Market Outlook

The EV Composites market was valued at USD 1.62 Billion in 2023 and is projected to grow to USD 4.11 Billion by 2030, with a compound annual growth rate (CAGR) of 15.0% from 2024 to 2030. The Global EV Composites Market focuses on advanced materials such as carbon fiber, glass fiber, and polymer composites used in manufacturing electric vehicles (EVs). These materials offer significant benefits, including reducing vehicle weight, increasing battery efficiency, and enhancing overall vehicle performance.

EV Composites market

Major drivers of this market include the surge in EV adoption due to environmental concerns and government regulations targeting reduced emissions. The demand for lightweight materials is critical in extending EV range and improving energy efficiency.

Opportunities in this market stem from the increasing production of EVs by automakers and technological advancements in composite manufacturing. Innovations such as recyclable and bio-based composites align with the industry's shift toward sustainability. Emerging markets, particularly in developing regions, offer further growth potential, driven by government incentives for EVs. Collaborative R&D between composite manufacturers and automakers will be key in developing tailored solutions for next-generation EVs, fueling expansion in the coming years.

Key Insights

Asia-Pacific accounted for the largest share of the EV Composites market at 56.51% in 2023. The Asia-Pacific region is leading the global Electric Vehicle (EV) composites market for several reasons. China is at the forefront of EV production and consumption, supported by government subsidies and incentives that promote the use of electric vehicles. This has led to significant investment in lightweight composite materials, improving vehicle efficiency and performance.

EV Composites market size

Moreover, countries like Japan and South Korea are making strides in automotive technology and innovation, further boosting the demand for advanced composites. The region's extensive manufacturing capabilities enable cost-effective production and rapid scaling of composite materials to meet the growing EV market. Additionally, increasing environmental concerns and a shift towards sustainable practices are compelling automakers to prioritize lightweight materials, cementing Asia-Pacific's position as a key player in the EV composites landscape. The combination of strong market demand, government support, and technological advancements ensures the region's dominance in this sector.

In terms of Material Type, the Carbon Fiber Composites accounted for a major share of 45%in 2023. In the global market for electric vehicle (EV) composites, carbon fiber composites currently dominate. This is mainly because of their exceptional strength-to-weight ratio, which significantly improves the performance, efficiency, and driving range of EVs. Although carbon fiber is notably expensive, its usage in structural components and body panels is on the rise, particularly in the premium and luxury EV segments.

Market Dynamics

Increasing Demand for Lightweight Materials.

The rising demand for lightweight materials in the electric vehicle (EV) market is mainly driven by the need for improved energy efficiency and performance. Lightweight materials, such as composites, significantly reduce the overall weight of vehicles, leading to enhanced range and fuel efficiency. For EVs, where battery weight is crucial, minimizing the weight of the vehicle body and components is essential to maximize battery performance and extend driving distances.

Regulatory pressures, such as strict emissions standards, further intensify this demand. Governments worldwide are implementing policies to reduce greenhouse gas emissions, prompting automakers to innovate and adopt materials that lower weight without compromising safety or structural integrity. Lightweight materials contribute to these goals by reducing energy consumption, thereby lowering overall emissions during vehicle operation.

Moreover, advancements in composite materials, which offer superior strength-to-weight ratios, are gaining traction. These materials can be tailored to meet specific performance requirements, providing designers with greater flexibility. As consumers become more environmentally conscious and manufacturers strive to meet sustainability targets, the trend towards lightweight materials will continue to grow, shaping the future of the EV industry. This shift not only enhances vehicle performance but also aligns with broader sustainability initiatives.

Complex Manufacturing Processes.

The manufacturing processes for composite materials in electric vehicles (EVs) are often complex and require specialized techniques. Unlike traditional materials like metals, composites involve a combination of fibers (such as carbon or glass) and resin. These materials must be meticulously layered and cured to achieve the desired strength and performance characteristics.

Common processes, such as resin transfer molding, vacuum infusion, and autoclave curing, demand precise control over factors like temperature, pressure, and curing times. This complexity can lead to longer production cycles and higher labor costs compared to simpler manufacturing methods.

Additionally, the need for advanced machinery and skilled labor further complicates the process. Manufacturers must invest in specialized equipment and training to handle these materials effectively. The complexity of these processes can create barriers for new entrants and slow down production scalability, impacting the overall growth of the composite materials market in the EV sector.

