Vehicle Electrification Market Scope
Vehicle electrification refers to a range of technologies that use electricity to propel a vehicle. Advances in electrified mobility were emerging at breakneck speed as companies raced to develop new ways to move the masses. Global sales of electric and plug-in hybrid cars increased by 54 percent in 2017 to touch 1.15 million units. According to the International Council on Clean Transportation (ICCT), the total sum to global annual sales of electric vehicle is more than 3 million vehicles in 2020 and about 10 million by 2025.
The market study is being classified by Type (Start/Stop System, Electric Power Steering (EPS), Electric Air-Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Electric Mirror, Liquid Heater PTC, Integrated Starter Generator (ISG), Starter Motor & Alternator and Actuators), by Application (Passenger Car, Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV)) and major geographies with country level break-up. According to AMA, the Global Vehicle Electrification market is expected to see growth rate of 7.98% and may see market size of USD94.16 Billion by 2024.
The Vendors having a strong hold in the market are Bosch GmbH (Germany) Continental AG (Germany) Delphi Automotive PLC (United Kingdom) Denso Corporation (Japan). Research Analyst at AMA predicts that German, Japanese and United States Vendors will contribute to the maximum growth of Global Vehicle Electrification market throughout the predicted period.
Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (United Kingdom), Denso Corporation (Japan), Hitachi Electric (Japan), Johnson Electric (Hong Kong), Mitsubishi Electric (Japan), Borgwarner (United States), Magna (Canada), Aisin (Japan) and ZF Friedrichshafen (Germany) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Johnson Controls (United States), Valeo (France), Jtekt (Japan) and Wabco (Belgium).
AdvanceMarketAnalytics has segmented the market of Global Vehicle Electrification market by Type, Application and Region.
On the basis of geography, the market of Vehicle Electrification has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Degree of Hybridization, the sub-segment i.e. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle will boost the Vehicle Electrification market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In April 2019, Magna announced that it has completed the acquisition of VIZA Geca SL, a Spain-based supplier of seat structures and related systems.
In April 2017, Mitsubishi Electric Corporation announced that it has developed an ultra-compact silicon carbide (SiC) inverter for hybrid vehicles. It is compatible with two-motor hybrid systems used in HEVs. The company will proceed to develop it for mass production, with the aim of commercializing it around 2021.
In the EU, regulation 443/2009/EC establishes fleet-wide CO2 targets that include electrified vehicles. Specifically, super-credits are available to manufacturers for any of their vehicles that emit less than 50 g/km of CO2 in the years 2013 to 2015 and 2020 to 2022 to encourage more of the cleanest vehicles into the European market.
- The Considerable Shifting of the Technologies from Hydrocarbon Energy to Electrical Energy in the Automotive Industry.
- New Developments for Climate-Friendly Hybrid and Electric Vehicles
- Decreasing Permissible Limits in Emission Regulations & Raised Fuel Economy Bars
- Increasing Demand for Reliable Electric Systems in Vehicles
- Rising Need for 48V Architecture
- Adoption of Light Electric Commercial Vehicles in Developed Countries
- The Surge in the Growth of Automotive Industry in Developing Economies
- Higher Cost of Electric Systems
- Inadequate Charging Infrastructure for Electric Vehicles
- Considerable Number of Failure Cases in Safe Electronic and Electrical Components
Key Target Audience
Vehicle Electrification Suppliers, Raw material manufacturers of vehicle electrification components Automotive OEMs, Traders and Distributors, Research Institutes and Others
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