The Composite EV Battery Enclosures Marketis likely to grow at a significant CAGR of 23.5% during 2023-2030, to reach US$ 5.0 Billion in 2030, states Stratview Research.
DETROIT, June 16, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the composite EV battery enclosures market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.
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Report Highlights
Market Size in 2030 | US$ 5.0 Billion in 2030 |
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 | 40+ |
Country-Level Market Assessment | 20 |
Segment Insights on Composite EV Battery Enclosures Market
The composite EV battery enclosures market is segmented based on the propulsion type, vehicle type, composite type, process type, and region.
Based on the propulsion type
The composite EV battery enclosures market is segmented into BEV and HEV. 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. Furthermore, there has been an incessant rise in the adoption of composite battery enclosures in the BEVs.
Based on vehicle type
The composite EV battery enclosures market is segmented into passenger cars, light commercial vehicles (LCVs), and medium & heavy-duty commercial vehicles (MHCVs). 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 Offers the Best Opportunity and Growth?
The report suggests that China is expected to remain the largest market for composite EV battery enclosures during the forecast period.
This growth 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 partner for their upcoming EV models.
Likewise, North America and Europe are also likely to create sizeable opportunities in the coming years, driven by stringent fuel emission standards, rising energy/fuel costs, a 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.
- The increasing penetration of composite enclosures in upcoming EV models owing to their wide array of performance benefits.
- Rise in the demand for EVs.
- An increase in the motorization rates and soaring oil prices.
- Government incentives towards the adoption of electric vehicles.
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Top Companies in 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. The following are the key players in the composite EV battery enclosures market:
- Continental Structural Plastics (Teijin Automotive Technologies)
- Gestamp
- Hanwha Group
- STS Group AG
- SGL Carbon
- Katcon SA de CV
- EMP Tech Co., Ltd.
- CpK Interior Products Inc (Stellantis subsidiary)
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 |
Which 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 requirement? | 10% free customization |
Related reports which might be useful:
- EV Battery Enclosures Market
- Electric Vehicle Recycled Battery Materials Market
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