Asia Pacific vehicle electrification market size is estimated to dominate the overall industry share during the forecast timeline and experience the highest growth. China, Korea, and Japan are anticipated to be the key contributors to the growth of the region. To cater to the increasing demand, OEMs are increasingly investing to expand their operations in these countries.
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Europe vehicle electrification market share is expected to experience a high growth rate owing to the presence of major industry participants across the region. Germany accounts for the largest vehicle sales in the region.
Manufacturers operating in the global vehicle electrification market include Continental AG, Denso Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH., Nexteer, JTEKT Corporation, and TRW Automotive Holdings. The industry is highly characterized by mergers & collaborations for the development of advanced portfolios to gain a competitive edge. For instance, in May 2016, PSA Group and China’s Dongfeng Motor entered into an agreement to create a common platform to develop electric cars from 2019.
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