range capabilities and the transitional shift towards full electrification.

Market Trends

Several key trends are shaping the EV market:

Government Incentives and Regulatory Policies: Many countries have implemented incentives and regulations to promote EV adoption, such as tax credits, subsidies, and stricter emission standards. These initiatives are driving consumer demand and encouraging automakers to invest in EV technology.

Declining Battery Costs: The cost of lithium-ion batteries, a major component of EVs, has been steadily decreasing due to technological advancements and economies of scale. This cost reduction is making EVs more affordable for consumers and improving their overall value proposition.

Expanding Charging Infrastructure: The deployment of public charging infrastructure is accelerating, addressing range anxiety concerns and enhancing the practicality of EVs. This trend is further boosting consumer confidence and adoption rates.

Increasing Range and Performance: Advancements in battery technology have led to EVs with longer driving ranges, improved performance, and faster charging capabilities, addressing some of the key challenges that previously hindered widespread adoption.

Electrification of Commercial Vehicles: While the passenger vehicle segment dominates the EV market, there is growing interest in electrifying commercial vehicles, such as buses, trucks, and delivery vans, to reduce emissions and operating costs in the transportation and logistics sectors.

Market Players and Market Share

The EV market is highly competitive, with both established automakers and new entrants vying for market share. Here are some of the key players and their respective market shares:

Tesla, Inc.: Tesla is a pioneer in the EV industry and currently holds the largest market share, accounting for approximately 23% of the global EV market in 2021.

Volkswagen AG: The German automaker has made significant investments in EV technology and held a market share of around 12% in 2021.

BYD Company Ltd.: This Chinese manufacturer is a leading player in the EV market, with a market share of approximately 10% in 2021.

Nissan Motor Co., Ltd.: Nissan, known for its popular Leaf EV model, held a market share of around 8% in 2021.

BMW AG, Daimler AG, Ford Motor Company, General Motors Company, and Hyundai Motor Company: These established automakers have also entered the EV market and are competing for market share.

Market Challenges

While the EV market presents significant opportunities, it also faces several challenges:

High Initial Costs: Despite declining battery costs, EVs still have higher upfront costs compared to conventional gasoline-powered vehicles, which can deter some consumers.

Range Anxiety: Although EV range has improved, range anxiety remains a concern for some consumers, especially in areas with limited charging infrastructure.

Charging Infrastructure Deployment: The deployment of public charging infrastructure needs to be accelerated to meet the growing demand for EVs, particularly in rural and remote areas.

Supply Chain Constraints: The supply of critical materials, such as lithium and cobalt, used in EV batteries may face constraints as demand increases, potentially leading to supply chain disruptions and increased costs.

Competition from Established Automakers: As traditional automakers expand their EV offerings, they pose a significant competitive threat to newer EV manufacturers, intensifying market competition.

Regulatory Landscape: The EV market is subject to various regulations and policies related to emissions, safety standards, and incentives, which can vary across different regions and countries, creating complexities for automakers operating globally.

Conclusion

The electric vehicle market is poised for continued growth, driven by increasing environmental awareness, supportive government policies, and technological advancements. While the market faces challenges such as high initial costs, infrastructure limitations, and supply chain constraints, the overall outlook remains positive, with significant opportunities for both established players and new entrants.

As the market continues to evolve, it is crucial for industry stakeholders to closely monitor trends, invest in research and development, and adapt to changing consumer demands. Addressing the challenges associated with EV adoption, such as expanding charging infrastructure, reducing upfront costs, and ensuring a stable supply of critical materials, will be critical for accelerating market growth.

The transition towards electric mobility is not only an environmental imperative but also an economic opportunity. Companies that can effectively navigate the EV market landscape and offer innovative, cost-effective, and sustainable solutions are likely to emerge as leaders in this rapidly evolving industry. By fostering collaboration between automakers, policymakers, infrastructure providers, and other stakeholders, the EV market can overcome existing barriers and pave the way for a more sustainable and efficient transportation future.

[msinsights]

Silicon Carbide Wafer Market Size, Share, Growth, Top Vendors, Regional Analysis, Types and Forecast by 2030

The Silicon Carbide Wafer Market has come under scrutiny in a recent report by Metastat Insight, shedding light on the intricate dynamics of this pivotal sector. As industries worldwide navigate the complexities of advanced technologies, the role of silicon carbide wafers has become increasingly prominent. This compound semiconductor material, featuring unique properties, has found applications across diverse industries, transforming the landscape of power electronics, telecommunications, and automotive sectors.

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Top Companies

Cree, SK siltron Co.,Ltd., SiCrystal, II-VI Advanced Materials, Showa Denko K.K., STMicroelectronics, Aymont Technology.

The automotive industry stands out as a major catalyst for the expanding silicon carbide wafer market. The pursuit of electric vehicles and the quest for energy-efficient transportation have fueled the demand for power electronics with enhanced capabilities. Silicon carbide wafers play a pivotal role in this realm, enabling the development of compact, energy-efficient power devices crucial for the electrification of automobiles. 

