Vehicle electrification refers to the use of electricity for vehicle propulsion. It is gaining popularity owing to its advantages over fuel propulsion. Market Research Future MRFR’s analysis of the global Vehicle Electrification Market Size asserts that it is assessed to expand at a moderate CAGR during the evaluation period 2018 to 2023. The developments in battery technology are also projected to drive the growth of the market in the foreseeable future.
Vehicle electrification has gained popularity owing to the support it has received from the governments. Implementation of strict fuel emissions regulations has led to an increase in the sales of electric vehicles. In addition, the rising awareness about the impact of carbon emissions on the environment is also anticipated to drive the growth of the Vehicle Electrification Market Size in the forthcoming years. The rising investments in curbing carbon emissions and increasing green footprint are expected to influence the sales of electric vehicles greatly. It is projected to have a positive impact on the growth of the Vehicle Electrification Market Size.
The governments are influencing the trends in the automotive industry by promoting electric vehicles. Also, the public transportation infrastructure is anticipated to turn all-electric in many countries over the next couple of years. It has uncovered massive growth potential for the Vehicle Electrification Market Size. The market is projected to attract investments worth millions in the upcoming years. Organizations and governments are working hand in hand to build automobile charging infrastructure. It is anticipated to augment the Vehicle Electrification Market Size in the upcoming years.
Rising fuel prices are another factor that has catalyzed the shift towards electric vehicles. In addition, the developments in technology are also projected to drive market growth in the coming years. Increasing adoption of advancing technologies such as IoT, AI in the automotive industry is further anticipated to boost the growth of the Vehicle Electrification Market Size. However, the high price of these cars remains an impediment to market growth. Moreover, the developing nations lack proper infrastructure for the adoption of vehicle electrification. These factors might restrict the expansion of the Vehicle Electrification Market Size in the years to come.
On the basis of product, the Vehicle Electrification Market Size has been segmented into integrated starter generator, start/stop system, EPS, starter motor & alternator, actuators, electric vacuum pump, and others.
On the basis of vehicle type, the segments of the Vehicle Electrification Market Size include ICE & micro-hybrid, HEV, PHEV, and BEV.
By sales channel, the Vehicle Electrification Market Size has been segmented into OEM and aftermarket
On the basis of voltage, the Vehicle Electrification Market Size has been segmented into 12V, 14V, 24V, and 48V.
The assessment of the global Vehicle Electrification Market Size on the basis of the region covers North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are also studied on a country-level basis for in-depth study. The market is presumed to be dominated by the Asia Pacific over the assessment period. China is a major player in the regional market. The rising impact of air pollution and carbon emissions in the nation has prompted the growth of the Vehicle Electrification Market Size in the region. The Chinese government is working on the shift towards an entirely electric transportation system. This, in turn, is supposed to catapult the regional Vehicle Electrification Market Size on an upward trajectory. In addition, the rising demand for electric vehicles, in conjunction with rising per capita income, is expected to boost the growth curve of the market further.
Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Denso Corporation (Japan), Nexteer Automotive (U.S.), JTEKT Corporation (Japan), Mitsubishi Electric Corporation (Japan), Mando Corp. (South Korea), Delphi Automotive PLC (U.K.), Borgwarner Inc. (U.S.), Johnson Electric (Hong Kong), and Hitachi Automotive Systems, Ltd. (Japan).
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