PUBLISHER: Inkwood Research | PRODUCT CODE: 1152320
PUBLISHER: Inkwood Research | PRODUCT CODE: 1152320
The North America lightweight materials for EV market is predicted to grow with a CAGR of 19.58% over the estimated period of 2022 to 2030. The regional market's growth is attributable to the norms and policies for discounts in tariff rates and the rising development and adoption of electric vehicles.
The North America lightweight materials for EV market growth study comprises the analysis of Canada and the United States. As per the Canadian government, switching to cleaner fuels as well as electrifying the country's light-duty vehicles are crucial steps toward decarbonizing the transportation industry. Aligning with this, Canada's government has mandated that all new light-duty automobiles and passenger trucks must be emission-free by the year 2035. This aspect accelerates the growing demand for manufacturing electric vehicles, subsequently propelling the need for lightweight materials.
On the other hand, key investments in electric vehicle capacities are also being made by OEMs. For instance, Ford Motor Company announced its investment of $3.7 billion in assembly plants in Ohio, Michigan, and Missouri. Out of this, $2.3 billion of the overall investment will be spent on electric vehicles. Furthermore, Hyundai is also building a $5.5 billion manufacturing plant dedicated to electric vehicles. Hence, the aforementioned factors are expected to contribute to the notable growth of the North America lightweight materials for EV market during the forecast period.
The top players operating in the market are: Celanese Corporation, BASF SE, etc.