The report also underscores the growing influence of Silicon Carbide in the realm of renewable energy. As the world pivots towards sustainable practices, the demand for high-performance semiconductors in solar inverters and wind turbines is on the rise. Silicon carbide wafers, with their ability to withstand harsh environments and high voltages, are proving instrumental in enhancing the efficiency and reliability of renewable energy systems. 

Furthermore, the telecommunications sector has emerged as another significant player propelling the demand for silicon carbide wafers. The deployment of 5G networks demands advanced power electronics to meet the requirements of higher frequencies and data transfer rates. Silicon carbide wafers, with their ability to operate at higher temperatures and frequencies, become indispensable in the development of efficient and compact 5G infrastructure. 

Browse Complete Report @ https://www.metastatinsight.com/report/silicon-carbide-wafer-market

Despite the optimistic outlook, the market does face challenges that warrant attention. The high manufacturing cost associated with silicon carbide wafers remains a restraining factor for widespread adoption. However, ongoing research and development initiatives aimed at optimizing production processes and reducing costs are expected to alleviate this challenge over time. 

[blueweave8]

Electric Vehicle Engineering Plastics Market Analysis, Trends, Report 2023-2030

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Electric Vehicle Engineering Plastics Market size by value at USD 14.62 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Electric Vehicle Engineering Plastics Market size to boom at a robust CAGR of 23.76% reaching a value of USD 68.21 billion by 2030. The Global Electric Vehicle Engineering Plastics Market is driven by various factors. Consumer demand for lighter BEVs (battery electric vehicles)/PHEV (plug in hybrid electric vehicles) and HEVs (hybrid electric vehicles), coupled with the need for enhanced plastic performance in challenging environments, is increasing the demand for plastics in the sector. Growing environmental concerns and strict emission regulations promoting electrification and weight reduction are also significant drivers for the market.

By volume, BlueWeave estimated the Global Electric Vehicle Engineering Plastics Market size at 3.2 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Electric Vehicle Engineering Plastics Market size to expand at a CAGR of 24.88% reaching the volume of 5.1 million tons by 2030. The greater use of anti-microbial polymers in EVs contributes to market growth. Major countries like United States, United Kingdom, India, Japan, China, Germany, and Canada show the most potential for industry expansion. Plastics offer advantages, such as customizability, formability, affordability, and performance, making them suitable for EV applications. They also contribute to weight reduction, part consolidation, and noise and vibration dampening, further driving their demand for EVs.

Opportunity – High focus on reducing carbon footprints through engineering plastics

The escalating global concern over carbon footprints drives the Global Electric Vehicle Engineering Plastics Market. Electric vehicles (EVs) are hailed as environmentally friendly alternatives, necessitating the adoption of lightweight engineering plastics to meet sustainability targets. By enhancing vehicle efficiency and curbing energy consumption, these materials contribute to reduced carbon emissions both in production and operation phases. The eco-conscious transition fosters a heightened demand for innovative engineering plastics, fueling the expansion of the Global Electric Vehicle Engineering Plastics Market.

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Impact of Escalating Geopolitical Tensions on Global Electric Vehicle Engineering Plastics Market

Escalating geopolitical tensions can significantly impact the Global Electric Vehicle Engineering Plastics Market. Trade restrictions, tariffs, and disruptions in the supply chain can raise material costs and hinder market growth. For instance, during the US-China trade war, tariffs on imported goods led to increased costs for electric vehicle components. Similarly, political tensions between countries can disrupt the flow of critical raw materials used in engineering plastics production, affecting supply stability. Additionally, heightened geopolitical uncertainties may discourage investment in electric vehicle infrastructure and research, slowing down technological advancements. These factors collectively can create challenges for market players, affecting their production capabilities and profitability, and ultimately impeding the growth trajectory of the global electric vehicle engineering plastics market.

Global Electric Vehicle Engineering Plastics Market 

Segmental Coverage

Global Electric Vehicle Engineering Plastics Market – By Plastic

Based on plastic, Global Electric Vehicle Engineering Plastics Market is divided into Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Polyvinyl Butyral, Polyurethane (PU), and Other (Polypropylene, Polyvinyl Chloride, Polymethylmethacrylate, High-Density Polyethylene, Low-Density Polyethylene, and Polybutylene Terephthalate) segments. The polyamide (PA) segment is the leading plastic in the Global Electric Vehicle Engineering Plastics Market. Polyamide, commonly known as nylon, is a versatile engineering plastic valued for its high strength, durability, and thermal resistance, making it ideal for various automotive applications. Its widespread usage in EV components, such as battery casings, connectors, and structural parts contributes significantly to its dominance in the market segment. With its favorable properties and extensive application scope, polyamide emerges as a prominent choice in the electric vehicle engineering plastics market, reflecting its pivotal role in advancing the automotive industry's transition towards sustainable mobility solutions.

