Increasing adoption of electric vehicles around the world is driving the demand for engineering plastics in the electric vehicles market. The growing awareness about environmental issues and the shift towards sustainable transportation solutions are also contributing to the growth of this market. Additionally, government initiatives and incentives to promote the use of electric vehicles are further fueling the demand for engineering plastics in this sector.
Industry
Report Coverage | Details |
---|---|
Segments Covered | Resin, Components, Vehicle Type |
Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
Company Profiled | BASF SE, SABIC, LyondellBasell Industries Holdings B.V., Evonik Industries, Covestro AG, Dupont, Sumitomo Chemicals Co.., LG Chem, Asahi Kasei, LANXESS, INEOS Group, Celanese Corp., AGC Chemicals, EMS Chemie Holding, Mitsubishi Engineering Plastics Corp. |
High initial investment cost and limited charging infrastructure are major restraints for the electric vehicles engineering plastics market. The cost of electric vehicles is still relatively high compared to conventional vehicles, which can deter some consumers from making the switch. Additionally, the lack of widespread charging infrastructure can be a barrier to the widespread adoption of electric vehicles, as consumers may be concerned about range anxiety and the practicality of owning an electric vehicle.