According to a new market intelligence report, titled “Global Acoustic and Thermal Insulation Market for Electric Vehicles - Analysis and Forecast, 2019-2029,” the global acoustic and thermal insulation market for electric vehicles is currently valued at $112.4 million and is projected to reach $699.3 million by 2029. The market is expected to grow at a CAGR of 17.07% by value, during the forecast period 2019-2029.
Electric vehicles produce high ancillary noises due to the absence of additional noise produced by engine of the vehicle, whereas, these noises are drowned out in an IC engine vehicle. Moreover, many parts of an EV, such as its electric motors and battery pack, need to maintain a certain temperature to function efficiently.
This has further led to the demand for acoustic and thermal insulation materials for EVs. These insulation materials are created from various material types such as foams, fibers, and pads and mats. Amount of insulation material used inside an EV also varies according to different application areas such as passenger compartment, rear compartment, under the hood and battery pack, and exterior.
Insulation materials are also used in various types of EVs such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). The research study on acoustic and thermal insulation market for electric vehicles focuses on putting forward a clear picture of the current consumption and future growth potential of different acoustic and thermal insulation materials for electric vehicles. The report also provides an analysis of the market penetration of EV insulation materials in different applications and their growth opportunities across different regions as well as countries.
According to Arpit Benjwal, Principal Analyst, “The Asia-Pacific region is expected to witness the fastest and highest growth in the global acoustic and thermal insulation market for electric vehicles. The Asia-Pacific region generated majority of the revenue due to the increased adoption of EVs in this region. Many prominent vehicle manufacturers are present in this region, which, along with various regional governments, have promoted the usage of electric vehicles mainly through government-subsidized affordable EV models”.
The key players operating in this market have launched new automotive insulation products and have increased their partnership and collaboration activities over the recent years to expand their businesses, upgrade their technologies, and compete with competitors’ product portfolios. Driven by the rapid evolution of the end-user industries such as electric vehicles, there has been a swift growth in the research and development activities by several important players in the acoustic and thermal insulation market for electric vehicles, with the motive of developing lightweight and more efficient EV insulation materials.
This report is a meticulous compilation of research on more than 100 players present in the market and draws upon insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles 15 companies.
The companies profiled in the report are Adler Pelzer Holding GmbH, Armacell International S.A., Autoneum, CYG TEFA Co., Ltd, Halco USA, INOAC Corporation, Janesville Acoustics, Morgan Advanced Materials, Pritex Limited, Shanghai Xinan Automobile Sound-Insulation Felt Co., Ltd., Sika Automotive, Sumitomo Riko Company Limited, Tecman Speciality Materials Limited, Toyota Boshoku Corporation, and Zetofoams Plc.
Key Questions Answered in the Report:
How are different segments of the global acoustic and thermal market for electric vehicles expected to perform during the forecast period from 2019-2029:
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Source: ASDReports - Market Research
Date: Sep 24, 2019