Global Electric Vehicle Engineering Plastics Market – By Component

Based on component, Global Electric Vehicle Engineering Plastics Market is divided into Dashboard, Seat, Trim, Bumper, Body, Vehicle Type, Engine, Lighting, and Wiring segments. The body segment is the largest component in the Global Electric Vehicle Engineering Plastics Market. The segment encompasses a wide range of components, including the vehicle's structural framework, exterior panels, and other crucial elements that contribute to the overall design and functionality of the vehicle. As electric vehicles continue to gain popularity and manufacturers prioritize lightweight materials for improved efficiency, the demand for engineering plastics in body-related applications is expected to remain substantial, making it a significant portion of the market.

Competitive Landscape

Global Electric Vehicle Engineering Plastics Market is fiercely competitive. Major companies in the market include Covestro AG, Celanese Corporation, DuPont de Nemours, Inc., Evonik Industries AG, LANXESS Deutschland GmbH, Mitsubishi Engineering-Plastics Corporation, BASF SE, LyondellBasell Industries Holdings B.V., Sabic, Dow, Sumitomo Chemicals Co. Ltd, and Asahi Kasei. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Global Electric Vehicle Engineering Plastics Market.

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[marketwire]

Hydrogen Fuel Cell Vehicle Market - Forecast(2024 - 2030)

 Hydrogen Fuel Cell Vehicle Market Size was valued at USD 0.72 billion in 2021. The Hydrogen Fuel Cell Vehicle market industry is projected to grow from USD 1.2 Billion in 2022 to USD 46.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 68.52% during the forecast period (2024–2030). Hydrogen fuel cell vehicles are specially designed vehicles that are powered through hydrogen acting as a fuel and are used to supply power to the electric motors installed within them, thus ensuring emission free vehicle transmission. Vehicle powered with hydrogen fuel cells includes a reverse electrolysis process wherein hydrogen reacts with oxygen, thus producing electricity to power electric motors along with heat and water. The heat & water generated during this process exits through the exhaust as water vapor, thereby leading to zero or no emission.

Key Developments in Hydrogen Fuel Cell Vehicle Industry

In September 2023, Toyota Motor Corporation launched a prototype hydrogen fuel cell electric Hilux. This technology helps to accelerate the development of hydrogen fuel cell solutions to deliver carbon neutrality across the region. It uses core elements from the Toyota Mirai hydrogen fuel cell electric sedan – technology that has proved its quality in almost 10 years of commercial production.

In July 2023, Ballard Power Systems, Inc. signed an agreement with Ford Trucks to supply a fuel cell system as part of the development of a hydrogen fuel cell-powered vehicle prototype. This strategy includes an initial purchase order for 2 FCmoveTM.-XD 120 kW fuel cell engines that are planned to be delivered by Ballard to Ford Trucks in 2023. Furthermore, Ford Trucks plans to develop a Fuel Cell Electric Vehicle (FCEV) F-MAX as part of the project.

In July 2023, Ballard Power Systems, Inc. received orders for a total of 96 hydrogen fuel cell engines from long-standing customer Solaris Bus & Coach sp. z o.o. The purchase orders include 52 fuel cell engines that will power Solaris Urbino hydrogen buses for deployment by public transport in Germany and 44 fuel cell engines that will power Solaris buses in European cities.

In January 2022, General Motors (GM) planned to broaden electrification, by expanding fuel cells beyond vehicles. It also continues to accelerate its growth as a platform innovator and has announced new commercial applications of its HYDROTEC fuel cell technology. HYDROTEC projects, which are currently in development, from heavy-duty trucks to aerospace and locomotives, are being planned for use beyond vehicles for power generation.

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Lack of refueling infrastructure for HFCV

The lack of refueling infrastructure for HFCV in most of the countries is due to the limited number of hydrogen refueling stations. For instance, in 2020, globally the hydrogen refueling stations are less than 800, which hampers the growth of HFCV vehicle sales. Furthermore, in many developing countries such as Brazil, African countries, and other countries limited presence of hydrogen vehicles and high cost for development which are also impact the growth of HFCV market. The development of HFCV in underdeveloped countries is slower than in developed countries.

Rise in adoption of HFCV in development economies

Increase in adoption of clean mobility solutions is observed globally due to climatic changes. Continuous usage of fossil fuels in automobiles is a major factor resulting in climate change. Vehicles that run on alternative fuels, such as natural gas, electricity, biofuel, biodiesel, fuel cell, liquid nitrogen, and dimethyl ether result in lesser carbon emissions. Increasing environmental concerns among consumers, introduction of stringent emission regulations, and launch of advanced vehicles supporting alternative fuels are expected to increase the adoption of alternative fuel and hybrid vehicle market during the forecast period.

Purchase report

Key players : 

The key players profiled in the hydrogen fuel cell vehicle market share include General Motors Company, HONDA MOTOR Co., Ltd, AUDI AG, Ballard Power Systems, Inc., BMW Group, Daimler AG, Hyundai Motor Group, MAN SE, Toyota Motor Corp., and Volvo Group which have been operating in the industry & are developing strategies & products for the growth of the market.