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Rising Tide of Interest in Electric Heavy-Duty Vehicles
In recent times, there's been a notable surge in awareness regarding electric vehicles, fueled by growing concerns about the environmental impact of conventional fuels. Among these eco-friendly alternatives, electric heavy-duty vehicles have garnered significant attention for their ability to produce fewer pollutants compared to their traditional counterparts. Manufacturers of electric heavy-duty vehicles are seizing this opportunity, making substantial investments in product development to meet the escalating demand for these environmentally conscious options.
A case in point is Mercedes-Benz, which in 2018, made waves by delivering the first ten eActros all-electric heavy-duty trucks. The same year witnessed Daimler's introduction of the first electric Freightliner truck to Penske. Daimler took a pioneering step by launching the fully electric Freightliner eM2, marking the commencement of day-to-day operational testing of heavy-duty and medium-duty electric vehicles in the US.
Government initiatives geared towards encouraging the adoption of heavy-duty electric vehicles, coupled with their lower operating costs, are pivotal factors propelling global demand. Electric heavy-duty vehicle manufacturers are diligently working towards offering highly efficient options by leveraging advanced technologies, innovative methods, and cutting-edge materials. This commitment to efficiency aligns with the growing incorporation of plastic components in electric heavy-duty vehicles, contributing not only to improved fuel efficiency but also to increased mileage.
The escalating demand for electric heavy-duty vehicles on a global scale is poised to create significant growth opportunities for players in the North America plastic component market for heavy-duty vehicles throughout the forecast period. As the world pivots towards sustainable transportation solutions, the integration of plastic components in electric heavy-duty vehicles emerges not merely as a technological advancement but as a pivotal contribution to environmental conservation.
This shift towards electric heavy-duty vehicles is not just a trend; it represents a transformative movement in the automotive landscape. Governments, industries, and consumers alike are recognizing the importance of embracing greener alternatives. The electric heavy-duty vehicle segment is at the forefront of this change, and as awareness grows, it is expected to play a pivotal role in shaping the future of transportation.
Plastic components play a crucial role in this transition. These components, known for their durability, flexibility, and easy processability, are becoming integral in the design and development of electric heavy-duty vehicles. Plastic components not only meet the demanding requirements of modern vehicle systems but also contribute to weight reduction. A mere 10% reduction in vehicle weight can lead to a substantial 5–7% increase in fuel economy, highlighting the role of plastic components in enhancing overall efficiency.
Moreover, the demand for electric heavy-duty vehicles aligns with the broader global agenda of reducing carbon emissions and combating climate change. Governments worldwide are setting ambitious targets to transition towards cleaner energy sources and sustainable transportation. The ongoing commitment to electric heavy-duty vehicles is a manifestation of this commitment and a stride towards a more sustainable and eco-friendly future.
In conclusion, the surging interest in electric heavy-duty vehicles represents more than just a market trend; it signifies a transformative shift towards sustainable and eco-friendly transportation. As plastic components play a vital role in enhancing the efficiency and design of these vehicles, their integration is expected to be a key factor in driving the growth of the North America plastic component market for heavy-duty vehicles in the foreseeable future. The journey towards sustainable transportation is underway, and electric heavy-duty vehicles, with their reduced environmental impact, are at the forefront of this paradigm shift.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component Type, Material, Vehicle Type |
Plastic Component Market Highlights:
The Plastic Component Market for Heavy-Duty Vehicles is projected to register a CAGR of 11.41% to reach approximately USD 10 billion from 2020-2030.
Global Plastic Component Market for Heavy-Duty Vehicles Research Overview
Due to their adaptability, ease of manufacturing, moldability, light weight, waterproof properties, and low cost, plastics, also known as polymers, are used to make a wide array of products ranging from paper clips to spaceships. Traditionally, natural gas and petroleum have been used to make them. Manufacturers are now using renewable sources as a result of diminishing polymer sources. It is also produced from renewable biomass sources such as corn starch, sawdust, vegetable fats and oils, and food waste. Additionally, growing knowledge of the harm that polymers to the environment encourages producers to create recyclable goods. The major driving factor of the market is the surge in demand for high-performance plastic packaging solutions for product protection.
