The study involves two major activities in estimating the current market size for the EV composites market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering EV composites and information from various trade, business, and professional associations. Secondary research has been used to obtain critical information about the industry’s value chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level and regional markets. The secondary data was collected and analyzed to arrive at the overall size of the EV composites market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the EV composites market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from EV composites industry vendors; system integrators; component providers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to fiber type, application, end-use industry and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using EV composites, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of EV composites products and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The research methodology used to estimate the size of the EV composites market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in EV composites products in different applications at a regional level. Such procurements provide information on the demand aspects of the EV composites industry for each application. For each application, all possible segments of the EV composites market were integrated and mapped.
EV composites Market Size: Botton Up Approach
To know about the assumptions considered for the study, Request for Free Sample Report
EV composites Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Electric vehicle (EV) composites are materials composed of two or more constituent materials, such as carbon fiber, glass fiber materials, that offer improved mechanical characteristics compared to their individual components. These composites are used in various EV components, including body panels, chassis, and interior components, to reduce weight, enhance performance, and improve energy efficiency. They provide high strength-to-weight ratios, corrosion resistance, and thermal management, making them ideal for EV applications. Examples of EV composites include carbon fiber-reinforced polymers (CFRP), and glass fibre-reinforced plastics (GFRP). The use of composites in EVs is driven by the need to reduce weight, improve aerodynamics, and enhance safety, while also providing cost savings and environmental benefits.
Key Stakeholders
-
EV composites manufacturers
-
Automotive manufacturers
-
Universities, governments, and research organizations
-
EV composites and composite associations and industrial bodies
-
Research and consulting firms
-
R&D institutions
-
Environmental support agencies
-
Investment banks and private equity firms
Report Objectives
-
To define, describe, and forecast the EV composites market size in terms of volume and value
-
To provide detailed information regarding the key factors, such as drivers, restraints, opportunities, and challenges influencing market growth
-
To analyze and project the global EV composites market by fiber type, by resin type, by type, by manufacturing process, application and region
-
To forecast the market size concerning five main regions (along with country-level data), namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and analyze the significant region-specific trends
-
To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions of the submarkets to the overall market
-
To analyze the market opportunities and the competitive landscape for stakeholders and market leaders
-
To assess recent market developments and competitive strategies, such as agreements, contracts, acquisitions, and new product developments/new product launches, to draw the competitive landscape
-
To strategically profile the key market players and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers following customizations for this market report:
-
Additional country-level analysis of the EV composites market
Product Analysis
-
Product matrix, which provides a detailed comparison of the product portfolio of each company's market
Growth opportunities and latent adjacency in EV Composites Market