Rapidly Increasing Use in Automobile Industry to Fuel Growth of Electrochromic Polymers Market
The growing demand for electrochromic polymers in the automotive industry is the key factor driving the growth of global electrochromic polymers market in the near future. To improve light and heat emission control, these glasses are increasingly being used indoors, windows, sunroofs, and rear-view mirrors, which also allows to save money on vehicle cooling, and lighting. Furthermore, electric car development will gain traction in the next years, primarily in Europe, China, and the United States. Smart glasses made of electrochromic materials are also used in electric autos. As a result, the growing popularity of electric vehicles will propel demand for arrange of electrochromic materials, thereby giving a thrust to electrochromic polymers market forward.
Around 25% of all two-wheelers on the road are electric; however, this phenomenon is concentrated in China (which owns over 95% of the worldwide electric 2/3-wheeler stock), India, and ASEAN countries. In several large cities, electric micro-mobility is gaining popularity. In the United States, for example, private e-bike sales more than doubled in 2020, exceeding overall bicycle sales, which were already up a healthy 65 percent. In 2021, electric vehicles accounted for about ten percent of worldwide automotive sales, up from four percent in 2019. This increased the overall number of electric automobiles on the road to almost 16.5 million, more than tripling the number in 2018. Electric car sales have continued to rise substantially in 2022, with 2 million units sold in the first quarter, up 75% over the same period in 2021. Severe CO2 emission rules in several countries are pressurising automakers to develop lighter, more energy-efficient vehicles. This is likely to significantly influence the performance of electrochromic materials market.
Environmental Sustainability, and Lower Energy Generation Costs of Conducting Polymers to Make it Ideal for Electrochromic Polymers Market
The conducting polymers segment is expected to be the fastest-growing segment of the electrochromic polymers market over the forecast period. Solar cells with a conducting polymer covering provide higher stability and efficiency. It has made it possible to create electrical components that are light, efficient, and compact. Increased attention to environmental sustainability and lower energy generation costs are likely to increase renewable energy adoption in the near future. The electrochromic polymers market is expected to be driven by this. During the forecast period, however, the market is expected to be hampered by high production costs, which include manufacturing procedures, and raw materials. On the other hand, a surge in demand for electric vehicles is expected to present lucrative prospects for the electrochromic polymers market in the near future, owing to the implementation of severe environmental rules to minimize air pollution and reliance on traditional fuels. Conductive polymers are commonly found in electric vehicle components like capacitors, batteries, and sensors. This increases their demand, enhancing the market for electrochromic polymers.
Development of Electric Vehicles, and Ascending Demand from Aviation Industry to Drive Market in Asia Pacific
China is one of the world's fastest-growing economies, with one of the world's largest manufacturing bases. One of the primary contributors to the country's economy is the manufacturing sector. For instance, Nidec Corp., a Japanese motor manufacturer, plans to build a new factory in Pinghu, Zhejiang Province, eastern China, to increase supplies of traction motor systems for electric vehicles. According to the supplier, construction will begin in October, and the facility will begin producing the "E-Axle" traction motor system and accompanying components such as inverters and gears in 2024. Since April 2019, when production of the "E-Axle" system began in China, Nidec claims to have sold over 370,000 units.
Over the years, the Chinese aviation industry has seen substantial growth. China is expected to require roughly 7,600 new commercial aircraft worth USD 1.2 trillion over the next two decades, according to Boeing. Due to China's geographical location, which provides easy access to the industrial goods markets in neighbouring countries, as well as other countries globally, making it a major access point for manufacturers and suppliers, foreign investment has been extended into the aviation sector, which is expected to grow at a CAGR of 6%. China is the world's largest vehicle manufacturer. The country's automobile sector is preparing for product evolution, with the country focused on product manufacture to assure fuel efficiency and reduce emissions (owing to the growing environmental concerns due to mounting pollution in the country). Due to the "Made in China 2025" initiative's assistance in upgrading existing low-cost mass production to higher value-added sophisticated manufacturing, production is predicted to reach 30 million units by 2020. In 2017, China unveiled its "Automobile Mid and Long-Term Development Plan," with the goal of making China a strong auto power in the next ten years. Because of these factors, the electrochromic materials market in the area is likely to rise steadily over the forecast period.
The increased use of smart glass in automobile windows is predicted to increase demand for electric vehicles in North America, which will cause the electrochromic materials market in North America to grow during the forecast period. During the forecast period, the increased popularity and production of electric vehicles will increase demand for electrochromic materials, resulting in the region accounting for 34% of global market growth.
Global Electrochromic Polymers Market: Competitive Landscape
AGC, Inc. released its light control glass,' WONDERLITETM Dx,' in June 2020, which is used in the panoramic sunroof of Toyota's new Harrier. Electrochromic polymers manufacturers, suppliers, distributors, and industry experts were surveyed on sales, revenue, demand, price change, product type, recent development and plan, market trends, drivers, difficulties, barriers, and potential risks by MARKET MONITOR GLOBAL, INC (MMG).
Few of the players in electrochromic polymers market include ChromoGenics, Hitachi Chemical Co., EControl-Glas GmbH & Co. KG, GENTEX CORPORATION, Ltd., Nikon Corporation, Saint-Gobain, Ningbo Miruo Electronic Technology Co., Ltd., Ricoh, View, Inc., Zhuzhou Kibing Group, and Zhuhai Kaivo Optoelectronic Technology.
Regional Classification of the Global Electrochromic Polymers Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Electrochromic Polymers Market
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