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 over the forecast period. The need f