Use of Lightweight Plastics in EVs Will Drive Penetration Rates & Growth, Forecasts Frost & Sullivan
With the electric vehicle (EV) production set to grow at a CAGR of over 80 per cent until 2017, plastics used in these vehicles will also see a tremendous growth. The need to increase EV mile range, paralleled by the inherent advantages of plastics — particularly that of lightweight — will drive penetration rates. New analysis from Frost & Sullivan, Strategic Analysis of Plastics in the Electric Vehicles Market in Europe and North America, finds that the market earned revenues of $ 0.5 million in 2010 and estimates this to reach $ 73 million in 2017. The research covers power train plastics, battery casing plastics, thermal management system materials and wire and cable plastic materials. As the electric vehicles market takes off, it is set to have a positive ripple effect on the uptake of plastics. "Plastics for EVs are driven by light weighting trends which, in turn, are fuelled by the need to improve EV mile range," notes Frost & Sullivan Research Analys