Vehicle Electrification Market: Opportunities Ahead, Challenges to Overcome
Market overview: The worldwide Vehicle Electrification Market was worth $70.14 billion in 2019 and is expected to grow to $250 Billion by 202 8 , 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 ove...