Increase in luxury vehicles brings growth to adhesives market
Not just the increasing, world-wide demand for electrified vehicles but also for luxury vans and buses will create a strong growth within the automotive adhesives market through 2023. Growth at a CAGR of more than 12% in the period 2019-2023 has been estimated by Technavio projects.
Vehicle manufacturers are increasingly introducing new luxury van models and upgrading existing successful ones. This is mainly due to an increase by fleet operators providing limo services for passengers, VIP´s and businesses. Also, more and more luxury buses are providing transport services. Bus lines and start-ups are using crowdsourcing and dynamic scheduling to attract new markets and increase market penetration. As the need for new vehicles is becoming greater, also the automotive adhesives market enjoys growth.
Adhesives needed for electric vehicles
Similarly, there is a significant increase in ‘’all-vehicles-electric’’: pure electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. This is driven by increasing concerns regarding vehicular emissions which come with the use of fossil fuels. The fast growth, adoption and development of luxury electric vehicles will definitely have a positive spin-off towards the luxury vehicle market growth in 2019-2023. The growth in the electric vehicles market can directly be projected to growth expectations in adhesives for transport and vehicles.