Increasing Demand For Electric Vehicles of Vehicle Electrification Market
The vehicle electrification market is estimated to be valued at US$ 84.41 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: The vehicle electrification market has strong growth opportunities owing to stringent emission norms. Many countries are offering subsidies and tax benefits to promote electric vehicles adoption. Emerging technologies in electric powertrains are making EVs more efficient and affordable.
Weakness: High production costs of electric vehicles act as a barrier for mass adoption. Lack of standardization and infrastructure issues such as unavailability of public charging stations are hindering market growth.
Opportunity: Rising environmental concerns and push for cleaner transportation will drive demand for electric vehicles in the coming years. Development of low-cost and high-performance lithium-ion batteries provides growth opportunities to OEMs.
Threats: Dependence on raw material imports can increase costs. Slow decline of fuel prices can shift consumer preference back to conventional vehicles.
Key Takeaways:
The Global Vehicle Electrification Market Demand is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing strictness of emission norms globally. Factors such as tax credits and rising fuel prices are compelling automakers to shift towards electric powertrains.
The Asia Pacific region is expected to dominate the global vehicle electrification market during the forecast period. Countries such as China, Japan, and South Korea are major automotive hubs and have launched several initiatives to promote e-mobility. Government support through taxes and subsidies on electric vehicles will continue to drive higher adoption rates.
Key players operating in the vehicle electrification market are Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd., Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG. Major players are investing heavily in developing advanced automotive technologies to gain a competitive edge. Partnerships with automakers will help them increase market share.
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