Industria
Composite EV Battery Enclosures Market is Forecast to Reach US$ 5.0 Billion in 2030, Says Stratview Research.
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The market is segmented based on the process type, and
The composite EV battery enclosures market is segmented into BEV and HEV. during the forecast period, owing to factors such as they are more environmentally safe than HEV cars, rapid development in charging infrastructure, a significant reduction in the price of new models, and government subsidies towards the adoption of EVs. Furthermore, there has been an incessant rise in the adoption of composite battery enclosures in the BEVs.
The composite EV battery enclosures market is segmented into passenger cars, light commercial vehicles (LCVs), and medium & heavy-duty commercial vehicles (MHCVs). The major factors driving the growth of the passenger car segment are rising awareness among consumers regarding EVs, government incentives towards the adoption of EV passenger cars, and rapid development in charging infrastructure.
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The report suggests that during the forecast period.
This growth is majorly attributed to the following –
- China has a presence of a large number of major OEMs, such as BYD and SAIC motors, which make the region a growth engine of the EV industry, which, in turn, is boosting the growth of the composite enclosures market.
- Most of the composite EV battery enclosure manufacturers have their plants in this region, such as STS Group, Teijin Automotive Technologies, and EMP Tech Co. Ltd., to address the emergent needs of these OEMs and to be the partner for their upcoming EV models.
Likewise, , driven by stringent fuel emission standards, rising energy/fuel costs, a significant development in upcoming EVs, etc. Both regions are targeting to completely shift from ICE to alternative fuel vehicles in the coming decade. For instance, EU lawmakers approved an effective 2035 ban on new fossil fuel cars.
Some of the key drivers listed in the report are given below.
- The increasing penetration of composite enclosures in upcoming EV models owing to their wide array of performance benefits.
- Rise in the demand for EVs.
- An increase in the motorization rates and soaring oil prices.
- Government incentives towards the adoption of electric vehicles.
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