The market size of acoustic and thermal insulation for electric vehicles will exceed USD 1 billion in 2031
LEWES, DELAWARE, UNITED STATES, August 23, 2021 /EINPresswire.com/ — Electric vehicle sales have started gaining momentum in emerging markets, but the market is still very small as compared to the global internal combustion (IC) engine-based vehicles market. As various projections indicate that electric vehicles will eventually dominate the automotive industry, many existing vehicle manufacturers, along with several new players, have started aligning their company goals toward producing electric vehicles.
Many leading automotive OEMs have partnered with insulation material suppliers to use the materials in their electric vehicles. Insulation products offer high levels of acoustic absorption, especially for mid and high frequencies, to provide a quieter environment inside and outside the vehicle. Insulation products also guarantee a strong barrier against heat loss, maintaining the right temperature to optimize the overall vehicle’s performance.
As governments across the world are starting to implement plans toward increasing electric vehicle sales and phasing out IC engine vehicles in their countries, the market for acoustic and thermal insulation for electric vehicles is also bound to increase.
The global acoustic and thermal insulation market for electric vehicles, along with the summary of different segmentations, are covered in this research study. The global acoustic and thermal insulation market for electric vehicles was valued at $134.4 million in 2020 and is projected to reach $1,108.4 million by 2031, registering a CAGR of 20.45% during the period 2021-2031.
The growth in the global acoustic and thermal insulation market for electric vehicles is attributable to the ongoing demand for innovative, lightweight, and efficient insulation materials for electric vehicles. Generally, for the context of determining a material’s thermal conduction on a flow of heat, the material’s R-value is calculated. The higher the R-value, the better the insulating effectiveness of the material. The current demand for insulation materials for electric vehicles is to be lightweight, cheap, and with a higher R-value for insulation.
Key Market Players and Competition Synopsis
ADDEV Materials, Adler Pelzer Holding GmbH, Armacell International S.A., Autoneum, CYG Tefa, INOAC Corporation, Morgan Advanced Materials plc, Pritex Limited, Shanghai Xinan Automobile Sound-Insulation Felt Co., Ltd., Sika Automotive AG, Sumitomo Riko Company Limited, Tecman Speciality Materials Ltd, Toyota Boshoku Corporation, Unifrax, Zotefoams plc
Key questions answered in the Report
• What are the key drivers and challenges for players in the acoustic and thermal insulation market for electric vehicles?
• How does the supply chain function in the acoustic and thermal insulation market for electric vehicles?
• Which material type segment is expected to witness the maximum growth in the acoustic and thermal insulation market for electric vehicles during 2021-2031?
• Which are the key application areas from which different acoustic and thermal insulation materials experienced high demand during the forecast period, 2021-2031?
• Which are the players that are catering to the demand for different acoustic and thermal insulation materials?
• What are the strategies adopted by market players involved in the acoustic and thermal insulation market for electric vehicles?
• What are the key offerings of the prominent companies in the market for acoustic and thermal insulation for electric vehicles?
• Which regions and countries are leading in terms of consumption of acoustic and thermal insulation market for electric vehicles, and which of them are expected to witness high demand growth during 2021-2031?
• How is the market landscape for insulation material manufacturers expected to be formed for electric vehicles?
• What are the consumption patterns of acoustic and thermal insulation materials across different types of electric vehicles during the period 2021-2031?
• What has been the impact of COVID-19 on the acoustic and thermal insulation market for electric vehicles?
For the latest blog on EV Market: https://www.marketresearchreports.com/blog/2021/07/05/global-electric-vehicles-market-update-data-leading-countries-and-manufacturers
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