Vehicle Electrification Market by Region – Global Opportunities & Forecast, 2020-2027
Vehicle Electrification Market
The GMI Research report projects that
the Vehicle
Electrification Market will register a growth rate of 11.3% over the
forecast period. This is attributed to the accelerating sales of vehicles and
an expansion in automotive production.
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Vehicle
Electrification Market Dynamics
The demand for electrification of vehicles is attributed to
the insufficient accessibility of finite fossil fuels and the increasing
agitation to reduce pollutants in the environment. The evolution of the latest
transport systems and the rising demand for sustainable transportation has
propelled the market growth. The increasing espousal of electric vehicles is
guided by demand for extensive range vehicles, better functional security, and
reduced cost and charging time. Thus, as per the global
Vehicle Electrification market report, this stands to be another force steering
the growth of the global vehicle electrification market.
As stated by International Energy Agency (IEA), in 2019,
electric cars recorded sales of 2.1 million globally with a 40% yearly increase
and gauged for 2.6% of the global car sales. Moreover, several organizations
such as the World Electric Vehicle Association (WEVA), AVERE (The European
Association for Electromobility), the Society of Manufacturers of Electric Vehicles
(SMEV), and the Electric Auto Association, and Australian Electric Vehicle
Association (AEVA), are emphasizing on promoting Electromobility and viable
transport across the globe. This is projected to proffer huge opportunities to
the market. However, the evolution of the coronavirus has disturbed the supply
chain and production of vehicles, which will decline the sales of electric
vehicles, thus hindering market growth. Also, the reduced maintenance cost,
inadequate charging infrastructure, and substitution of electric vehicle
systems in emerging nations such as Bangladesh, India, and China will further
hamper the Vehicle Electrification market size.
Product
Segment Drivers
Based on the product, the electric power steering segment is
anticipated to witness robust growth over the coming years. This is because of
their various benefits over the hydraulic power steering system, such as power
effectiveness, environmental affinity, simplified tuning, packaging elasticity,
insubstantial weight, and better safety. Moreover, the global Vehicle
Electrification market forecast projects that several car models such as
the Toyota Fortuner, Porsche 911, Suzuki Swift, Hyundai i20 have been installed
with electric power steering.
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