Electrification of Vehicles has also created opportunities for the automotive engine cooling system market
Date: 2024-04-19 Categories: Industry News Hits: 328
Demand for electric and hybrid vehicles is soaring across the globe, thereby creating opportunity for the growth otautomotive engine cooling system market during the forecast period through deployment of increasingly technologicallyadvanced parts. Increasing research and development activities in the field of engine cooling system for automobiles ancother vehicles coupled with government initiatives has also created opportunities for the rise of automotive engine coolincsystem market across the world. By electrification of vehicles, efficiency of the engine can be increased and it also limits theCO2 emissions and usage of fossil fuels. Additionally the government of various counties has taken initiatives for leveragingthe production and encouracing people to buy electric vehicles. Also, various government subsidiaries' focus on thepurchase of electric vehicles, is anticipated to provide prospects for the electric vehicles market, which in turn drives theelectric vehicles encine cooling system market growth,The declining battery costs and the increase in battery capacity haled to increase the demand for electric vehicle. This is anticipated to have a major impact on the electric vehicles enginecooling system market growth. Furthermore, technological advancements in the charging stations is anticipated to increasethe demand for the electric vehicles, thereby impacting the electric vehicles engine cooling system market growth. Nearl6.5 million electric vehicles (EVs) were sold worldwide in 2021, up 109% from 2020 and a 195% increase from 2019.