Electric Vehicle insulation is used to insulate the vehicle from heating, sound, and vibrations. Overheating in vehicles could impact components and may lead to evaporation of essential automobile fluids. Further, noise and vibrations develop an unpleasant ambience inside the vehicle. Vehicle insulation minimizes these influences through various insulation techniques such as thermal, acoustic, and electrical methods. The growing advancement across the insulation techniques is anticipated to stimulate the industry size.
The Electric Vehicle Insulation market is expected to grow at a CAGR of 26.7 % to reach USD 17.34 Billion in 2030.
.jpg "The Global Electric Vehicle Insulation Market 2020-2030 (USD Billion)")
The rising pollution level across the globe, coupled with growing investments across the automobile industry toward electric vehicle motor is anticipated to escalate the industry size. Furthermore, growing demand for batteries owing to growing adoption of electric vehicles is further fueling the product adoption. Shifting focus toward enhanced performance of vehicle battery management system in line with growing investment to improve insulation capabilities is driving the industry share.
Increasing research & development activities to improve the insulation capabilities coupled with ongoing efforts to improve the capabilities of the insulating material such as ceramic, and foamed plastic in turn will proliferate the industry size. Furthermore, increasing demand for lightweight material to reduce weight along with significant investment to improve capabilities of insulating material is further complementing the industry outlook in the coming years.
Electric Vehicle Insulation Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 17.34 Billion |
| Growth Rate | CAGR of 26.7 %during 2020-2030 |
| Segment Covered | By Product Type, By Propulsion Type, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | BASF SE, The 3M Company, Morgan Advanced Materials, DuPont, Zotefoams plc, ITW Inc., Saint-Gobain, Von Roll Holding AG, Autoneum, Alder Pelzer Holding GmbH, Elmelin Ltd. |
Key Segment Of The Electric Vehicle Insulation Market
By Propulsion Type (USD Billion)
• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
• Fuel Cell Electric Vehicle (FCEV)
By Application, (USD Billion)
• Under the Bonnet & Battery Pack
• Interior
• Others
By Insulation Type, (USD Billion)
• Thermal Insulation & Management
• Acoustic Insulation
• Electrical Insulation
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of electric vehicle insulation market in 2030 was USD 17.34 Billion
The major contenders in the global electric vehicle insulation market BASF SE, 3M, Morgan Advanced Materials, DuPont, Zotefoams, Unifrax, Saint-Gobain, Von Roll Holding AG, Autoneum, Alder Pelzer Holding, and Elmelin Ltd., including others
The Global electric vehicle insulation Market is Segmented on the basis of By Product Type, By Propulsion Type, Region.
Rising concerns related to climate change across the globe, along with increasing carbon count have compelled the end user to adopt of electric vehicle. For instance, in 2018, as per International Energy Agency (IEA), the EV sale electric surpassed 5 million and experienced growth by 63% on the year on year basis. As a result, the industry players are focusing toward enhancing the features through various enhancements like improving the performance of battery, insulation properties, vehicle component capabilities. Further, the participants are impelled toward improving the comfort and safety in which insulation plays a vital role as it reduces vibrations, heat transfer inside the cabinet, and noise cancellation. In addition, the ongoing introduction of stringent mandates from the policy makers to reduce pollution emission and adoption of sustainable vehicle is poised to catapult the industry growth in the coming years.
The announcement of favorable policies and directives from the government related to production of EV and associated components have upheld the business landscape. Although, high cost of electric vehicle along with limited charging infrastructure has hampered the EV adoption. However, consistent efforts to reduce the cost of the vehicle along with positive efforts by the regulatory bodies and industry players to expand charging infrastructure and penetration of vehicle are anticipated to augment the product demand over the forecast timeline.
Insulation Type Segment
On the basis of the insulation type segment, the market is categorized into Acoustic, Thermal, and Electrical segment. Thermal insulation the global electric vehicle insulation market in 2018 and is anticipated to dominate the industry for the forecast period 2019-2025.
Product Type Segment
Electric Vehicle Insulation market is segmented into thermal interface material, ceramic, and foamed plastic. In this segment, foamed plastic type segment is anticipated to hold a major share in the coming years.
Application Segment
On the basis of application segment, the market is segmented into battery pack & under the bonnet, interior, and others. The battery pack & under the bonnet segment is analyzed to hold a significant share across the regions.
,-2018-2025-(USD-Million).png "Global Electric Vehicle Insulation Market, by Application (Battery Pack & Under the Bonnet), 2018-2025 (USD Million)")
Propulsion Type Segment
The solution segment is bifurcated into BEV, PHEV, FCEV, and HEV. The BEV segment is poised to witness substantial growth over the forecast timeframe on account of the rising adoption of battery vehicles.
In 2018, Asia Pacific is analyzed to hold a major share in terms of regional size, and is projected to witness the same pattern over the forecast timeframe. Positive government outlook toward establishment of EV OEM and associated manufacturing vehicle facilities is driving the investment across the region. Cheap labor cost and abundant availability of raw material is further fueling the fund flow in the region. In addition, a growing population along with rising income level has led the adoption of these vehicles, which in turn is positively impacting industry landscape.
The major players operating across the global Electric Vehicle Insulation market include BASF SE, 3M, Morgan Advanced Materials, DuPont, Zotefoams, Unifrax, Saint-Gobain, Von Roll Holding AG, Autoneum, Alder Pelzer Holding, and Elmelin Ltd., including others. The industry for electric vehicle insulation is integrated with the participation of established global players across the globe. In addition, these companies are focusing on expanding their footprint through implementation of inorganic as well as organic strategies which in turn is proliferating the business outlook.