The global vehicle electrification market share is growing at a CAGR of 10.3% during the forecast period. The vehicle electrification market is expected to grow significantly in the coming years as a result of the preference for electrified vehicles among automotive and automobile manufacturers, as well as the increasing emphasis on environmentally friendly alternatives in automobiles.
Vehicle electrification refers to the process of replacing traditional gasoline or diesel-powered vehicles with electric vehicles (EVs) that run on batteries or other forms of electric power. The global market for vehicle electrification is expected to experience significant growth in the coming years, driven by several key factors.
Crucial Drivers Steering Vehicle Electrification Market Growth
One of the main drivers of growth in the market is the increasing demand for electric vehicles. As consumers become more environmentally conscious and governments introduce stricter regulations on emissions, the demand for electric vehicles is expected to continue to grow. The adoption of electric vehicles is also being driven by improvements in battery technology, which are helping to increase their range and reduce their cost.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-542
Another key factor driving growth in the market is the development of charging infrastructure. As the number of electric vehicles on the road increases, the need for charging stations and other infrastructure is also growing. Governments and private companies are investing heavily in charging infrastructure to support the growth of the electric vehicle market, which is expected to further accelerate adoption.
The Vehicle Electrification Industry’s Hardships
Electric vehicles are vehicles that incorporate advanced technologies and electric power components. There are a number of risks associated with these technologies, such as thermal runaway of the battery bank and fire that must be carefully considered. The current vehicle electrification market challenges impeding the popularity of electric vehicles are high battery costs, overheating, the total energy storage capacity of the battery, and the development of vehicle batteries.
Asia Pacific
The Asia Pacific region has the largest vehicle electrification market share. The government’s numerous efforts in India, South Korea, and China to promote the use of electric vehicles and provide tax breaks for such purchases may boost vehicle electrification market growth in this region. Aside from that, technological and economic advancements in this region, as well as increased disposable income, are all contributing to regional prosperity.
Request for Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-542
The electric power steering market is expected to be the largest in the vehicle electrification market. EPS reduces fuel consumption while increasing vehicle manoeuvrability. The vehicle electrification market trend is accelerating in Asia. EPS is installed at a rate of nearly 91% in Asia. As a result, the EPS segment is expected to have the largest vehicle electrification market share during the forecast 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.
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-542
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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
