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The automotive sector is one of the most significant contributors to the GDP across emerging countries. This could be attributed to the increasing demand for commercial and passenger vehicles to carry out daily commutation. Furthermore, the increasing demand for vehicles with no dependence on fossil fuel and stringent government regulations against the emission of carbon dioxide is anticipated to augment the market in the forecast period. In addition to this, the growing competition between the major vehicle manufacturers to develop affordable and economic e-vehicles is likely to provide impetus to the market in the forecast period.
North America is likely to witness significant growth in the forecast period owing to the advanced automotive infrastructure in the United States of America and Canada. In addition, the increasing inclination of the population in the region towards 48 V e-vehicles owing to enhanced driving experience and facilitate cost-saving is anticipated to augment the market growth in the region in the forecast period. Furthermore, the growing popularity of plug-in electric vehicles in the United States of America is anticipated to boost the vehicle electrification industry.
In June 2021, XL Fleet Corp. (NYSE: XL) announced the collaboration with Rubicon Technology, Inc. (NASDAQ: RBCN). This collaboration has been aimed at bringing XL Fleet’s fleet electrification offerings to Rubicon’s network of waste and recycling hauler partners and has been aiding the demand for the product.
Market Breakup by Product Type, Sales Channel, Vehicle Type, and Region:
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The major players in the vehicle electrification industry are Continental AG, Hitachi Automotive Systems, Ltd., Aisin Seiki Co., Ltd., Denso Corporation, Delphi Technologies, Robert Bosch GmbH, ZF Friedrichshafen AG, Johnson Electric Holdings Limited, and Magna International Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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