Vehicle Electrification Market Share, Growth, Trends, Demand And Forecast 2023-2028

The latest report by IMARC Group, titled “ Vehicle Electrification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ”, offers a comprehensive analysis of the industry, which comprises insights on the vehicle electrification share . The global market size reached US$ 85.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 131.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.29% during 2023-2028. Factors Affecting the Growth of the Vehicle Electrification Industry: Consumer Awareness and Preferences: Increasing consumer awareness about environmental issues and their preferences are significantly influencing the growth of the vehicle electrification industry. As awareness about the environmental impact of fossil fuels grows, consumers are increasingly opting for greener alternatives, such as EVs (electric vehicles). This shift is supported by the growing perception of EVs as environment-friendly and cost-effective in...