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Vehicle Electrification Market 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.
Vehicle Electrification Market Report Scope
|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|
|Forecast Period||2021 to 2027|
|Segments Covered||Product Type, Hibridization Type, Region Type|
Vehicle Electrification Market 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.
The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicle. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter.
This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably. Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.
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Some of the prominent players in the vehicle electrification market include:
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- Johnson Electric
- Delphi Automotive PLC
Vehicle Electrification Market Segments
- 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
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region.
This section analyses region-wise revenue and volume for the forecast period of 2019 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global vehicle electrification market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the vehicle electrification market.
The report includes country-wise and region-wise market size for the period 2019-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2030.
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 2021-2030 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.
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