Vehicle Electrification Market Report, Growth and Forecast Research 2018
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Supplementing vehicle production in the past few years is expected to drive the market for vehicle electrification. Concerns regarding the depletion of fossil fuels, rising emission related queries has forced the government and OEMs to take various steps in electrifying the vehicle propulsion system which would help in curbing carbon footprint. However, exorbitant prices of electric vehicle in the present market scenario owing to high prices for batteries is somehow hindering the adoption of electric vehicle. Additionally, lack of charging infrastructure or fueling stations is further going to hinder the market’s growth.
In terms of region the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa and South America. Asia Pacific dominated the market owing to the contribution of China. China alone contributes around 48% of the electric vehicle market in the year 2017. Europe is expected to witness a prime growth rate owing to the contribution or Germany and Norway. Various factors contributed, such as the and increasing customer interest in electric vehicles and ongoing bans for diesel technology. Germany encountered a huge momentum in the electric vehicle sales, where the market increased more than double. Germany is now Europe’s second-largest electric vehicle market, outpaced only by Norway.
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Some of the major players of this market are Tesla, BYD, Nissan Motor, Delphi Automotive and VW among others.
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