Indian electric vehicle plastics market is projected to grow at a lucrative CAGR during the forecast period (2020-2026). The significant rise in the demand for electric vehicles owing to the government initiatives and support provide ample opportunity to the electric vehicle plastics market. For instance, in February 2019, the government reduces the upfront purchase price of hybrid and electric vehicles by approving the proposal for the implementation of the “Faster Adoption and Manufacturing of Electric Vehicles in India Phase II” (FAME Phase II) scheme. The emphasis of Phase II will be on public and shared transportation. It includes incentives for electric three-and four-wheelers (including rickshaws), as well as for buses, where the incentives are mainly applicable to those vehicles used for public or shared transportation or commercial purposes.
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In the case of electric two-wheelers, the incentives are targeted to private vehicles. To encourage more advanced technologies, it is indicated that the incentives only apply to those vehicles using advanced battery chemistry such as a lithium-ion battery. As per the IEA, the government has set a target of 30% Electric Vehicle sales by 2030 across all modes and focusing on electric vehicle charging stations as well. These emerging focus on electric vehicles will offer an opportunity for plastics manufacturer as it has a considerable role in the EV manufacturing.
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Indian 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
· Two-Wheeler
· Passenger Cars
· Commercial Vehicle
Company Profiles
· Asahi Kasei Corp.
· BASF SE
· DuPont de Nemours, Inc.
· Formosa Plastics Corp.
· Mitsui Chemicals, Inc.
· Mitsubishi Chemical Corp.
· LG Chem Ltd.
· Reliance Industries Ltd.
· SABIC
· Sumitomo Chemical Co., Ltd.
· UBE Industries, Ltd.
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