Transportation Electrification Market Size, Share, Analysis | 2022 - 28

The global transportation electrification market size was valued at USD 73,654.9 million in 2021 and is expected to grow at a significant CAGR of 7.5% during the forecast period from 2022 to 2028. The marginal acceptance of electric cars, ships and boats, airplanes, and railway transportation is known as electrification in the transport industry. Vehicles with this electrification have less dependence on fossil and unconventional fuels. Government agencies are enforcing standards and rules as a result of increased environmental concerns, which has prompted automakers all over the world to adopt electrification of transportation. There is a desire for full hybrid vehicles all over the world since, according to the International Council on Clean Transportation, they lower fuel usage by 35-40%.

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Transportation Electrification Market Growth Factors:
The market for electrifying transportation is mostly driven by an increase in pollutants. Governments, citizens, and automakers are becoming more concerned about the need for electrification of transportation because it results in much less pollution. Internationally, accords and agreements are being made in an effort to lower transportation-related emissions. A global treaty known as the Paris Climate Accord, which was signed by 195 countries in April 2016, aims to keep the rise in global temperature well below 2 degrees Celsius. The demand for electrified transportation is increasing globally due to factors such as falling prices for electrified mobility, a ban on diesel-powered vehicles stated by regulatory authorities of various countries, and customers' shifting concerns towards electrified mobility. The cost of electrification and the lack of infrastructure are the main factors limiting the market for it globally. Electric mobility's demand is being restrained globally as a result of higher pricing for high-performance batteries and electric motors.

The global transportation electrification market segmentation:
1) By Electrification Type: Electrified Motilities, Hybrid Motilities
2) By Transportation Mode: Railway Transportation, Vehicle Transportation, Ships & Boats Transportation, Aeroplan's Transportation.
3) By Application: Passenger Transportation, Commercial Transportation.

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Transportation Electrification Market Regional Analysis:
The demand for electric vehicles is growing, and Europe is the main market for train electrification. The demand for the transportation electrification market in the area is being driven by consumer desire for electric vehicles, government restrictions, and affordable electric vehicles. Electric vehicles (EVs) are replacing gasoline and diesel fuel in the United States slowly but steadily. By 2026, it is predicted that EV sales would account for 10% of all passenger vehicle sales, with a market value of $565 billion USD. The market in the area is anticipated to expand as charging stations are installed in both public and commercial parking lots. Similarly, the market for transportation electrification is anticipated to increase significantly within the coming years in developing nations like China and India.

Key players in the transportation electrification market report are Bombardier, Siemens AG, Continental AG, Tesla, General Electric, Continental AG, Robert Bosch GmbH

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