New York, US, Dec. 09, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Vehicle Electrification Market Research Report: Information by Product, Sales Channel, Voltage, Region, and Vehicle– Forecast till 2030”, the global market for vehicle electrification is predicted to bolster substantially during the review period from 2022 to 2028 at a healthy growth rate of approximately 12.52%. The reports further predict the market to attain a valuation of around USD 250 Billion by the end of 2028.

Vehicle Electrification Market Overview:

Vehicle electrification is considered the essential driving energy behind the transformation of the automotive industry. The requirement for the electrification of automobiles is mainly attributed to the development of automotive production and sales across the globe. Electrification of vehicles is gaining traction as a feasible choice for conventional hydraulic and mechanical systems. Vehicle electrification enhances fuel economy while also reducing emissions. OEMs have experienced substantial weight reduction of automotive components because of the increasing trend of vehicle electrification, enhancing vehicle operational efficiency, and lowering fuel consumption. The electrification of the IC engine is a substantial stance forward since it enables lower fuel usage.

Vehicle Electrification Market Competitive Analysis

The catalog for the leading participants across the…