Key Pointers

Values

Report Focus

Global

Largest Region

Asia Pacific

Fastest Growing Region

South America

Base Year

2023

CAGR % (2024-2030)

15%

Forecast Year

2024-2030

Historical Year

2015-2022

Market Size in 2023

USD 1.62 Billion

Market Size in 2030

USD 4.11 Billion

Countries Covered

U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Turkey, Israel, China, Japan, India, South Korea, Australia, SEA, Brazil, Chile, Argentina, Saudi Arabia, UAE, Qatar, South Africa, Rest of World

Key Driver & Challenges

Increasing demand for lightweight materials, enhancing vehicle efficiency, and sustainability initiatives.

High production costs, limited recycling options, and competition from traditional materials. 

Segments Covered

By Material Type, By Manufacturing Process, By Propulsion Type

 

Segmental Analysis

Based on Material Type, EV Composites market is segmented into Carbon Fiber Composites, Glass Fiber Composites, Natural Fiber Composites, Others. 

EV Composites market segment

The Global EV Composites Market is seeing substantial growth, with the Carbon Fiber Composites segment emerging as the dominant force. Carbon fiber composites are increasingly preferred in electric vehicle (EV) manufacturing due to their exceptional strength-to-weight ratio, which is crucial for enhancing vehicle performance and efficiency. The lightweight nature of carbon fiber composites contributes to reduced vehicle weight, leading to improved battery efficiency and extended driving range—an essential factor for EV consumers.

Additionally, carbon fiber composites offer superior stiffness and durability, making them ideal for structural applications within EVs. This material's ability to withstand high temperatures and resist corrosion ensures a longer lifespan for vehicle components, thereby reducing maintenance costs over time. The rising focus on sustainability and eco-friendly manufacturing practices is further propelling the demand for carbon fiber composites, as they can be produced using renewable resources and contribute to lower carbon emissions.

Moreover, advancements in manufacturing techniques, such as automated fiber placement and resin transfer molding, have made carbon fiber composites more accessible and cost-effective. As automotive manufacturers strive to meet stringent regulations regarding emissions and fuel efficiency, the transition to carbon fiber composites becomes increasingly advantageous. Consequently, this segment is expected to continue its dominance in the Global EV Composites Market, driven by technological innovations, sustainability trends, and the growing emphasis on performance in electric vehicles.

Segments

Values

By Manufacturing Process
  • Resin Transfer Molding (RTM)
  • Compression Molding
  • Injection Molding
  • Other Processes

By Propulsion Type
  • Battery Electric Vehicles (BEVs)
  • Plug-in Hybrid Electric Vehicles (PHEVs)
  • Hybrid Electric Vehicles (HEVs)

Regional Landscape

In the context of regional analysis, the EV Composites market includes North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

The market size of the Asia Pacific was valued at USD 1.26 Billion in 2023 and is expected to reach USD 3.87 Billion by 2030, with a CAGR of 48.20% during the forecast period. The Asia-Pacific region is becoming a major player in the global electric vehicle (EV) composites market. This is due to rapid urbanization, increasing disposable incomes, and heightened environmental awareness. China is leading the way as the largest market for EVs and composite materials, thanks to substantial government investments and supportive policies promoting electric mobility.

global EV Composites market 

The region's strong manufacturing capabilities enable local production of lightweight composite materials, reducing costs and enhancing supply chain efficiencies. Moreover, countries like Japan and South Korea are heavily investing in research and development to improve vehicle performance and battery efficiency using advanced composites. With a growing focus on sustainable transportation, the Asia-Pacific market is expected to experience significant growth, driven by innovation in material technology and an increase in EV adoption, positioning it as a key player in shaping the future of the automotive industry.

 

Competitive Landscape

Some of the major companies operating within the EV Composites market are: Kautex Textron GmbH & Co. KG, Toray Industries, Inc., ElringKlinger AG, Exel Composites, Teijin Limited, Piran Advanced Composites, SGL Carbon, Syensqo, Mar-Bal, Inc., Plastic Omnium, Röchling SE & Co. KG, POLYTEC HOLDING AG, HRC (Hengrui Corporation), Envalior and Others.

