EV Composites Market by Product Type, by Application and Geography: Analysis, Size, Growth, Trends, and Forecast, 2024-2028

  • Published: Oct 2024
  • Pages: 160

EV Composites Market Size

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  • Current Size: The global electric vehicle (EV) composites market was valued at approximately USD 4 billion in 2023.
  • Growth Projection: The market is projected to grow at a compound annual growth rate (CAGR) of around 15% from 2024 to 2030, driven by the increasing adoption of electric vehicles and advancements in composite materials.

Market Report Highlights

By Type
  • Carbon Fiber Composites
  • Glass Fiber Composites
  • Natural Fiber Composites
By Application
  • Exterior Components
  • Interior Components
  • Structural Components
Regional Landscape
  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
Key Companies Profiled
  • Toray Industries
  • Hexcel Corporation
  • SGL Carbon
  • BASF SE

Market Report Insights

  • Material Trends: Carbon fiber, glass fiber, and natural fiber composites are leading materials in the EV composites market.
  • Technological Developments: Innovations in composite manufacturing processes, such as automated fiber placement and resin transfer molding, are improving the efficiency and performance of EV components.
  • Cost Considerations: While composites offer benefits in terms of weight reduction and performance, their higher cost compared to traditional materials can be a barrier to widespread adoption.

Market Segmentation

  • By Type:
    • Carbon Fiber Composites: Known for their high strength-to-weight ratio, used in structural components.
    • Glass Fiber Composites: Commonly used for interior components and panels.
    • Natural Fiber Composites: Increasingly used for sustainable and eco-friendly vehicle parts.
  • By Application:
    • Exterior Components: Body panels, bumpers, and other external parts.
    • Interior Components: Dashboard, seating, and trim parts.
    • Structural Components: Chassis, battery enclosures, and support structures.
  • By Manufacturing Process:
    • Hand Lay-Up: Traditional method used for smaller, custom parts.
    • Resin Transfer Molding (RTM): Used for large, complex parts with high precision.
    • Prepreg Lay-Up: Advanced method for high-performance parts with improved quality control.

Regional Analysis

  • North America: Significant growth driven by the increasing adoption of electric vehicles and technological advancements in composite materials.
  • Europe: Leading the market with strong support for EV adoption, stringent emissions regulations, and innovations in composite materials.
  • Asia-Pacific: Rapid growth due to the large automotive manufacturing base, increasing demand for electric vehicles, and investments in composite technology.
  • Middle East & Africa: Emerging market with potential growth driven by increasing automotive production and the adoption of sustainable materials.
  • Latin America: Steady growth influenced by the rising automotive industry and the shift towards sustainable vehicle solutions.

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Competitive Landscape

  • Key Players: Major players in the EV composites market include Toray Industries, Hexcel Corporation, SGL Carbon, BASF SE, and Owens Corning.
  • Market Strategies: Companies focus on strategic partnerships, technological advancements, and expanding their product portfolios to capture market share.

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Market Dynamics

  • Drivers:
    • Increasing adoption of electric vehicles and need for lightweight materials to enhance vehicle performance.
    • Technological advancements in composite manufacturing processes.
    • Supportive government policies and regulations promoting the use of sustainable materials.
  • Challenges:
    • High cost of composite materials compared to traditional materials.
    • Complexity of manufacturing processes and the need for specialized equipment.
    • Limited recycling options for composite materials.
  • Opportunities:
    • Growing demand for lightweight and high-performance materials in the automotive industry.
    • Innovations in composite materials and manufacturing techniques.
    • Expansion of electric vehicle markets in emerging regions.

FAQ

  • What are EV composites?

    • EV composites are advanced materials used in electric vehicles to reduce weight and improve performance. They include carbon fiber, glass fiber, and natural fiber composites.
  • Why are composites used in electric vehicles?

    • Composites are used to reduce the vehicle's weight, which improves energy efficiency and extends the driving range of electric vehicles.
  • What are the main types of composites used in EVs?

    • The main types are carbon fiber composites, glass fiber composites, and natural fiber composites.
  • What are the benefits of using composite materials in EVs?

    • Benefits include reduced vehicle weight, improved fuel efficiency, enhanced performance, and the ability to create complex and high-strength components.
  • Which regions are leading in the EV composites market?

    • North America, Europe, and Asia-Pacific are leading the market, with significant growth driven by the increasing adoption of electric vehicles and advancements in composite materials.
  • What challenges does the EV composites market face?

    • Challenges include the high cost of composite materials, the complexity of manufacturing processes, and limited recycling options.
  • What opportunities are available in the EV composites market?

    • Opportunities include growing demand for lightweight materials, advancements in composite technologies, and expansion into emerging markets.

