Carbon thermoplastic in automotive market is growing with a CAGR of 30.1% owing to rising demand for the fuel-efficient vehicles that is pushing the growth in the global automotive industry. The dramatic increase in the production of light weight vehicles across the globe is expected to boost the growth in the global carbon thermoplastic in automotive market. In 2015, globally around 69 million cars were produced, out of which around 18 million cars were produced in North America only. North America dominates the global market and held around 36% of revenue share in 2015. Whereas, Asia Pacific is growing impressively owing to growing automotive industry across the region due to increasing demand for fuel efficient vehicles in various countries such as India, China, Korea and many others.
With the advent of new technology in the as advent of IoT, automated cars, etc. automotive industry, and growing price of petrol across the globe is increasing the demand for the fuel-efficient vehicles. In 2015, around 24 million units of light weight vehicles are sold in China only, whereas in North America around 20 million, and in Europe around 19 million units were sold. These numbers are expected to rise to 31.7 million in China, 21.4 million in Europe and 22 million in North America by the end of 2018. The growing automobile production in the emerging countries is one of the major factor which is increasing the growth in the automotive market of emerging countries. In Asia, China is the biggest manufacturer, in 2015 China has produced around 35 million cars which is the largest in the world and consumer of light weight vehicles. Thus, the growing technological upgradation in the automotive industry is creating the demand for light weight and fuel efficient cars across the globe.
The increasing production of automotive vehicles is one of the major reasons which is pushing the carbon thermoplastic in automotive market. North America market holds the largest revenue share of 36% owing to rising demand for light weight and fuel efficient vehicles in the region. In North America, around 18 million vehicles were produced in 2015. Asia Pacific is growing with an impressive CAGR of around 34% during the forecasted period. The growth in Asia Pacific is majorly attributed by the increasing investment activities across the region for the development of light weight vehicles in the region. China is the major contributor towards the growth of the market. Growth in China is attributed by huge production of cars in the region, in 2015 around 35 million vehicles being produced by China only out which around 24 million light weight vehicles were being sold in China only in 2015. Thus, the growing production activity in China is one of the major contributors towards the growth of the Asia Pacific carbon thermoplastic in automotive market.
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