Vehicle Electrification Market to Hit $125B by 2025
Jan.15, 2018—The global vehicle electrification market is expected to reach $125.12 billion by 2025, according to Grand View Research, Inc.
The report cover the growing demand for electrification in transport and the shift in favor of electrification due to lowered usage of petroleum to energy efficient vehicles.
A large factor contributing to the growth of the market is regional legislation policies and efforts on strengthening CO2 emissions standards.
The global vehicle electrification market was worth $58.92 billion in 2016 and is expected to grow to 9.1 percent from 2017 to 2025.
Increasing user demand for eco-friendly solutions and stringent emission regulations are expected to impact the growth for internal combustion engine and micro-hybrid vehicles in the market over the forecast period.
The internal combustion engine (ICE) and micro-hybrid vehicles segment is anticipated to grow at a CAGR of 7.8% from 2017 to 2025.
ICE and Micro-Hybrid vehicles emerged as the largest segment in 2016 and is estimated to generate revenue over $70.68 billion by 2025.
The Asia Pacific market is projected to have substantial growth over the next decade due to the growing adoption of vehicle electrification methods. The regional market is expected to grow at a CAGR of 8.5 percent from 2017 to 2025.