Table of Contents

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2023
  • 3.4 Market outlook: Forecast for 2023-2028
    • Exhibit 14: Chart on North America - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 16: Chart on North America: Year-over-year growth 2023-2028 (%)
    • Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)

4 Historic Market Size

  • 4.1 Dietary supplements market in North America 2018 - 2022
    • Exhibit 18: Historic Market Size – Data Table on dietary supplements market in north America 2018 - 2022 ($ billion)
  • 4.2 Distribution Channel Segment Analysis 2018 - 2022
    • Exhibit 19: Historic Market Size – Distribution Channel Segment 2018 - 2022 ($ billion)
  • 4.3 Product Segment Analysis 2018 - 2022
    • Exhibit 20: Historic Market Size – Product Segment 2018 - 2022 ($ billion)
  • 4.4 Geography Segment Analysis 2018 - 2022
    • Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

  • 5.1 Five forces summary
    • Exhibit 22: Five forces analysis - Comparison between 2023 and 2028
  • 5.2 Bargaining power of buyers
    • Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
  • 5.3 Bargaining power of suppliers
    • Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
  • 5.4 Threat of new entrants
    • Exhibit 25: Threat of new entrants – Impact of key factors in 2023 and 2028
  • 5.5 Threat of substitutes
    • Exhibit 26: Threat of substitutes – Impact of key factors in 2023 and 2028
  • 5.6 Threat of rivalry
    • Exhibit 27: Threat of rivalry – Impact of key factors in 2023 and 2028
  • 5.7 Market condition
    • Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Distribution Channel

  • 6.1 Market segments
    • Exhibit 29: Chart on Distribution Channel - Market share 2023-2028 (%)
    • Exhibit 30: Data Table on Distribution Channel - Market share 2023-2028 (%)
  • 6.2 Comparison by Distribution Channel
    • Exhibit 31: Chart on Comparison by Distribution Channel
    • Exhibit 32: Data Table on Comparison by Distribution Channel
  • 6.3 Offline - Market size and forecast 2023-2028
    • Exhibit 33: Chart on Offline - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 34: Data Table on Offline - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 35: Chart on Offline - Year-over-year growth 2023-2028 (%)
    • Exhibit 36: Data Table on Offline - Year-over-year growth 2023-2028 (%)
  • 6.4 Online - Market size and forecast 2023-2028
    • Exhibit 37: Chart on Online - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 38: Data Table on Online - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 39: Chart on Online - Year-over-year growth 2023-2028 (%)
    • Exhibit 40: Data Table on Online - Year-over-year growth 2023-2028 (%)
  • 6.5 Market opportunity by Distribution Channel
    • Exhibit 41: Market opportunity by Distribution Channel ($ billion)
    • Exhibit 42: Data Table on Market opportunity by Distribution Channel ($ billion)

7 Market Segmentation by Product

  • 7.1 Market segments
    • Exhibit 43: Chart on Product - Market share 2023-2028 (%)
    • Exhibit 44: Data Table on Product - Market share 2023-2028 (%)
  • 7.2 Comparison by Product
    • Exhibit 45: Chart on Comparison by Product
    • Exhibit 46: Data Table on Comparison by Product
  • 7.7 Others - Market size and forecast 2023-2028
    • Exhibit 63: Chart on Others - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 64: Data Table on Others - Market size and forecast 2023-2028 ($ billion)
    • Exhibit 65: Chart on Others - Year-over-year growth 2023-2028 (%)
    • Exhibit 66: Data Table on Others - Year-over-year growth 2023-2028 (%)
  • 7.8 Market opportunity by Product
    • Exhibit 67: Market opportunity by Product ($ billion)
    • Exhibit 68: Data Table on Market opportunity by Product ($ billion)

8 Customer Landscape

  • 8.1 Customer landscape overview
    • Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation
    • Exhibit 70: Chart on Market share by geography - 2023-2028 (%)
    • Exhibit 71: Data Table on Market share by geography - 2023-2028 (%)
  • 9.2 Geographic comparison
    • Exhibit 72: Chart on Geographic comparison
    • Exhibit 73: Data Table on Geographic comparison
  • 9.6 Market opportunity by geography
    • Exhibit 74: Market opportunity by geography ($ billion)
    • Exhibit 75: Data Table on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers
  • 10.2 Market challenges
  • 10.3 Impact of drivers and challenges
    • Exhibit 76: Impact of drivers and challenges in 2023 and 2028
  • 10.4 Market trends

11 Vendor Landscape

  • 11.1 Overview
  • 11.2 Vendor landscape
    • Exhibit 77: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption
    • Exhibit 78: Overview on factors of disruption
  • 11.4 Industry risks
    • Exhibit 79: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered
    • Exhibit 80: Vendors covered
  • 12.2 Market positioning of vendors
    • Exhibit 81: Matrix on vendor position and classification
  • 13 Appendix
  • 13.1 Scope of the report
  • 13.2 Inclusions and exclusions checklist
    • Exhibit 82: Inclusions checklist
    • Exhibit 83: Exclusions checklist
  • 13.3 Currency conversion rates for US$
    • Exhibit 84: Currency conversion rates for US$
  • 13.4 Research methodology
    • Exhibit 85: Research methodology
    • Exhibit 86: Validation techniques employed for market sizing
    • Exhibit 87: Information sources
  • 13.5 List of abbreviations
    • Exhibit 88: List of abbreviations