Vehicle Electrification Market reaches $30.74 Billion by 2019 with Rising Demand - Reported By MarketsandMarkets
(PRWEB) February 25, 2015 -- According to the report by MarketsandMarkets, the global Vehicle Electrification Market is expected to reach $30.74 billion by 2019. Along with the revenue forecasts, the report also provides the details about the growth trends and restraints for the key industry players.
Explore Vehicle Electrification Market through in-depth TOC, figures and data tables spread across 157 report pages.
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According to the report, the Asia Pacific region is expected to remain the fastest growing market in the vehicle electrification region. Rising demand for electric vehicles and growth in the overall automotive industry are expected to remain the strongest driving factors for this market in the region. Rising demand for enhancing fuel efficiency and growth in the vehicle manufacturing industry are also expected to create growth opportunities for the market in this region. The report expects the Asia Pacific market to grow at a healthy CAGR of 15.2% from 2014 to 2019.
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According to the report, countries like UK, France and Germany are expected to drive the demand in the vehicle electrification market. Growth in the sales volume of electric vehicles in the European countries is expected to drive the demand in this market. According to the report, government subsidiaries and rising infrastructure facilities are also expected to drive the demand in this market. Thanks to growth in the research and development activities, the European market is expected to grow at a CAGR of 6.7% by 2019.
MarketsandMarkets suggests steady growth for the North American vehicle electrification market. According to their report, the demand in the North American countries is mainly driven by the stringent emission laws and maturing of the American automotive industry. Growth in the sales and development of electric vehicles is also expected to drive the market. According to the report, the North American market is poised to witness healthy growth at a CAGR of 16.4% by 2019.
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