Electric Vehicle Insulation Market to Hit USD 1.3 Billion

Selbyville, Delaware, Oct. 05, 2022 (GLOBE NEWSWIRE) —

The electric vehicle insulation market is expected to record a valuation of USD 1.3 billion by 2030, according to a new research report by Global Market Insights Inc. Batteries used in EVs are susceptible to overheating while charging or on the move. This increases the importance of battery safety as heat management affects the overall performance of the electric vehicle. Government organizations are implementing stringent measures to increase the safety of battery packs.

Citing an instance, in November 2021, the United Nations Economic Commission for Europe (UNECE) proposed a new legal instrument to ensure the durability of batteries used in plug-in hybrid and fully electric vehicles. The new measures, developed as a UNGTR (Global Technical Regulation), mandate manufacturers to certify that the batteries fitted in their electric vehicles will lose less than 20% of their initial capacity over five years or 100,000 Kms. The introduction of strict policies such as these for safety will push EV manufacturers to integrate heat management solutions around the batteries and consequently increase the use of EV insulation systems.

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Electric vehicle insulation market value from the BEV propulsion segment is estimated to register appreciable proceeds, with growing investments in the sector. For instance, in March 2022, Japanese automaker Suzuki announced that it would invest around USD 1.28 billion to develop a new EV battery factory in India. This is intended to enable Maruti Suzuki to sell affordable EVs in India as well as Japan by 2025. Investments such as these will also foster the development of critical insulation systems for EVs, and ultimately assert a positive impact on the industry outlook.

In terms of the insulation type, the electric vehicle insulation market from acoustic insulation segment is…