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

Rapid adoption of lightweight materials for EV devices is a major factor driving lightweight materials for Electric Vehcile (EV) market revenue growth

Vancouver, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The worldwide market for lightweight materials in the Electric Vehicle (EV) sector reached a valuation of USD 7.00 Billion in the year 2022. Forecasts indicate a noteworthy compound annual growth rate (CAGR) of 27.4% in revenue over the projected timeframe. Noteworthy contributors to this growth include heightened governmental commitments to electric vehicles globally, aimed at curbing carbon emissions. Additionally, the swift integration of lightweight materials in EV technologies, escalating EV adoption due to rising petroleum costs, and the prolific introduction of new products by prominent market participants collectively steer the growth trajectory of the market's revenue.

The swift uptake of lightweight materials in the construction of Electric Vehicle (EV) components stands out as a prime driver behind the surging revenue growth of this market. The adoption of lightweight technology holds a pivotal role in bolstering the sustainability of electric cars due to the energy savings realized by lighter vehicles operating under identical conditions. The transition from traditional metals to advanced non-metallic composite materials opens up a plethora of avenues for automotive manufacturers to attain incremental benefits.

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Prominent among these lightweight materials is Carbon-Fiber-Reinforced Plastic (CFRP) and various polymers, which have become integral to the production of electric vehicles. This deliberate adoption of such materials serves to effectively reduce the overall weight of electric vehicles, thereby enhancing their efficiency, driving range, and overall lifespan. Through the incorporation of lightweight structural components, electric cars can now accommodate more intricate pollution control mechanisms, enhanced safety features, and seamlessly integrated electrical systems without incurring additional weight.

Another catalyst propelling the growth of market revenue lies in the heightened momentum of product launches spearheaded by key players within the industry. A pertinent example is Mahindra & Mahindra's recent foray into the electric vehicle landscape. On August 15, 2022, the company unveiled its new brand "BE" in the United Kingdom, announcing plans for the introduction of five all-electric car models over the upcoming five-year period. This event was complemented by the showcase of an electric car portfolio comprising five distinct electric vehicles, situated in Oxfordshire, U.K. These concerted efforts collectively contribute to the positive trajectory of market revenue.

Challenges arise with the durability of electric vehicle batteries, particularly in warmer climates where the combination of heat and EVs is not conducive to sustained battery health. Moreover, utilizing a level 3 charging station to rapidly charge the battery introduces the risk of overheating, which can have adverse effects on both the immediate performance and long-term lifespan of the battery. This scenario acts as a restraint on the growth of market revenue.

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Scope of Research

Report DetailsOutcome
Market size in 2022USD 7.00 Billion
CAGR (2023–2032)27.4%
Revenue forecast to 2032USD 79.08 Billion
Base year for estimation2022
Historical data2019–2021
Forecast period2023–2032
Quantitative unitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments coveredMaterial type, vehicle type, electric and hybrid vehicle type, components, application, and region
Regional scopeNorth America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scopeU.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiledToyota Kirloskar Motor., Tata Steel, Tesla., Covestro AG, BYD Company Ltd., TOYOTA MOTOR CORPORATION., Ford Motor Company., Nissan Motor Co., Ltd., Mercedes-Benz Group AG., General Motors
Customization scope10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global lightweight materials for Electric Vehicle (EV) market is fairly fragmented with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global lightweight materials for Electric Vehicle (EV) market report are:

  • Toyota Kirloskar Motor.
  • Tata Steel
  • Tesla.
  • Covestro AG
  • BYD Company Ltd.
  • Toyota Motor Corporation.
  • Ford Motor Company.
  • Nissan Motor Co., Ltd.
  • Mercedes-Benz Group AG.
  • General Motors

Strategic Development

  • On 27 October 2022, Toyota Motor Corporation (Toyota) and JERA Co., Inc. (JERA) announce the building and launching of the world's first large-capacity Sweep Energy Storage System. The system is powered by reclaimed batteries from electrified vehicles such as HEV, PHEV, BEV, and FCEV and is linked to the consumer electrical power grid. It goes into service nowadays.
  • On 30 November 2022, Honda said that it would begin producing an all-new hydrogen Fuel Cell Electric Vehicle (FCEV) centered on the newly introduced all-new Honda CR-V in Marysville, Ohio in 2024 at its Performance Manufacturing Centre (PMC). This new zero-emissions car is expected to help Honda meet its previously stated target of having Battery Electric Vehicles (BEVs) and FCEVs account for 100% of its global auto sales by 2040.

