Transportation electrification refers to the use of electricity from external sources of electrical power, including the electrical grid, for all or part of vehicles, trains, vessels, boats, or others. Electrification is marginally adopted by the transportation industry, in order to reduce the burden over fossil as well as non-conventional fuels.This growth is primarily driven by An Increase in Air Pollution Due to Carbon Emissions, Stringent Government Regulations over Fuel Powered Vehicles, The Rising Cost of Fuel across the Globe and The Rapid Adoption of Electrified Vehicles.
Globally, a noticeable market trend is evident The Rising Adoption of Electric Vehicles among the People. Major Manufacturers, such as Thales Group (France), Bombardier Inc. (Canada), Siemens AG (Germany), Continental AG (Germany), General Electric (United States), Robert Bosch GmbH (Germany), Tesla Inc. (United States), General Motors (United States), BMW AG (Germany), ZF Friedrichshafen AG (Germany) and Valeo (France) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 2 July 2018, ABB has completed the acquisition of GE Industrial Solutions. The acquisition will strengthen ABB’s global position in electrification and also expected to increase the company’s footprint in North American markets.
On 25 Sept 2018, Valeo showcased its range of 48 V electrification systems, which contribute to reducing fuel consumption in commercial vehicles. With their affordable price tag, these solutions help make hybrid and electric vehicles synonymous with cleaner mobility more broadly accessible.
- An Increase in Air Pollution Due to Carbon Emissions
- Stringent Government Regulations over Fuel Powered Vehicles
- The Rising Cost of Fuel across the Globe
- The Rapid Adoption of Electrified Vehicles
- The Rising Adoption of Electric Vehicles among the People
- The High Cost of the Product
- Unavailability of Infrastructure in Underdeveloped Countries
The Emerging Demand for Electric Vehicles among the Developed and Developing Countries and The High Investments in Transportation Electrification
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