Vehicle Electrification Market Share, Size, Competition Landscape, Manufacturers Analysis and Future Opportunity Outlook 2030

In a recent published report, Kenneth Research has updated the market report for Vehicle Electrification Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Vehicle Electrification Market products.

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Kenneth Research has added a report on Vehicle Electrification Market  that involves the analysis of the product demand and market on the basis of various factors and by using different analytical tools for the forecast period 2021 2025.

Kenneth Research has published a detailed report on Vehicle Electrification Market, which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025.

Electrification of vehicles denotes to the range of technologies and components that uses electricity to propel a vehicle. To reduce the consumption of fossil fuels, electric vehicles are designed to operate on electricity. Additionally, electric vehicles also hels in reducing carbon emission related problems from internal combustion engine vehicles. Various manufacturers and OEMs are continuously making efforts in developing and making electric vehicles a reality.

Over 1.2 million electric vehicles were sold in the last year, with more than 165 models available for sale. Market leader China holds approximately 48% of the total electric vehicle market followed by Europe at approximately 26%. Tighter emission norms followed by dropping prices of battery packs is forcing the market to newer dimensions. Solid state battery which is the future of battery packs would further push forward the electric vehicles market.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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More than 10 vehicle manufacturers in the last 6 months have announced their plans to launch electric vehicle in the future. Tesla’s lithium-ion factory which is called the tesla Gigafactory is only 35% operational, and plans to produce by the year 2018, 50 GWh worth of batteries. When the factory becomes fully operational, it claims to produce around 150 GWh of batteries which can power around 1.5 million vehicles having 100KWh of battery pack. BMW, Fisker and Toyota are likely to be the early birds to adopt the battery in its electric vehicles by the year 2023.

Supplementing vehicle production in the past few years is expected to drive the market for vehicle electrification. Concerns regarding the depletion of fossil fuels, rising emission related queries has forced the government and OEMs to take various steps in electrifying the vehicle propulsion system which would help in curbing carbon footprint.

However, exorbitant prices of electric vehicle in the present market scenario owing to high prices for batteries is somehow hindering the adoption of electric vehicle. Additionally, lack of charging infrastructure or fueling stations is further going to hinder the market’s growth.

In terms of region the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa and South America. Asia Pacific dominated the market owing to the contribution of China. China alone contributes around 48% of the electric vehicle market in the year 2017. Europe is expected to witness a prime growth rate owing to the contribution or Germany and Norway.

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Various factors contributed, such as the and increasing customer interest in electric vehicles and ongoing bans for diesel technology. Germany encountered a huge momentum in the electric vehicle sales, where the market increased more than double. Germany is now Europe’s second-largest electric vehicle market, outpaced only by Norway.

Some of the major players of this market are Tesla, BYD, Nissan Motor, Delphi Automotive and VW among others.

Key points covered in this report:
• The historical and current data is provided in the report based on which the future projections are made and the industry analysis is performed.
• The import and export details along with consumption value and production capability of every region is mentioned in the report.
• Porter’s five forces analysis, value chain analysis, SWOT analysis are some additional important parameters used for the analysis of market growth.
• The report provides the clients with the facts and figures about the market on the basis of evaluation of the industry through primary and secondary research methodologies.

ANSWERED TO THE FREQUENTLY ASKED QUESTIONS :

WHAT IS THE SCOPE OF THE REPORT?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

WHAT ARE THE KEY SEGMENTS IN THE MARKET?
• By product type
• By End User/Applications
• By Technology
• By Region

WHICH MARKET DYNAMICS AFFECTS THE BUSINESS?
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.

Key Topic Covered in this Report
• Market Growth Opportunities
• Leading Market Players
• Market Size and Growth Rate
• Market Growth Drivers
• Company Market Share
• Market Trends and Technological

About Kenneth Research:-
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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