The global electric vehicle plastics market share is segmented as BEV, HEV, PHEV. BEV segment is likely to dominate the global market share for the forecast period owing to rising innovations, environmental concerns, strict emission regulations, and norms. Additionally, government initiatives in the form of introducing various tax & non-tax incentives for electric vehicle owners have boosted the plastic growth employed in these BEVs. Based on material, the global electric vehicle plastics market share is segmented as PP, PE, ABS, PVC, PA, Nylon 6/6, Nylon 6, polycarbonate, PVB, and other engineering resins.
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PP is the fastest-growing segment owing to features like better heat resistance, protection from UV rays, high strength & flexibility. Based on application, the global market for electric vehicle plastics market is segmented as interior, exterior, lighting & electric wiring, and under the hood. Polyurethanes are estimated to be the largest growing sector and are predicted to dominate the market for the forecast period owing to their use in seating, electric wiring, and hard plastic parts.
Based on geographic segmentation, the global market for electric vehicle plastics market includes North America, Europe, Asia-Oceania, Middle-East & Africa. Asia-Oceania is predicted to dominate the electric vehicle plastics market and is estimated to grow at a higher CAGR during the forecast period. Asia-Oceania is an emerging market for electric vehicles in recent years. Government initiatives in the form of incentives to support the demand for electric vehicles market have also boosted the market.
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