Battery Technology Innovations in Vehicle Electrification Market Growth Trends Analysis and Dynamic Demand, Forecast 2024 to 2031
The Vehicle Electrification Market is estimated to be valued at USD 110.78 billion in 2024 and is expected to reach USD 227.83 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031. This market research report examines key players such as: Holdings Inc., and ZF Friedrichshafen AG
Vehicle electrification involves partially or fully powering a vehicle using electric motors and battery packs instead of solely relying on an internal combustion engine. This includes electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).
Vehicle electrification is gaining popularity as automakers worldwide strive to reduce emissions and comply with stringent emission norms.
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Market Dynamics:
Government initiatives to promote electric vehicles and build charging infrastructure across major markets will be a key driver for the vehicle electrification market during the forecast period. Several countries are offering purchase incentives and tax rebates for electric vehicles.
For instance, the U.S. and Chinese government plans to install hundreds of thousands of new charging points over the next few years. Another major driver is the declining battery prices, enabling automakers to price electric vehicles more competitively against gasoline counterparts.
Lower operating and maintenance costs of electric vehicles compared to fuel-powered vehicles are also encouraging consumers to switch to electrified vehicles.
Climate Change Concerns Driving Increased Adoption of Electric Vehicles
With climate change concerns coming to the forefront, governments and consumers alike are increasingly pushing for more sustainable transport solutions. Electric vehicles (EVs) are helping address this need as they produce zero direct emissions and can help reduce greenhouse gases if powered by renewable energy.
Major countries and regions like China, the EU and California have announced plans to phase out combustion engines in the coming decades. Automakers are responding by ramping up their EV production targets in order to meet impending regulations and rising consumer demand.
However, building out charging infrastructure remains an ongoing challenge that needs to be addressed for mass adoption.
Key Company Profiles:
AISIN CORPORATION, Aptiv, BorgWarner Inc., Continental AG, DENSO CORPORATION, Hitachi Astemo, Ltd., Johnson Controls, Johnson Electric Holdings Limited, JTEKT Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG
Key Region/Countries are Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Rising Fuel Prices Propel Interest in EVs
Soaring gasoline and diesel prices are another driver boosting interest in EVs. With fuel accounting for a significant portion of vehicle operating costs, consumers are attracted to EVs which have much lower fueling costs even when electricity prices are accounted for.
Fleet operators are also considering electrifying their vehicles to shield themselves from volatile fuel prices. While the upfront costs of EVs are still higher currently, the lifetime cost of ownership is increasingly competitive or even lower than combustion vehicles in many markets when fuel savings are factored in.
Automakers will need to further reduce battery costs for EVs to reach true price parity.
Range Anxiety Remains a Roadblock for Wider EV Adoption
Range anxiety, where consumers fear running out of charge away from a charging station, continues to be one of the main barriers holding back mass market adoption of EVs. While the average driving range of new EVs has improved considerably in recent years, it still generally lags combustion vehicles.
Public charging infrastructure also needs to catch up, particularly for those without private parking access. The perceived inconvenience of recharging an EV versus easily refueling a combustion car persists.
However, automakers and governments are working to alleviate range concerns through technologies like bigger batteries, ultra-fast charging and incentives for public infrastructure buildout.
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Some of the Major Points of TOC cover:
Chapter 1: Techniques & Scope
1.1Definition and forecast parameters
1.2Methodology and forecast parameters
1.3 Information Sources
Chapter 2: Latest Trends Summary
2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends
Chapter 3: Industry Insights
3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape
Chapter 4: Vehicle Electrification Market , By Region
Chapter 5: Company Profiles
5.1 Overview of the Company
5.2 Economic components
5.3 Product Overview
5.4 Analysis of Strengths and Weaknesses
5.5 Methodical Outlook
Chapter 6: Assumptions and Acronyms
Chapter 7: Research Methodology
Chapter 8: Contact (Continue . . .)
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