Asia-Pacific Electric Vehicle Polymers Market Report 2020: Market is Projected to Surge at a CAGR of 31.61% in Revenue During 2019-2028
March 16, 2021 05:13 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
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Asia-Pacific electric vehicle polymers market is projected to surge at a CAGR of 31.61% in revenue during 2019-2028. India, China, Australia & New Zealand, Japan, ASEAN countries, South Korea, and Rest of APAC form the market in this region.
China has shown the highest growth in the regional market for electric vehicles. The continual rise in air pollution has caused health risks to rise in many cities. In such a scenario, China has attained the benefit of having massive manufacturing capacity and advanced technology to dictate the electric vehicle sector.
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Asia-Pacific electric vehicle polymers market is projected to surge at a CAGR of 31.61% in revenue during 2019-2028. India, China, Australia & New Zealand, Japan, ASEAN countries, South Korea, and Rest of APAC form the market in this region.
China has shown the highest growth in the regional market for electric vehicles. The continual rise in air pollution has caused health risks to rise in many cities. In such a scenario, China has attained the benefit of having massive manufacturing capacity and advanced technology to dictate the electric vehicle sector.
This, in turn, displays its dominance over the electric vehicle polymers market. Many auto manufacturers are planning to invest in the Chinese market owing to the strong demand for electric vehicles, thereby boosting the EV polymers market s advancement.
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The research report suggests that the North America electric vehicle polymers market will register revenue growth at a CAGR of 29.80% in the considered years 2019-2028. The United States and Canada shape the market in this region.
In the United States, the surge in the application of polymers in electric vehicles is mainly because of an increase in the adoption and sales of these vehicles. The stringent regulations to improve electric vehicle adoption are also assisting in the growth of the studied market in North America. Moreover, the massive investments by established OEM automotive companies in electric vehicles will augment the demand for the electric vehicle polymers market during the forecast period.
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The Middle East and Africa electric vehicle polymers market is forecast to develop at a CAGR of 29.17% in the years 2019-2028. Turkey, Saudi Arabia, the UAE, South Africa, and Rest of the Middle East & Africa shape the market in this region.
In Turkey, several well-known international automakers are manufacturing and assembling vehicles. Moreover, steady growth has been observed in the electric vehicle adoption and their charging stations, with new electric vehicle charging infrastructure developments. Earlier, the Turkish government announced its massive investment to enhance the production of electric cars. Such favorable conditions assist in the expanding the adoption of electric vehicles, which further offers growth prospects to Turkey’s electric vehicle polymers market.
The "Europe Electric Vehicle Polymers Market 2019-2028" report has been added to ResearchAndMarkets.com's offering. The European electric vehicle polymers market is forecast to grow at a CAGR of 30.25%