The global acoustic insulation market is estimated to grow at a CAGR of 5.4% during the forecast period. Rising development of electric vehicles is offering an opportunity for the adoption of acoustic insulation materials to reduce the noise level. Several automobile companies are working on the development of electric vehicles owing to stringent emission regulations on fuel vehicles and increasing consumer awareness regarding the environmental benefits of electric vehicles. According to the International Energy Agency (IEA), the global stock of electric passenger car reached 5 million in 2018, which is a rise of 63% from 2017. In 2018, China held the major share of nearly 45% in the global electric cars on the road, which is 2.3 million, followed by Europe (24% of the global fleet) and the US (22% of the global fleet).
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Some major automakers engaged in the development of electric vehicles include Tesla, Inc., Volkswagen AG, BMW AG, Nissan Motor Co., and Kia Motor Corp. These automakers are significantly focusing on investment for the development of electric vehicles. For instance, in March 2019, Volkswagen plans to develop 22 million electric vehicles in the next ten years. The company is planning to introduce 70 new electric models by 2028. The company’s 2025 target aims to minimize the CO2 footprint of the vehicle fleet by 30%. As a result, the company is electrifying the vehicle portfolio, by investing in this area alone with more than $30 billion by 2023.
Significant investment in the development of electric vehicles will drive the demand for electric vehicle components that are more fuel-efficient, lighter, and quieter while augmenting driving comfort. Therefore, most of the electric vehicle manufacturers are working to implement efficient noise and heat protection components. In January 2020, Nissan Motor Co. launched a new acoustic meta-material which is appropriate for insulation against noise from roads and engines and motors. This material composed of a plastic sheet and a lattice structure, which aims to decrease noise in a wide frequency range of 500 to 1,200 hertz and control air vibrations. This new material weighs only a quarter of the heavy rubber plates which decreases the weight of vehicles and thereby reduces consumption.
Weighing much less as compared to traditional sound insulation materials, the company’s acoustic meta-material provides both efficiency and quietness. With the use of this material, vehicles will be much lighter which automatically decreases the environmental footprint as it requires less fuel and fewer emissions. Weighing less is essential in electric vehicles which not only make vehicles lighter, however, limits the environmental impact of driving. A quiet vehicle cabin supports to make car driving much comfortable. Like Nissan, other electric vehicle manufacturers are also working to implement thermal and acoustic insulation in different parts of an electric vehicle, which in turn, is offering a considerable opportunity for the global acoustic insulation market.
Global Acoustic Insulation Market- Segmentation
By Type
By End-Use Industry
Global Acoustic Insulation Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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