The global Vehicle Electrification Market is predicted to grow at a CAGR of 9.1% to succeed in USD 142.1 billion by 2027 from USD 71.0 billion in 2021.
Electric vehicles are designed so as to work on electricity, and the consumption of fossil fuels is decreased. Electric cars also are likely to assist the aim of low carbon emissions from vehicles. OEMs across the planet are taking efforts to develop and introduce electric vehicles on roads at the earliest.
Adoption of unpolluted power generation sources in such vehicle significantly impacts the environment with reduced harmful emissions of tailpipes also because of the power system. Additionally, the electrification process incurs less operating expense and requires low maintenance because it eliminates the utilization of lubricant or coolant within the vehicle. The mechanical integration through electrification improves the general working and efficiency, which is anticipated to spice up the market over the foreseen phase.
· Bosch showcases a variety of personalized connected solutions to rework the longer term of mobility. Bosch's comprehensive portfolio of future-ready mobility products and services are in line with the market interest for advanced safety features and BS-VI compliant vehicles.
· Bosch is joining electric-vehicle batteries with the cloud base system. Its data-based services mean they will substantially improve batteries' performance and extend their service life.
· Automotive component producer Continental AG will start production of its very first fully integrated axle drive in China.
· Continental, the German car parts group, is heading towards electric vehicles because it looks to position itself for a rapid climb in cleaner transportation targeted declining global production of cars and trucks.
Drivers and Restraints of Vehicle Electrification Market:
The global vehicle electrification market has seen a severe rate of growth due to the considerable shifting of the technologies of the automotive market from hydrocarbon energy to electricity. The need for sunshine weighted automobiles to enhance fuel efficiency and reduced carbon emissions drives the expansion of this market. However, the efforts put in by the varied vital players of this marketplace for the event of this technology results in the exponential growth of the market.
However, it's hard to exchange an energy source like gasoline of the oil & gas sector with electricity thanks to the high power generation capacity of the previous, which limits the market growth.
By Product Type:
The electric power steering witnessed high interest in 2016 and is anticipated to grow at a CAGR of 6.3% over the foreseen phase. Electric power steering (EPS) demanding benefits including advanced technology displaces hydraulic guide with a computer-controlled motor within the vehicle. EPS are smaller and lighter than HPS because it eliminates various conventional components and thus, end in an energy-efficient solution for automobiles. Lack of reliability in hydraulic power steering further support to the growing of EPS in this market. However, the electric pump in the merchandise type segment is predicted to witness an enormous CAGR of 10.7% over the foreseen phase. Useful mechanical integration fuels electrical pump applications in the automotive. This results in oil lubrication to be equally distributed amongst the required area of the engine also because of the different parts of the auto.
By Vehicle Type:
By Degree of Hybridization:
Plug-In Hybrid Electric Vehicle (PHEV) is anticipated to expand at a comparatively higher CAGR of 15.6 % than other hybridization types over the foreseen phase. The current technology and mechanical integration prospect within the automobiles deliver the consumer with an optimum desired solution for efficiency. Rising demand for PHEV is attributed to grow consumer preference on benefits of fuel efficiency and low down the operational and maintenance cost of the vehicle.
Battery Electric Vehicle (BEV) is predicted to grow at a healthy CAGR of 14.2% over the foreseen phase. The expansion within the segment is owed to changing environmental standards across all nations governments. The aim to attenuate the impact of worldwide carbon footprints is further anticipated to fuel the demand of the market within the industry.
Vehicle Electrification Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
North America is predicted to be the fastest growing marketplace for vehicle electrification. The expansion in this region is propelled by growing charging infrastructure and significant investments by OEMs within the development of auto electrification. The US is about to dominate the North American market, holding the very best market share in future. Thus, North America is predicted to be the fastest-growing market during the foreseen phase.
Europe is projected to account for the second-largest marketplace for vehicle electrification. The government within the region is concentrated to practice sustainable development within the infrastructure growth which has led the OEM of auto electrification to expand their business in the major countries like Germany, France, Italy and the U.K.
The market in Asia Pacific was estimated at USD 31.71 billion in 2016. The rising automotive industry in countries like India and China due to the demand for vehicle supplements the expansion for the industry. However, the mixture of rising population in countries and increasing per capita income stimulates the demand for the private transport automobile that's supportive to a sustainable environment.
Key Players of Market:
Major players operating in the global vehicle electrification market are Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric Holdings Ltd., Volkswagen, Toyota Motor Corporation, Honda Motor Co. Ltd, Mitsubishi Electric Corporation, and TRW Automotive Holdings Corp.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Vehicle Electrification Market, By Product Type
6.1.2 Electric Power Steering
6.1.3 Liquid Heater Ptc
6.1.4 Electric Air Conditioner Compressor
6.1.5 Electric Vacuum Pump
6.1.6 Electric Oil Pump
6.1.7 Electric Water Pump
6.1.8 Starter Motor
6.1.10 Integrated Starter Generator
6.1.11 Market Size Estimations & Forecasts (2019-2024)
6.1.12 Y-o-Y Growth Rate Analysis
6.1.13 Market Attractiveness Index
6.2 Vehicle Electrification Market, By Vehicle Type
6.2.1 Passenger Car
6.2.2 Light Commercial Vehicle
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Vehicle Electrification Market, By Degree of Hybridization
6.3.1 Internal Combustion Engine & Micro Hybrid Vehicle
6.3.2 Hybrid Electric Vehicle
6.3.3 Plug-In Hybrid Electric Vehicle
6.3.4 Battery Electric Vehicle
6.3.5 48V Vehicle
6.3.6 Market Size Estimations & Forecasts (2019-2024)
6.3.7 Y-o-Y Growth Rate Analysis
6.3.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Vehicle Type
7.2.4 By Degree of Hybridization
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Product Type
7.3.3 By Vehicle Type
7.3.4 By Degree of Hybridization
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Vehicle Type
7.4.4 By Degree of Hybridization
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Vehicle Type
7.5.4 By Degree of Hybridization
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Product Type
7.6.3 By Vehicle Type
7.6.4 By Degree of Hybridization
8. Key Player Analysis
8.1 Robert Bosch GmbH
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Continental AG
8.3 Denso Corporation
8.4 Delphi Automotive PLC
8.5 Johnson Electric Holdings Ltd
8.7 Toyota Motor Corporation
8.8 Honda Motor Co. Ltd
8.9 Mitsubishi Electric Corporation
8.10 TRW Automotive Holdings Corp
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures