The global transportation industry is working to rapidly increase the electrification of vehicles to reduce the impact on the environment. Electric bus sales are anticipated to grow almost threefold in the U.S. from 2021 to 20251. The global sales of commercial electric vehicles are expected to grow into the hundreds of thousands by 2030 as e-commerce continues to rapidly rise1. Consumers are driving demand higher for passenger electric vehicles.
We continue to believe our composite solutions are ideally suited for expansion in transportation applications because of benefits resulting from weight reduction, corrosion resistance, strength, and durability at competitive prices and total cost of ownership compared to metallic components. Composite material systems can provide the key material building blocks for new electric vehicle structures and components. We are an industry leader through our extensive experience in the development, advancement, and application of technologies for the manufacturing of high performance, low-cost structures molded from composite materials.
We are collaborating with our customers to develop innovative composite solutions for vehicles across passenger automotive, bus, truck, and delivery vehicles. Today, we are building composite bodies for buses and delivery vehicles, and we are making the investments required to demonstrate high-volume manufacturing of composite solutions to drive new innovations into the expanding automotive industry.