The global vehicle electrification market accounted for value of USD 63.1 billion in 2019. Vehicle electrification market is projected to register growth at a CAGR of 9.7 % during forecast period.
COVID-19 has impacted automotive industry significantly. All the production and assembly activities were halted due to lockdown in many countries. The supply of raw material and finished products was immensely affected due to travel restriction and border closers. The sales of vehicles are immensely declined by the corona virus outbreak. The vehicle electrification market will foresee boost from 2021.
For more details, visit: Global Vehicle Electrification Market By Degree of Hybridization (Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle), By Product Type (Start/Stop System, Electric Air-Conditioner Compressor, Others), By Region–Forecast & Opportunities to 2026
The hybrid concept in automobile is gaining momentum across the world. People are demanding various innovative and electrical features in vehicles. In order to strengthen companies market position manufacturers are various electrical components and features in vehicle such as automatic transmission, wipers, automatic braking, airbags and various others sensors. This is likely to drive growth in vehicle electrification market.
On the basis of product type, the vehicle electrification market is segmented into start/stop system, electric air-conditioner compressor, electric power steering, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, starter motor, integrated starter generator, actuator and alternator. Electric power steering is expected to hold largest market segment during forecast period. It helps in reducing fuel consumption in vehicles. EPS improves the maneuverability of vehicles. In region such as North America and Europe, the majority of vehicles are equipped with EPS. The use of this product is rapidly growing in other regions. This is likely to drive growth in this segment during forecast period.
On the basis of degree of hybridization, the vehicle electrification market is segmented into internal combustion engine & micro hybrid vehicle, plug-in hybrid electric vehicle, battery electric vehicle and 48V. The plug-hybrid electric vehicle (PHEV) segment is expected to foresee fastest growth during forecast period. PHEV is opens doors for fully hybrid vehicle and it promotes the charging infrastructure in many regions. The market is gradually shifting from internal combustion engines to PHEV and this drives growth in PHEV segment during forecast period.
North America region is estimated to register growth at highest CAGR during forecast period. The rapidly growing charging infrastructure and rising demand of such features are responsible to drive growth in this region. The manufacturers are investing at a large scale in vehicle electrification. The US is estimated to be the largest market share in North America region. US have witness presence of major OEMs and Tier 1 companies. These manufactures are adopting various electric components for vehicle in order to give technologically advanced and innovative features. This is another growth driving factors in this region during forecast period.
The key market players in vehicle electrification market are Bosch, Continental, Denso, Delphi, Mitsubishi, Borgwarner, Magna, Johnson Electric, Aisin Seiki, Johnson Controls, Valeo, Hitachi, Wabco, Dana and Calsonic Kansie.
- What are the expected industry trends over the next three to five years?
- Which of the vehicle electrification degree of hybridization is likely to lead by 2025?
- Which of the product type segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?