Vehicle Electrification Market Research Scope And Data Sources By 2030
Vehicle Electrification Industry Overview The global vehicle electrification market was valued at USD 82.91 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030. The market is expected to register significant growth owing to the automotive industry's demand for alternatives to petroleum-based fuel and government initiatives for environmentally sustainable transportation options globally. The governments of various nations are launching green initiatives; various environmental agencies are setting aggressive targets for emission cuts, globally. At the same time, environmentally conscious consumers are increasingly adopting electric vehicles and contributing toward reducing their overall carbon footprint. As a result, the demand for vehicle electrification products is expected to increase during the forecast period. Furthermore, various advantages linked to electrification are improving the vehicle's performance, putting i...