Acoustic and Thermal Insulation Market for Electric Vehicles Analysis & Industry Forecast, 2019-2029
The Asia-Pacific acoustic and thermal insulation market for electric vehicles is mainly dominated by South Asian countries comprising some of the biggest automotive producers in the world. Asia-Pacific is home to four of the top 10 automotive manufacturers in the world namely Toyota, Honda, SAIC, and Nissan and holds an authority in the global automotive value chain. The growing population, rapid urbanization, cheap labor, accessible raw materials, government support, and the growing economy of countries such as China, Japan, and South Korea have increased the demand of automobiles in the region.
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Many of these countries have made commitments toward curbing climate change and rising pollution levels. This has prompted both the consumers and the governments to promote and opt for safer and less harmful technologies for commute, such as electric vehicles. While the market for EVs, when viewed from a regional perspective, is still at its nascent stage, it is expected to grow at the fastest rate in the coming years.
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Looking at the overall Asia-Pacific region, many countries, apart from the prominent ones, lack proper governmental incentives, attractive consumer economics, and an adequate supply of electric vehicles in the local market.
Moreover, many consumers in the Asia-Pacific region have adopted electric vehicles in the form of commercial fleets or two wheelers rather than passenger vehicles, as these forms of transportation are more prevalent in these countries and more economically feasible for consumers to buy. Due to such factors, the insulation materials used for electric vehicles also vary from the other regions such as North America and Europe, as consumers prefer cheaper materials, such as rubbers and natural fibers, for insulating their vehicles. Besides, in Asia-Pacific, often only high-end vehicles are found to have suitable insulation installed in them to lower the cost of the electric vehicles. As the sales of electric vehicles increase in the region, the market for vehicle insulation materials is also expected to grow.
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