Ten Ways Vehicle Electrification Market Can Improve Your Business.
In the pre-COVID-19 scenario, the vehicle electrification market was expected to reach 735 million units by 2025, up from 540 million units in 2020. (in terms of volume). The possibility of a second COVID-19 wave might be a severe setback for the car industry. However, with shutdown relaxations in the United States and China allowing production to recommence, the automotive auxiliary industry is expected to resume operations by the end of 2020, propelling the vehicle electrification market. From USD 73.7 billion in 2015 to USD 129.6 billion in 2025, the vehicle electrification market is expected to increase at a CAGR of 11.9 percent. The vehicle electrification market would be the preferable option for OEMs in the near future because of several benefits such as reduced vehicle weight, lower emissions, increased fuel efficiency, improved driving comfort, and safety. In 2020, the vehicle electrification market is predicted to see a major slump, owing to a decrease in vehicle manufactu...