India Electric Vehicle Plastics Market Size & Outlook
India electric vehicle plastics market, 2019-2030 (US$M)
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India electric vehicle plastics market highlights
- The India electric vehicle plastics market generated a revenue of USD 31.7 million in 2023 and is expected to reach USD 336.4 million by 2030.
- The India market is expected to grow at a CAGR of 40.1% from 2024 to 2030.
- In terms of segment, polyurethane (pu) was the largest revenue generating resin in 2023.
- Polypropylene (PP) is the most lucrative resin segment registering the fastest growth during the forecast period.
Electric vehicle plastics market data book summary
| Market revenue in 2023 | USD 31.7 million |
| Market revenue in 2030 | USD 336.4 million |
| Growth rate | 40.1% (CAGR from 2023 to 2030) |
| Largest segment | Polyurethane (pu) |
| Fastest growing segment | Polypropylene (PP) |
| Historical data | 2019 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Polypropylene (PP), Polyamide (PA), Polycarbonate (PC), Polyethylene (PE), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyvinyl Butyral (PVB), Polybutylene Terephthalate (PBT), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET) |
| Key market players worldwide | Basf SE, SABIC, LyondellBasell Industries NV Class A, Evonik Industries AG, Covestro AG, DuPont de Nemours Inc, Sumitomo Chemical Co Ltd, LG Chem, Asahi Kasei Corp, Lanxess AG, INEOS, Celanese Corp Class A, AGC Inc, Ems-Chemie Holding AG, Mitsubishi Electric Corp |
Other key industry trends
- In terms of revenue, India accounted for 1.4% of the global electric vehicle plastics market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China electric vehicle plastics market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 336.4 million by 2030.
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Electric Vehicle Plastics Market Scope
Electric Vehicle Plastics Market Companies
| Name | Profile | # Employees | HQ | Website |
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India electric vehicle plastics market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to electric vehicle plastics market will help companies and investors design strategic landscapes.
Polyurethane (pu) was the largest segment with a revenue share of 27.76% in 2023. Horizon Databook has segmented the India electric vehicle plastics market based on polypropylene (pp), polyamide (pa), polycarbonate (pc), polyethylene (pe), polyurethane (pu), polyvinyl chloride (pvc), polyvinyl butyral (pvb), polybutylene terephthalate (pbt), acrylonitrile butadiene styrene (abs), polyethylene terephthalate (pet) covering the revenue growth of each sub-segment from 2019 to 2030.
The roll out of electric vehicles in India continues to be gradual. In 2021, the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles II (FAME II) plan was extended by the government of the country from 2022 to the end of March 2024.
Moreover, the cap on this incentive has been raised from 20% to 40% of the buying price of a two-wheeler. It also enhanced incentives for electric two-wheelers and made budgetary promises for battery swapping regulations, electric vehicle development, and battery supply capacity expansions.
Although by the end of 2021, India had more than 1 million electric vehicles plying on roads, electric two and three-wheelers accounted for a share of lesser than 0.5% of the total number of these vehicles in the country.
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Our clientele includes a mix of electric vehicle plastics market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the India electric vehicle plastics market , including forecasts for subscribers. This country databook contains high-level insights into India electric vehicle plastics market from 2019 to 2030, including revenue numbers, major trends, and company profiles.
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India electric vehicle plastics market size, by resin, 2019-2030 (US$M)
India Electric Vehicle Plastics Market Outlook Share, 2023 & 2030 (US$M)
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