Market Dynamics:
Growing demand for fuel-efficient and emission-free vehicles is expected to be a key driver for the vehicle electrification market over the forecast period. Stringent emission norms by governments worldwide and rising environmental awareness among consumers are compelling automakers to focus on developing hybrid and electric vehicle technologies. For instance, the European Union has mandated that CO2 emissions from new passenger cars be reduced by 37.5% by 2030 from 2021 levels. Rising adoption of EVs is also being supported by government incentives and subsidies in various countries. Moreover, technological advancements have made hybrid and electric vehicle components more affordable and reliable over years, further encouraging automakers to increasingly electrify their fleet. However, availability of limited public charging infrastructure in many countries remains a challenge.

Key Takeaways:

The Global Vehicle Electrification Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing consumer demand for green mobility solutions. Stringent emission norms by governments worldwide to reduce carbon footprint will drive market expansion.

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