COVID-19 Impact Analysis on Automotive Plastic Component Market
When COVID-19 spread ly last year, it showed that it was harmful. The pandemic COVID-19 outbreak has disrupted production facilities all over the world, affecting the automotive industries' supply chain. Since the expansion of this market has a direct impact on the manufacturing of vehicles, it is anticipated that the lockdown phase will have an impact on the value of the heavy-duty vehicle the market. The market for lightweight materials is expected to suffer as a result of the decline in vehicle production.
Plastic Component Market for Heavy-Duty Vehicles Dynamics
During the projection period, it is predicted that rising plastic use in the construction, automotive, and electrical & electronics industries will boost market expansion. Plastic is increasingly being used as a substitute for metals, such as aluminum and steel, in the production of automobile components in response to regulations aiming to lower gross vehicle weight in order to increase fuel efficiency and eventually reduce carbon emissions. The development of the building sector in developing nations like Brazil, China, India, and Mexico has also significantly increased the demand for plastics. Because of loosened FDI regulations and demands for better public and industrial infrastructure, there has been an increase in foreign investment in certain domestic construction markets.
Market Key Drivers
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Market demand for plastic to rise due to the packaging industry
Numerous industries, including food & beverage, consumer goods, automotive, and electrical & electronics, are experiencing an increase in product demand. product consumption is being driven by the food and beverage industry's rising demand for packaging materials. Food producers prefer to utilize packaging that prevents contamination and minimizes food quality deterioration. The need is being fueled by plastic's capacity to serve as a shield between food products and the outside world.
Market Key Restraints:
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Rigid plastic use regulations to impact growth
Regulations regarding product use are anticipated to have an impact on market growth. As polymers are harmful to environment because it has grown, strict government laws and other measures have been implemented. Many businesses and governments have worked to adopt more environmentally friendly and non-plastic alternatives in an effort to lessen the environmental damage brought on by the use of plastic. Conventions against the use of plastic and the shift toward non-polymer items jointly hinder the market growth. For example, presidents of state, environment ministers, and other delegates from 175 nations approved a historic decision to eliminate plastic waste and create an international legally binding pact by the end of 2024 in March 2022 at the UN Environment Assembly held in Nairobi.
Market Key Opportunities:
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The rise in the adoption of electric vehicles
In the automotive business, electric cars are regarded as a technological revolution. Comparing these vehicles to their internal combustion competitors, they give the best performance. Electric vehicles outperform gas-powered alternatives in terms of energy independence, efficiency, and reliability. Additionally, since electric cars need lightweight materials and have minimal engine power, their ability to pull is likely to be limited. Consequently, the growing demand for electric vehicles presents a chance for the heavy-duty vehicle the market to expand.
Plastic Component Market for Heavy-Duty Vehicles Segmentation
Insights by Component Type
The Plastic Component Market for Heavy-Duty Vehicles segmentation, based on component type, engine covers, transmission covers, intake air modules, oil pan modules, cam cover modules, cluster panels/dashboards, bumpers, seating, wheels & tires, doors, interior & exterior trims, and others. The Plastic Component Market for Heavy-Duty Vehicles growth was prominently high under the seating category in 2021 due to ongoing advancements in vehicle semi-structural component functionality, seating trim aesthetic quality, and safety relevance.
Insights by Material
The Plastic Component Market for Heavy-Duty Vehicles segmentation, based on material is polyvinyl chloride, polyurethane, polypropylene, polyethylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, and others. In 2021, polyethylene accounted for the largest market share of the market. It is mostly utilized in the packaging industry, which includes geo-membranes, plastic bags, plastic films, and containers and bottles. There are numerous varieties of polymers of PE, including HDPE, LDPE, and LLDPE, depending on their molecular weight. Low molecular weight polymers of PE, for example, are used in lubricants; medium molecular weight polymers are utilized as wax and are miscible with paraffin, and high molecular weight polymers are frequently used in the plastics sector.
