Transparency Market Research

 Transparency Market Research

The rise in adoption ofelectric vehicles(EVs) is driving the EV lightweight materials market size. Depleting fossil fuels and a surge in government focus on achieving zero-emission targets have boosted the demand for EVs

Wilmington, Delaware, United States, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The EV lightweight materials market is set to experience robust growth, with a projected CAGR of 27.4% from 2022 to 2031, according to a report released by TMR. By 2031, the market is expected to be valued at approximately US$ 69.4 billion. As of 2023, the EV lightweight materials market is anticipated to reach US$ 8.9 billion.

The adoption of EV vehicles has increased owing to the increasing government regulation implementing strict emissions standards to reduce carbon emissions and combat climate change. Lightweight materials help EVs meet these standards by reducing overall vehicle weight and improving energy efficiency.

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