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Vehicle Electrification Market to Grow US$ 150.72 Billion by 2027

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The global Vehicle Electrification market size is expected to surpass around US$ 150.72 billion by 2027 and the market is expected to garner growth at a CAGR of 8.9% over the forecast period 2021 to 2027.

The Vehicle Electrification market report covers a detailed analysis for the historic period 2017-2020, considering 2021 as the base year and forecast (growth) for 2021-2027.

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Growth Factors

The concept of mild hybrids or 48V architecture is increasingly gaining traction across the globe that is consequently expected to fuel the demand for vehicle electrification in the coming years. Full hybrid vehicles offer higher fuel efficiency as compared to mild hybrid. As per the International Council on Clean Transportation, fuel consumption is reduced by 30-35% by the application of full hybrid vehicles. However, due to high cost and increased weight of the vehicle, mild hybrid vehicles are the preferred choice by Original Equipment Manufacturers (OEMs) and consumers.

On the other hand, difficulty in achieving an optimum power-to-weight ratio in an electric vehicle hinders the market growth. As the weight of the vehicle reduces consequently the power of vehicle improves, thus OEMs and Tier 1 companies are working significantly on implementation of light weight components and advanced products that improves the power-to-weight ratio.

Market Report Scope

Report Highlights Details
Market Size USD 150.72 Billion by 2027
Growth Rate CAGR of 8.9% from 2021 to 2027
Largest Market Asia Pacific
Fastest Growing Market Europe
Base Year 2021
Forecast Period 2021 to 2027

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Market Overview

A recent study by Precedence Research on the Vehicle Electrification market offers a forecast for 2021 and 2027. The study analyzes crucial trends that are currently determining the growth of the Vehicle Electrification market. This report explicates on vital dynamics such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of Vehicle Electrification. The study also provides the dynamics that are responsible for influencing the future status of the Vehicle Electrification market over the forecast period.

A detailed assessment of the Vehicle Electrification market value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the Vehicle Electrification market along with their product portfolio enhances the reliability of this comprehensive research study.

Report Highlights

  • In 2019, the Asia Pacific captured the maximum revenue share in the global vehicle electrification market and experience attractive growth during the forecast period. High demand for vehicle supplements in China and India propels the market growth in the region. Further, rapid adoption of green transportation in Asian countries triggers the adoption of battery-powered vehicles such as BEV, HEV, and PHEV again contributes positively towards the market growth.
  • Europe holds second largest position in the global vehicle electrification market in terms of revenue in the year 2019. The governments of France, Germany, UK, Italy, and other European countries focus on sustainable development in infrastructure growth, this offers significant opportunity for the market players to flourish their business.
  • Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle dominated the global vehicle electrification market in the year 2019 and expected to witness a substantial growth in the coming years. However, Plug-in Hybrid Electric Vehicle (PHEV) registered the highest growth of nearly 16% over the analysis period.
  • Electric Power Steering (EPS) witness high demand in 2019 and expected to grow at a significant rate during the forecast period. Extra comfort offered by the EPS system to the driver is the one of the potential driving factors that significantly boosts the market growth. On the other hand, electric oil pump exhibit the fastest growth over the forecast period.

Regional Snapshots

The Asia Pacific expected to be the most promising region in the global vehicle electrification market and captured nearly 50% value share in 2019. In addition, the region experience attractive growth over the forecast period. Rising adoption of electrically-powered vehicles in Asian countries especially in China, Japan, India, and Korea attributed as the major factor that drives the market growth in the region. Furthermore, rising disposable income along with rising demand for green mode of transportation in the region significantly trigger the demand of vehicle electrification.

