Westford,USA, Jan. 16, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Vehicle Electrification market, increasing popularity of electric SUVs and crossovers, the development of fast-charging infrastructure and wireless charging technologies, a focus on extending the driving range of electric vehicles, the emergence of solid-state batteries for EVs, and efforts to make electric vehicles more affordable through cost reductions in battery production are the trends that aid in the market's growth.
Browse in-depth TOC on "Vehicle Electrification Market"
- Pages - 157
- Tables - 71
- Figures - 75
Vehicle electrification is the process of converting vehicles from gasoline or diesel engines to electric motors. This can be done by converting existing vehicles or by manufacturing new electric vehicles.
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Prominent Players in Vehicle Electrification Market
- Tesla
- Volkswagen Group
- Toyota
- BYD
- Stellantis
- General Motors
- Ford
- Hyundai Motor Group
- Nissan
- BMW Group
- Mercedes-Benz Group
- Volvo Group
- Renault Group
- Jaguar Land Rover
- Rivian
- Lucid Group
- Polestar
- Xpeng
- Nio
- Arrival
- Fisker
- Faraday Future
Battery Electric Vehicles (BEVs) Demand to Grow Substantially in the Forecast Period
Battery Electric Vehicles (BEVs) dominate the global online market due to the increasing concerns about environmental sustainability and reducing greenhouse gas emissions were driving the demand for vehicles with zero tailpipe emissions. BEVs, which operate solely on electricity stored in batteries, produce no direct emissions during operation, making them highly attractive for environmentally conscious consumers and meeting stringent emissions regulations.
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Passenger Vehicles is the Leading Application Segment
In terms of application, passenger vehicles, including sedans, hatchbacks, and SUVs, traditionally had a larger consumer market than commercial vehicles. As consumers became more interested in electric vehicles (EVs) for personal use, the passenger vehicle segment saw strong demand
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a significant emphasis on technological advancements. The region’s leadership includes strong government support and incentives for EV adoption, a large and growing middle-class population, and a commitment to reducing air pollution and greenhouse gas emissions. Chinese automakers, such as BYD, NIO, and Xiaomi, produced a wide range of electric vehicles for domestic and international markets.
A recent report thoroughly analyzes the major players operating within the Vehicle Electrification market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Vehicle Electrification.
Key Developments in Vehicle Electrification Market
- BMW announced its commitment to fully electric vehicles by 2030, accelerating its transition from internal combustion engines. The company introduced the BMW i4 and iX electric models, offering enhanced performance and range.
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Key Questions Answered in Vehicle Electrification Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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