DUBLIN, Nov 24, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Electric Vehicle Plastics - Global Forecast to 2021" report to their offering.
The electric vehicle plastics market is projected to grow at a CAGR of 27.82% from 2016 to 2021, to reach a market size of USD 1.49 Billion by 2021. Major drivers of this market include the favorable government policies, which lead to an increase in the sales of electric vehicles, stringent emission regulations, demand for lightweighting to achieve fuel efficiency, and the demand for better ergonomics. Asia-Oceania is estimated to dominate the electric vehicle plastics market, and is projected to grow at the highest CAGR during the forecast period. China is putting in substantial efforts to become a leader in the electric vehicle market, with the government trying to make the country a hub for electric vehicle manufacturing. The local players include BYD, Chery, Zoelte, and Kandi Technologies, which dominate the market. The other key country in Asia-Oceania, Japan, has sold 150,000 electric vehicles as of 2015, and has 40,000 charging points for electric vehicles. Japan is the only country whose charging points exceed petrol stations (35,000), according to Asian Correspondent. Such factors make Asia-Oceania the leading electric vehicles market, boosting the plastics market for electric vehicles in the region. A key factor restraining the growth of the electric vehicle plastics market is the lack of charging infrastructure for Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEV). Adequate charging infrastructure is crucial to the growth of electric vehicles, as in the case of BEVs and PHEVs, an electric motor is the main source of power. The electric vehicle plastics market is dominated by a few global players, and comprises several regional players.