OBJECTIVES OF THE STUDY

  • To analyze and forecast the electric motor market, in terms of value and volume
  • To provide information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To define, segment, and project the size of the global electric motor market on the product type, end-use and other segments
  • To project the size of the market, with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South America, with their key countries
  • To strategically analyze micro markets with respect to individual growth trends, growth prospects, and their contribution to the total market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market leaders
  • To strategically profile key players and comprehensively analyze their core competencies
  • To track and analyze research & development (R&D) and competitive developments such as joint ventures, mergers & acquisitions, and new product developments in the electric motor market

Research Methodology

  • Market estimate for 2020
  • Average selling price (ASP) per region for specific product type
  • Filtrations and assortment of gathered data, to estimate the base year (2021) market size for the country
  • Gathering data from company websites, annual reports, white papers, financial reports, broker reports, investor presentations, and SEC filings
  • National government documents, statistical databases
  • News articles, press releases, and webcasts specific to companies operating in the market
  • Country wise analysis through internal and external proprietary databases, and relevant patent and regulatory databases
  • Determination of market penetration by country

Major Players Covered in this Report

The updated market research report on electric motor market allows the buyers and manufacturers to stay updated with the current market trends, ongoing happenings, and a clear picture on the market scenario. List of key players included in the research report will help the market vendors to know their market position and plan more operational strategies to gain topmost position among other players. The report offers crucial company information on each market player, such as company profile, financial information, and recently adopted growth strategies. This will help other existing players and the new entrants to plan strategies and establish their presence in the market.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

Major key players operating in the market are

  • Continental
  • Valeo
  • Robert Bosch GmbH
  • Denso
  • Mitsubishi Electric Corporation
  • Johnson Electric
  • Delphi Automotive PLC

Segments Covered in the Report

By Product

  • Electric Power Steering (EPS)
  • Integrated Starter Generator (ISG)
  • Start/Stop System
  • Electric Air Conditioner Compressor
  • Liquid Heater Ptc
  • Electric Oil Pump
  • Electric Vacuum Pump
  • Starter Motor & Alternator
  • Electric Water Pump
  • Actuators

By Hybridization

  • Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Why should you invest in this report?

If you are aiming to enter the global Vehicle Electrification market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Vehicle Electrification are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027, so that you can plan your strategies to enter this market accordingly. Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Vehicle Electrification Market, By Product

7.1. Vehicle Electrification Market, by Product Type, 2020-2027
7.1.1. Electric Power Steering (EPS)
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Integrated Starter Generator (ISG)
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Start/Stop System
7.1.3.1. Market Revenue and Forecast (2016-2027)
7.1.4. Electric Air Conditioner Compressor
7.1.4.1. Market Revenue and Forecast (2016-2027)
7.1.5. Liquid Heater Ptc
7.1.5.1. Market Revenue and Forecast (2016-2027)
7.1.6. Electric Oil Pump
7.1.6.1. Market Revenue and Forecast (2016-2027)
7.1.7. Electric Vacuum Pump
7.1.7.1. Market Revenue and Forecast (2016-2027)
7.1.8. Starter Motor & Alternator
7.1.8.1. Market Revenue and Forecast (2016-2027)
7.1.9. Electric Water Pump
7.1.9.1. Market Revenue and Forecast (2016-2027)
7.1.10. Actuators
7.1.10.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Vehicle Electrification Market, By Hybridization

8.1. Vehicle Electrification Market, by Hybridization, 2020-2027
8.1.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Battery Electric Vehicle (BEV)
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Plug-in Hybrid Electric Vehicle (PHEV)
8.1.3.1. Market Revenue and Forecast (2016-2027)
8.1.4. Hybrid Electric Vehicle (HEV)
8.1.4.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Vehicle Electrification Market, Regional Estimates and Trend Forecast

9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2016-2027)
9.1.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.1.3.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.1.4.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.3.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.4.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.5.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Product (2016-2027)
9.2.6.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.3.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.4.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.5.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Product (2016-2027)
9.3.6.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.3.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.4.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.5.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Product (2016-2027)
9.4.6.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2016-2027)
9.5.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Product (2016-2027)
9.5.3.2. Market Revenue and Forecast, by Hybridization (2016-2027)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Product (2016-2027)
9.5.4.2. Market Revenue and Forecast, by Hybridization (2016-2027)

Chapter 10. Company Profiles

10.1. Continental
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Valeo
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Robert Bosch GmbH
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Denso
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Mitsubishi Electric Corporation
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Johnson Electric
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Delphi Automotive PLC
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Hitachi, Ltd.
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Nexteer Automotive
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. JTEKT Corporation
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions

Chapter 12. Appendix

12.1. About Us
12.2. Glossary of Terms

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Janet Edward

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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