Electric Vehicle Polymers Market Regional Analysis:
APAC Market Insights
Asia Pacific region is expected to account for more than 45.5% market share by 2035, due to increasing air pollution in the region. A growing awareness of the need to reduce carbon footprints has prompted more individuals to shift to electric automobiles. For instance, the Indian government has put in place a number of strategic programs to reduce pollution across the country. India has ambitions to switch entirely to EVs in the next years, taking into account both its huge population and high levels of air pollution. The need for polymers in electric vehicles will rise as a result. Moreover, the growth in the production of hybrid and electric cars is also anticipated to contribute to the market growth. The rising costs of conventional gasoline, are also anticipated to boost the market growth. According to estimates, over 2 million premature deaths occur each year in the Asia Pacific area as a result of air pollution.
North American Market Insights
The North American electric vehicle polymers market is projected to grow with the highest CAGR during the forecast period, attributed majorly to the growing use of electric vehicles. For instance, the boom in the usage of polymers in electric cars in the United States is mostly owing to an increase in the adoption and sales of these vehicles. Further, the stringent government regulations to encourage the usage of electric vehicles and government plans to improve the EV charging infrastructure over the next years is anticipated to boost the market growth.
Europe Market Insights
Europe region is anticipated to register substantial growth through 2035, attributed majorly to the increasing government regulations for the adoption of electric vehicles. For instance, the government of the region is encouraging the owners of diesel vehicles to transition to plug-in electric vehicles, by offering subsidies to them. In addition, some automakers in the area are heavily investing in increasing their facilities for manufacturing, which is also anticipated to boost market growth.
