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|Electric vehicles take the spotlight in Asia|
|Publish Date: 2020/10/12|
|The plastics for electric vehicle market is projected to grow at a CAGR of 26.9% to reach a market size of USD 2,621 million by 2025 from USD 797 million in 2020. It is estimated that China will produce the most electric vehicles in the Asia Pacific region in 2022. Together with Japan and South Korea, these three Asian countries will lead in the field of electromobility worldwide
China tries to make plans for electric vehicles to stay on track as one of the priority in the post-coronavirus era. The China central authority and local governments announced stimulus policies aimed at automobiles, particularly new energy vehicles. NEV subsidies and tax break policies set to expire this year were extended by two years to 2022. New energy leading automaker – Tesla has built a giant factory in Shanghai and started production in 2019. And Nio, arguably Tesla’s most direct competitor in China has even reached its highest production during the epidemic period.
People are paying more attention to interior design, materials, texture, environmental-friendly and healthy when they purchase a vehicle. Intelligent, lightweight, and low-energy plastic production is a significant advance in the industry. Promoting plastics to replace steel during production can accomplish spray-free, low VOCs, and anti-bacterial products that protect the environment. Some of the prominent players catering to plastic demand in Asia will be showcasing their latest technology and materials in CHINAPLAS 2021.
Automotive Sector Flyer
Research And Markets