(MENAFN- GlobeNewsWire - Nasdaq) Detroit, Nov. 12, 2024 (GLOBE NEWSWIRE) -- The global composite EV battery enclosures market is projected to witness a growth rate of 23.5% annually from 2023 to 2030, with an anticipated size of US$ 5.0 billion by 2030, according to an analysis by Stratview Research. Stratview Research, a global market research firm has launched a report on the global composite EV battery enclosures market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2030 (billion US$) | 5.0 |
| Growth (CAGR) | 23.5% during 2023-2030 |
| Forecast Period | 2023-2030 |
| Trend Period | 2017-2021 |
| Base Year | 2022 |
| Number of Segments Covered | 5 |
| Number of Tables & Graphs | 50+ |
| Country-Level Market Assessment | 20 |
Segment Insights on the Composite EV Battery Enclosures Market:
The global composite EV battery enclosures market is segmented based on propulsion type, vehicle type, composite type, process type, and region.
Based on propulsion type - The market is segmented into BEV and HEV. Between these sub-segments, the BEV is anticipated to continue to dominate the market during the forecast period , owing to factors such as they are more environmentally safe than HEV cars, rapid development in charging infrastructure, a significant reduction in the price of new models, and government subsidies towards the adoption of EVs.
Based on the vehicle type – The market is bifurcated into passenger cars, light commercial vehicles (LCVs), and medium & heavy-duty commercial vehicles (MHCVs).
Among these sub-segments, the Passenger car is expected to remain the largest vehicle type in the market . The major factors driving the growth of the passenger car segment are rising awareness among consumers regarding EVs, government incentives towards the adoption of EV passenger cars, and rapid development in charging infrastructure.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that China is expected to remain the largest market for composite EV battery enclosures during the forecast period . This growth outlook is majorly attributed to the following:
China has a presence of a large number of major OEMs, such as BYD and SAIC motors, which make the region a growth engine of the EV industry, which, in turn, is boosting the growth of the composite enclosures market. Most of the composite EV battery enclosure manufacturers have their plants in this region, such as STS Group, Teijin Automotive Technologies, and EMP Tech Co. Ltd., to address the emergent needs of these OEMs and to be the partners for their upcoming EV models.
Likewise, North America and Europe are also likely to create sizeable opportunities during the forecast period , driven by stringent fuel emission standards, rising energy/fuel costs, significant development in upcoming EVs, etc. Both regions are targeting to completely shift from ICE to alternative fuel vehicles in the coming decade. For instance, EU lawmakers approved an effective 2035 ban on new fossil fuel cars.
Composite EV Battery Enclosures Market Drivers:
Some of the key drivers listed in the report are given below.
Increasing penetration of composite enclosures in upcoming EV models owing to their wide array of performance benefits. An increase in the motorization rates. Government incentives towards the adoption of electric vehicles. A rise in the demand for EVs.
Top Companies in the Composite EV Battery Enclosures Market:
The market is fairly consolidated with the presence of some regional and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players (arranged alphabetically).
Continental Structural Plastics (Teijin Automotive Technologies) CpK Interior Products Inc (Stellantis subsidiary). EMP Tech Co., Ltd. Gestamp Hanwha Group Katcon SA de CV SGL Carbon STS Group AG
What Deliverables Will You Get in this Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Composite EV Battery Enclosures Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - ...
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About us –
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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