The global vehicle electrification market is growing at a CAGR of 10.3% during the forecast period. The preference for electrified vehicles among automakers and automakers, as well as the growing focus on environmentally friendly alternatives in automobiles, are projected to propel the growth of the vehicle electrification market in the upcoming years.
Vehicle electrification changes how people view transportation and expands the market for vehicle electrification. When combined with sustainable transportation infrastructure, it delivers benefits to both car manufacturers and end users.
Crucial Drivers Steering Vehicle Electrification Market Growth
The market for vehicle electrification may be stimulated by rising conventional fuel prices as well as increased sales of electric vehicles. It is projected that consumer demand for more fuel-efficient vehicles, stronger emission restrictions, and growing environmental consciousness will fuel the market expansion for vehicle electrification. Many nations, notably the US government, are actively encouraging the electrification of cars through tax advantages and subsidies.
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The increased usage of technology developments in electric vehicles, such as e-axles, is the main reason fueling the market’s expansion for vehicle electrification. In addition, the market is expanding as a result of the growing demand for lightweight vehicle manufacture to increase fuel efficiency. The market for vehicle electrification is anticipated to be driven by increasing demand for hybrid automobiles.
The Vehicle Electrification Industry’s Hardships
Advanced technologies and electric power components are used in electric automobiles. These technologies come with a number of concerns that need to be carefully evaluated, including the thermal runaway of the battery bank and fire. High battery costs, overheating, the total energy storage capacity of the battery, and the development of car batteries are the current vehicle electrification market difficulties limiting the appeal of electric vehicles.
Asia Pacific
The biggest market share for vehicle electrification is in the Asia Pacific area. The government’s multiple initiatives in China, South Korea, and India to encourage the use of electric vehicles and provide tax advantages for such purchases could accelerate the expansion of the region’s vehicle electrification market. In addition, the region’s economic and technological achievements, as well as rising levels of disposable income, all contribute to the prosperity of the area.
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The market for vehicle electrification is anticipated to be dominated by the electric power steering industry. EPS increases vehicle manoeuvrability while lowering fuel consumption. In Asia, the market trend towards car electrification is growing. In Asia, EPS is implemented at a rate of around 91%. The EPS segment is therefore anticipated to have the biggest market share for vehicle electrification during the projection period.
Key Takeaways:
- Due to rapid technological advancement and the expanding automobile industry, the vehicle electrification market is expected to grow at a double CAGR during the forecast period.
- North America is expected to be the fastest-growing market for vehicle electrification.
- The United States is on track to be the market leader in North American vehicle electrification.
- During the forecast period, the EPS segment is expected to have the largest market share.
- The plug-in hybrid electric vehicle (PHEV) market is expected to grow the fastest in the vehicle electrification market.
Competitive Landscape:
Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric are among the major manufacturers in the vehicle electrification market (Japan). These businesses have diverse product lines and extensive global distribution networks. These companies use strategies such as new product development, expansions, collaborations, and contracts and agreements to maintain their vehicle electrification market position.
Key Players
- Toyota is one of the key players in the automobile industry that is implementing vehicle electrification. Toyota is innovating in the vehicle electrification market, leveraging the benefits of electrification to support their sustainability initiatives, with the goal of increasing electrified vehicle sales over the next decade.
- Automobile manufacturers are expected to benefit from the initiatives taken by automotive players such as Renault Group and Bosch to implement vehicle electrification, transform public transportation with vehicle electrification, and add electrified vehicles to their product portfolio in the future.
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Key Segments Covered in the Vehicle Electrification Market Report
Product Type:
- Start/Stop System
- Electric Power Steering (EPS)
- Electric Air-Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Liquid Heater PTC
- Integrated Starter Generator (ISG)
- Starter Motor
- Alternator
- Actuator
Degree of Hybridization:
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- 48 V
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
Recent Developments:
- ARBOC Specialty Vehicles, LLC (USA) and XL Fleet Corp. (USA) worked together to electrify ARBOC Freedom low-floor buses.
- Ford (USA) has acquired Electriphi (California), a provider of charge management and fleet monitoring software.
- General Motors, a major American automaker, announced plans to introduce personal electric vehicles in 2021.
- CATL, a Chinese EV battery manufacturer, plans to expand its partnerships with Coach B.V. & VDL Bus in the Netherlands and Quantron AG in Germany in 2020 to accelerate commercial vehicle electrification in Europe by improving local services and product solutions.
- The company intends to release 30 electric vehicles worldwide by 2025, with roughly two-thirds of them available in North America.
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