Insights by Vehicle Type
Based on vehicle type, the market is divided into tractors, loaders, scrapers, excavators, trucks, combine harvester, and buses. The buses category dominated the market for contact lenses in 2021. The market for automotive plastic components has been significantly impacted by the increasing production of buses to achieve cost-effectiveness in manufacturing and provide vehicles at cheap prices to consumers.
Global Plastic Component Market for Heavy-Duty Vehicles Share, by Region, 2021 (%)
Plastic Component Market for Heavy-Duty Vehicles Overview, by Region
By region, the Plastic Component Market for Heavy-Duty Vehicles has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America is projected to exhibit the highest CAGR during the review period.
Asia Pacific Analysis
Asia Pacific dominated the market share in 2021. The rapidly expanding industrial sector is anticipated to fuel demand for plastic in the electrical & electronics, automotive, construction, and packaging sectors. Due to technology transfer from Western markets into the industry, recent years have seen a rise in automotive production in both China and India.
North America Analysis
North America accounted for the second-largest market share in the market in 2021 driven by rising product demand from the packaging, healthcare, and pharmaceutical industries, as well as the electrical and electronic industries. The region has used recycled plastics more frequently as a result of worries about plastic pollution and the advancement of recyclable technologies.
Plastic Component Market for Heavy-Duty Vehicles Competitive Landscape
The market includes tier-1, tier-2, and local players. The key market participants generally pursue new semiconductor metrology and inspection market categories. In manufacturing, specialized robots programmed for a particular work environment are generally preferable to standard robots. For instance, in February 2022, In Ruwais, United Arab Emirates, Borouge opened its fifth polypropylene factory (PP5). Increasing polypropylene manufacturing, this development will assist the business in providing services to the infrastructure, advanced recyclable packaging, and other industrial sectors.
Prominent players in the Plastic Component Market for Heavy-Duty Vehicles research include Continental AG (Germany), DowDuPont Inc. (US), Magneti Marelli S.p.A. (Italy), FLEX-N-GATE CORPORATION (US), Toyoda Gosei Co. Ltd (Japan), Samvardhana Motherson Group (India), ElringKlinger AG (Germany), Hartford Technologies Inc. (US), Abbott Ball Company Inc. (US), SMB Bearings (UK), among others.
Scope of the Plastic Component Market for Heavy-Duty Vehicles Report
Component Type Outlook
- Engine Covers
- Transmission Covers
- Intake Air Modules
- Oil Pan Modules
- Cam Cover Modules
- Cluster Panels/Dashboard
- Bumpers
- Seating
- Wheels and Tires
- Doors
- Interior & Exterior Trims
- Others
Material Outlook
- Polyvinyl chloride (PVC)
- Polyurethane (PU)
- Polypropylene (PP)
- Polyethylene (PE)
- Polyamide (PA)
- Acrylonitrile butadiene styrene (ABS)
- Polycarbonate (PC)
- Others
Vehicle Type Outlook
- Tractors
- Loaders
- Scrapers
- Excavators
- Trucks
- Combine Harvester
- Buses
- E-Commerce
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Plastic Component Market for Heavy-Duty Vehicles Forecast & Size:
To identify and estimate the market size for the Plastic Component Market for Heavy-Duty Vehicles report segmented by component type, material, and vehicle type by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Plastic Component Market for Heavy-Duty Vehicles forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the Plastic Component Market for Heavy-Duty Vehicles growth
Market Influencing Factors:
To find out the factors which are affecting the Automotive Plastic Component Market for Heavy-Duty Vehicles size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
- Manufacturers
- Raw material suppliers
- Retailers, wholesalers, and distributors
- Governments, associations, and industrial bodies
- Investors and Trade Experts
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