the thermal interface materials in the product type segment are estimated to witness the higher growth rate between 2019 and 2024 new delhi the electric vehicle insulation market size is estimated to grow to 42 billion by 2024 from 13 billion in 2019 at a compound annual growth rate cagr of 267 percent claims a study by researchandmarketsthe growing demand for battery electric vehicles bev is expected to drive the growth in the insulation market for green vehicles the growth is also attributed to the growing demand for thermal management in batteries with the increasing production of electric vehicles advt the study also says that the insulation system for under the bonnet and battery pack application is to witness the highest cagrs during the forecast periodthe study forecasts that thermal interface materials in the product type segment are estimated to witness the higher growth rate between 2019 and 2024 which is attributed to the growing demand for thermal management in batteries with increasing production of electric vehiclesthe thermal insulations solve two types of problems in a vehicle which are climate control inside a car and heatrelated issues under the bonnet the lithiumion battery pack in an electric vehicle generates huge amount of heat which requires to be controlled through the thermal management system where the usage of insulation is essentialthe electric vehicle insulation market in asiapacific region is projected to grow by 60 percent during the forecast period while the north american market will see 25 percent growthin the north american market electric vehicle manufacturers like tesla general motors along with key ev insulation makers like dupont unifrax 3m are driving the growth of the market apart from that the increasing imposition of stringent emission regulations too is helping in the growth of the electric vehicle insulation market growth read alsocovid19 impact how ev industry is coping with the lockdownthe current and future state of electric vehicles globally audio interview etauto published on mar 29 2020 at 0534 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app electric vehicle thermal insulation ev insulation auto parts automotive insulation market ev battery insulation homenewsauto componentselectric vehicle insulation market to grow to 42 billion by 2024 study