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Some Key Highlights From the Report

  • The metals and alloys segment accounted for largest revenue share. These metals help in construction of a strong and long-lasting battery structure. Without metals, EV batteries would not function properly and would decay quickly. Aluminum is the most used metal since it is thin and extremely conductive. It is suitable for usage in batteries for electric vehicles due to its ability to securely hold substantial levels of energy density. It makes vehicles lighter overall and easier to transport. It is also fairly priced, making it a more cost-effective EV battery option.
  • The plug-in hybrid electric vehicle segment accounted for a significantly large revenue share in 2022. Plug-in Hybrid-Electric Vehicles (PHEV), are hybrids that can be charged by plugging them into an electrical outlet or charging station. Under normal driving conditions, they can also store enough electricity to drastically cut their petroleum consumption. Plug-in hybrids consume 30% to 60% less gasoline than conventional automobiles.
  • The lightweight materials for Electric Vehicle (EV) market in North America accounted for largest revenue share in 2022 owing to the presence of leading companies and their investments in electric vehicles and government initiations are driving revenue growth of the market in this region. For instance, on 17 January 2023, the U.S. government intended to unveil a new wave of public and commercial pledges targeted at increasing the deployment of electric vehicles across the country. The United States is now poised to draw greatest global investments in electric vehicle and battery manufacturing, exceeding stated investments in China for the first time and closing in on Europe.
  • On 27 January 2022, Volkswagen AG, which is a Germany-based automotive manufacturer, successfully transformed the Zwickau site into an EVs production plant. It is marked as the world’s first transformation of a large-scale factory from internal combustion engine vehicle production into electric vehicle production. A total of six models from various brands including Audi, Volkswagen, and CUPRA, will be manufactured in Zwickau based on Modular Electric Drive Matrix (MEB). Zwickau started production of all-electric model ID.5 and ID.5 GTX 02.

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Emergen Research has segmented the global lightweight materials for Electric Vehicle (EV) market on the basis of material type, vehicle type, electric and hybrid vehicle type, components, application, and region:

  • Material Type Outlook (Revenue, USD Billion; 2019-2032)
    • Metals and alloys
      1. Aluminum
      2. Magnesium
      3. Titanium
      4. High-Strength Steel (HSS)
      5. Others
    • Plastics
      1. Polycarbonate (PC)
      2. Polyamide (PA)
      3. Polymethyl methacrylate (PMMA)
      4. PET
      5. Others
    • Composites
      1. Carbon fiber-reinforced polymers
      2. Glass fiber-reinforced polymers
      3. Natural fiber-reinforced polymers
      4. Other composites
    • Elastomers
    • Others
  • Electric and Hybrid Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
    • Battery Electric Vehicle (BEV)
    • Hybrid Electric Vehicle (HEV)
    • Plug-in Hybrid Electric Vehicle (PHEV)
    • Extended Range Electric Vehicle (EREV)
    • Fuel Cell Electric Vehicle (FCEV)
  • Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
    • Passenger vehicles
    • Light commercial vehicles
    • Trucks
    • Buses
  • Components Outlook (Revenue, USD Billion; 2019-2032)
    • Wheels
    • Doors
    • Panels
    • Fuel tanks
    • Others
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Battery packs
    • Electric traction motors
    • Power electronic controllers
    • Steering systems
    • Power electronic controllers
    • Powertrains/ transmissions
    • Chassis and suspension
    • Interiors
    • Lighting
    • Bumpers and fenders
    • Thermal systems
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Benelux
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of MEA

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