Global Lightweight Materials for Electric Vehicle (EV) Market Size to Reach USD 79.08 Billion in 2032 | Emergen Research

According to a recent report, the global market for lightweight materials in the Electric Vehicle (EV) industry was valued at $7.00 billion in 2022. Experts predict that the revenue will experience a significant compound annual growth rate (CAGR) of 27.4% over the forecasted period. This growth can be attributed to several factors, including increased government commitments to electric vehicles worldwide in an effort to reduce carbon emissions. Another contributing factor is the rapid incorporation of lightweight materials into EV technologies. Rising petroleum costs have also led to a greater adoption of EVs, further driving market growth. Additionally, major players in the market have been introducing new products regularly, which has propelled the revenue growth even further.

The rapid increase in the use of light materials in making components for electric vehicles is a major factor contributing to the strong revenue growth of this market. The adoption of lightweight technology plays a crucial role in making electric cars more sustainable by saving energy, as lighter vehicles require less energy to operate under the same conditions. Shifting from traditional metals to advanced non-metallic composite materials provides automotive manufacturers with numerous opportunities to achieve additional advantages.

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One of the most notable lightweight materials used in the production of electric vehicles is Carbon-Fiber-Reinforced Plastic (CFRP) and different types of polymers. The deliberate use of these materials helps decrease the overall weight of electric cars, resulting in improved efficiency, driving range, and lifespan. By utilizing lightweight structural parts, electric vehicles can now incorporate more advanced pollution control systems, enhanced safety features, and seamlessly integrated electrical systems without adding extra weight.

The market revenue is experiencing significant growth due to the increased number of product launches by major players in the industry. Mahindra & Mahindra's recent entry into the electric vehicle market serves as a relevant example. On August 15, 2022, the company unveiled their new brand "BE" in the United Kingdom, revealing their plans to introduce five all-electric car models within the next five years. To further emphasize their commitment, they displayed a portfolio of five different electric vehicles in Oxfordshire, UK. These combined efforts are contributing to the overall increase in market revenue.

There are difficulties that come up with the longevity of electric car batteries, especially in hot areas where the mix of heat and electric vehicles is not good for the long-term health of the batteries. In addition, using a fast charging station to quickly charge the battery presents the danger of it getting too hot, which can negatively impact both the immediate performance and overall lifespan of the battery. This situation acts as a limitation on the increase in market earnings.

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Prominent corporations and the market's competitive environment

The worldwide market for lightweight materials used in Electric Vehicles (EVs) is quite diverse, with numerous big and medium-sized companies contributing to the majority of market earnings. Prominent companies are implementing different approaches such as engaging in mergers and acquisitions, making strategic agreements and contracts, conducting development and testing, and introducing superior solutions. Several significant players mentioned in the global report on lightweight materials for Electric Vehicles (EVs) include:

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Important Points From the Report

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Emergen Research has divided the worldwide lightweight materials for Electric Vehicle (EV) market into different categories based on the type of material, type of vehicle, electric and hybrid vehicle type, different components, various applications, and geographical regions.

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