Composite EV Battery Enclosures Market is Forecast to Reach US$ 5.0 Billion in 2030, Says Stratview Research.

The Composite EV Battery Enclosures Market is 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

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.

To know the attractive segments, click here for a free sample pdf:

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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?

Related reports which might be useful:

• EV Battery Enclosures Market 
• Electric Vehicle Recycled Battery Materials Market

About us –

Stratview Research is a global market research firm that highly specialises in aerospace & defense, chemicals, and few other industries.

It launches limited number of reports annually on the above-mentioned specialisations. The reliability and insightfulness of the reports enable the readers take convincing business decisions.

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SOURCE Stratview Research