Table of Contents

  1. Global EV Composites Market Introduction and Market Overview
    1. Objectives of the Study
    2. Global EV Composites Market Scope and Market Estimation
      1. Global EV Composites Overall Market Size (US$ Trillion), Market CAGR (%), Market forecast (2024 - 2034)
      2. Global EV Composites Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
    3. Market Segmentation
      1. Material Type of Global EV Composites Market
      2. Manufacturing Process of Global EV Composites Market
      3. Propulsion Type of Global EV Composites Market
      4. Region of Global EV Composites Market
  2. Executive Summary
    1. Demand Side Trends
    2. Key Market Trends
    3. Market Demand (US$ Trillion) Analysis 2019 – 2023 and Forecast, 2024 – 2034
    4. Demand and Opportunity Assessment
    5. Market Dynamics
      1. Drivers
      2. Limitations
      3. Opportunities
      4. Impact Analysis of Drivers and Restraints
    6. Cost Tear Down Analysis
    7. Key Developments
    8. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
    9. PEST Analysis
      1. Political Factors
      2. Economic Factors
      3. Social Factors
      4. Technological Factors
    10. Production Farm Size by Countries, 2019-2023, Units
    11. Production Farm Size by Companies & Locations, 2019-2023,
      1. Kautex Textron GmbH & Co. KG
      2. Toray Industries, Inc.
      3. ElringKlinger AG
      4. Exel Composites
      5. Teijin Limited
      6. Piran Advanced Composites
      7. SGL Carbon
      8. Syensqo
      9. Mar-Bal, Inc.
      10. Plastic Omnium
      11. Röchling SE & Co. KG
      12. POLYTEC HOLDING AG
      13. HRC (Hengrui Corporation)
      14. Envalior
      15. Others
  3. Global EV Composites Market Estimates & Historical Trend Analysis (2019 - 2023)
  4. Global EV Composites Market Estimates & Forecast Trend Analysis, by Material Type
    1. Global EV Composites Market Revenue (US$ Trillion) Estimates and Forecasts, Material Type, 2019 - 2034
      1. Carbon Fiber Composites
      2. Glass Fiber Composites
      3. Natural Fiber Composites
      4. Others
  5. Global EV Composites Market Estimates & Forecast Trend Analysis, by Manufacturing Process
    1. Global EV Composites Market Revenue (US$ Trillion) Estimates and Forecasts, Manufacturing Process, 2019 - 2034
      1. Resin Transfer Molding (RTM)
      2. Compression Molding
      3. Injection Molding
      4. Other Processes
  6. Global EV Composites Market Estimates & Forecast Trend Analysis, by Propulsion Type
    1. Global EV Composites Market Revenue (US$ Trillion) Estimates and Forecasts, Propulsion Type, 2019 - 2034
      1. Battery Electric Vehicles (BEVs)
      2. Plug-in Hybrid Electric Vehicles (PHEVs)
      3. Hybrid Electric Vehicles (HEVs)
  7. Global EV Composites Market Estimates & Forecast Trend Analysis, by Region
    1. Global EV Composites Market Revenue (US$ Trillion) Estimates and Forecasts, by Region, 2019 - 2034
      1. North America
      2. Europe
      3. Asia Pacific
      4. Middle East & Africa
      5. South America
  8. North America EV Composites Market: Estimates & Forecast Trend Analysis
    1. North America EV Composites Market Assessments & Key Findings
      1. North America EV Composites Market Introduction
      2. North America EV Composites Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
        1. By Material Type
        2. By Manufacturing Process
        3. By Propulsion Type
        4. By Country
          1. The U.S.
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in the U.S., 2019-2023
          2. Canada
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Canada, 2019-2023
          3. Mexico
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Mexico., 2019-2023
  9. Western Europe EV Composites Market: Estimates & Forecast Trend Analysis
    1. Western Europe EV Composites Market Assessments & Key Findings
      1. Western Europe EV Composites Market Introduction
      2. Western Europe EV Composites Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
        1. By Material Type
        2. By Manufacturing Process
        3. By Propulsion Type
        4. By Country
          1. Germany
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Germany, 2019-2023
          2. Italy
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Italy, 2019-2023
          3. U.K.
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in U.K, 2019-2023
          4. France
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in France, 2019-2023
          5. Spain
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Spain, 2019-2023
          6. Benelux
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Benelux, 2019-2023
          7. Nordics
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Nordics, 2019-2023
          8. Rest of W. Europe
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Rest of Western Europe, 2019-2023
  10. Eastern Europe EV Composites Market: Estimates & Forecast Trend Analysis
    1. Eastern Europe EV Composites Market Assessments & Key Findings
      1. Eastern Europe EV Composites Market Introduction
      2. Eastern Europe EV Composites Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
