Global Vehicle Electrification Industry Competitive Landscape, Production, Sales, Demand Rate and Forecast 2030

Market overview:

The worldwide Vehicle Electrification Market was worth $70.14 billion in 2019 and is expected to grow to $250 Billion by 2028, at an 12.52% CAGR. Vehicle Electrification is the primary driving force behind the automotive industry's big shift. Factors such as increased adoption of fuel-efficient mobility solutions, effective performance requirements, and a decrease in battery price per KWH will likely boost the worldwide Vehicle Electrification industry.

However, a decline in automotive production and sales over the last two years and a high reliance on mechanical and hydraulic systems in existing cars are projected to hinder the growth of the Vehicle Electrification Market during the forecast period. On the other, a surge in need for cost-effective solutions and an increase in the trend of electrification of commercial vehicles and fleets are expected to provide lucrative prospects for worldwide market advancement over the forecast period.

An increase in automotive production and sales on a global scale is the main factor driving the need for vehicle electrification. The use of electric motors in vehicles is becoming more and more common as an alternative to conventional hydraulic and mechanical systems. Vehicle electrification reduces emissions and increases fuel efficiency. Manufacturers have observed significant weight reduction of automotive components, decreased fuel consumption, and improved operating efficiency of vehicles as a result of the growing trend of vehicle electrification.

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In addition, electric automobiles perform better than traditional ones in terms of fuel efficiency, smoother driving, reduced engine noise, easy charging, and low maintenance costs. The COVID-19 virus had a big impact on the auto sector. Almost 15% fewer cars were sold worldwide in 2020. Together with it, the demand for automobiles fell precipitously, causing the temporary shutdown of production lines. The restrictions on movement during the lockdowns also impacted the supply chain. However, the vehicle industry is today seeing quick and significant expansion.

Regional analysis:

The vehicle electrification market size is divided into four regions: Asia-Pacific, North America, Europe, and the rest of the globe. The Asia-Pacific region is expected to have the biggest market share during the period investigated. The presence of multiple significant players and government initiatives encouraging the usage of electric cars is driving increased demand for EVs. Economic and technical developments will also help to accelerate growth.

Furthermore, North America will be the second-largest revenue contributor to the Vehicle Electrification Market. The availability of better infrastructure and the huge demand for electric vehicles significantly boost the sector. In addition, Europe's Vehicle Electrification Market will grow significantly in the next few years. The market will benefit from the increased demand for efficient transportation and environmentally friendly automobiles. Furthermore, Africa and the Middle East area will experience significant development.
Recent developments:

GM announced the debut of its latest electric utility vehicle, the 2022 Chevrolet Bolt EUV, in 2021.
In 2021, XL Fleet Corp formed a partnership with ARBOC Specialty Vehicles LLC, a unit of the NFI Group Inc. This collaboration will aid in electrifying ARBOC's low-floor buses using the XL hybrid electric technology.

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