Global Vehicle Electrification Market Value

Joey Moore09 Sep, 2024Business

The global vehicle electrification market size reached US$ 91.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 162.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032. The global vehicle electrification market value is rapidly increasing as the automotive industry shifts towards more sustainable and efficient technologies. This transition is largely driven by the growing demand for electric vehicles (EVs), which are seen as a key solution to reducing greenhouse gas emissions and combating climate change. As consumers become more environmentally conscious, automakers are responding by expanding their electric vehicle offerings and investing in advanced technologies that enhance performance and reduce costs.