The European electric vehicle plastics market is projected to grow at a significant CAGR during the forecast period (2020-2026). Europe is home to various major automotive companies and represents a significant share of the global automotive industry. It has significantly contributed to the electric vehicle industry coupled with electric vehicle plastics market growth. Government supports as subsidies for EV and their charging stations is continuously augmenting the electric vehicle market growth. For instance, Germany offers grants of around $5,000 for plug-in hybrids whereas for cars of prices over $44,000 the grant can be more than $5,500. Some of the major electric vehicle companies working in the region include BMW AG, Audi AG, Ford Motors Co., Jaguar Land Rover, Tesla Inc., Volkswagen AG, and so on.
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Moreover, with the increasing manufacturing capabilities of EV in the region, the demand for plastic is also expected to increase during the forecast period. For instance, in Germany, Tesla, Inc., is developing Tesla Gigafactory Berlin-Brandenburg. The factory will manufacture batteries, battery packs, and powertrains for Tesla vehicles, as well as assemble the Tesla Model Y. The production of the factory is expected to start in late 2021.
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European Electric Vehicle Plastics Market – Segmentation
By Plastic Type
· Polyvinyl Chloride (PVC)
· Acrylonitrile Butadiene Styrene (ABS)
· Polyamide (PA)
· Polycarbonate (PC)
· Polyurethane (PU)
· Polyamide (PA)
· Polymethylmethacrylate (PMMA)
· Others (Polypropylene)
By Vehicle Type
· Hybrid Electric Vehicles (HEVs)
· Battery Electric Vehicle (BEV)
· Plug-In Hybrid Electric Vehicles (PHEVs)
European Electric Vehicle Plastics Market – Segmentation by Region
· UK
· Germany
· France
· Italy
· Spain
Rest of Europe
Company Profiles
· Arkema Group
· BASF SE
· Covestro AG
· Evonik Industries AG
· INEOS AG
· Mitsubishi Chemical Corp.
· LyondellBasell Industries Holdings B.V.
· LANXESS AG
· LG Chem Ltd.
· SABIC
· Solvay SA
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