        1. By Material Type
        2. By Manufacturing Process
        3. By Propulsion Type
        4. By Country
          1. Russia
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Russia, 2019-2023
          2. Hungary
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Hungary, 2019-2023
          3. Poland
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Poland, 2019-2023
          4. Balkan & Baltics
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Balkan and Baltics, 2019-2023
          5. Rest of E. Europe
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Eastern Europe, 2019-2023
  11. Asia Pacific EV Composites Market: Estimates & Forecast Trend Analysis
    1. Asia Pacific Market Assessments & Key Findings
      1. Asia Pacific EV Composites Market Introduction
      2. Asia Pacific EV Composites Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
        1. By Material Type
        2. By Manufacturing Process
        3. By Propulsion Type
        4. By Country
          1. China
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in China, 2019-2023
          2. Japan
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Japan, 2019-2023
          3. India
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in India, 2019-2023
          4. Australia & New Zealand
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Australia and New Zealand, 2019-2023
          5. South Korea
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in South Korea, 2019-2023
          6. ASEAN
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in ASEAN, 2019-2023
          7. Rest of Asia Pacific
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Rest of Asia Pacific 2019-2023
  12. Middle East & Africa EV Composites Market: Estimates & Forecast Trend Analysis
    1. Middle East & Africa Market Assessments & Key Findings
      1. Middle East & Africa EV Composites Market Introduction
      2. Middle East & Africa EV Composites Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
        1. By Material Type
        2. By Manufacturing Process
        3. By Propulsion Type
        4. By Country
          1. UAE
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in UAE, 2019-2023
          2. Saudi Arabia
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Saudi Arabia, 2019-2023
          3. Turkey
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Turkey, 2019-2023
          4. South Africa
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in South Africa, 2019-2023
          5. Rest of MEA
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Rest of MEA, 2019-2023
  13. Latin America EV Composites Market: Estimates & Forecast Trend Analysis
    1. Latin America Market Assessments & Key Findings
      1. Latin America EV Composites Market Introduction
      2. Latin America EV Composites Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
        1. By Material Type
        2. By Manufacturing Process
        3. By Propulsion Type
        4. By Country
          1. Brazil
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Brazil, 2019-2023
          2. Argentina
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Argentina, 2019-2023
          3. Colombia
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Colombia, 2019-2023
          4. Rest of LATAM
            1. By Material Type
            2. By Manufacturing Process
            3. By Propulsion Type
            4. Top Companies Market Share in Rest of LATAM, 2019-2023
  14. Country Wise EV Composites Market: Introduction
  15. Competition Landscape
    1. Global EV Composites Market Product Mapping
    2. Global EV Composites Market Concentration Analysis, by Leading Players / Innovators / Emerging Players / New Entrants
    3. Global EV Composites Market Tier Structure Analysis
    4. Global EV Composites Market Concentration & Company Market Shares (%) Analysis, 2023
  16. Company Profiles
    1. Kautex Textron GmbH & Co. KG
      1. Company Overview & Key Stats
      2. Revenue (USD Million), Sales (Units), and Gross Margin & Market Share, 2019-2023
      3. Product Portfolio & Pricing Analysis
      4. SWOT Analysis
      5. Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

    1. Toray Industries, Inc.
    2. ElringKlinger AG
    3. Exel Composites
    4. Teijin Limited
    5. Piran Advanced Composites
    6. SGL Carbon
    7. Syensqo
    8. Mar-Bal, Inc.
    9. Plastic Omnium
    10. Röchling SE & Co. KG
    11. POLYTEC HOLDING AG
    12. HRC (Hengrui Corporation)
    13. Envalior
    14. Others
  2. Research Methodology
    1. External Transportations / Databases
    2. Internal Proprietary Database
    3. Primary Research
    4. Secondary Research
    5. Assumptions
    6. Limitations
    7. Report FAQs
  3. Research Findings & Conclusion

No of Tables: 250
No of Figures: 200

Frequently Asked Questions

The average CAGR of EV Composites Market is 15%.

Carbon Fiber Composites dominated the market with a share of 45% in 2023.

South America is estimated to emerge as a fastest growing region with a CAGR of 16% during the forecast period 2024-2030.

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