As per the latest report by Market Research Future (MRFR), the global vehicle electrification market size is projected to touch a value of USD 250 billion by 2028, at a 12% CAGR over the forecast period.
The global vehicle electrification market is driven by inclination of various governments towards renewable sources of energy. The depletion of fossil fuels coupled with agreements between nations to curb carbon emissions can bode well for the market. New registrations of electric vehicles in Europe owing to new economic policies mandating electrification of vehicles. MRFR’s report takes into consideration the effects of the COVID-19 pandemic to predict growth patterns for the forecast period (2020-2028). Low production levels of automobiles and stagnating growth of economies can spell a bad fortune for the market.
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Continental AG (Germany), JTEKT Corporation (Japan), ZF Friedrichshafen AG (Germany), Denso Corporation (Japan), Nexteer Automotive (U.S.), Robert Bosch GmbH (Germany), Mitsubishi Electric Corporation (Japan), and others are key players in the global vehicle electrification market. Development of new features and collaborations are to be witnessed in the market.
Taylor Machine Works in 2021 which is a prominent leader for the electrification of commercial vehicles partnered with a company called Proterra Inc.
Ford, in 2021 acquired Electriphi which is the software for fleet monitoring and charging management.
Allison Transmission, a leading manufacturer of hybrid and electric vehicle propulsion systems, has expanded the electrification testing capabilities at its Vehicle Electrification and Environmental Test Center.
ISG to Command Major Market Share
On the basis of product, the market is segmented into EPS, start/stop system, starter motor & alternator, actuators, electric vacuum pump, integrated starter generator, and others. The integrated starter generator (ISG) is expected to account for the largest market during the forecast period due to its ability to shut down engines when in idle position and saving on energy. ISG can replace alternators and starter motors in conventional vehicles and encourage fuel savings.
48V Battery to Capture Large Market Share
On the basis of voltage, the market is segmented into 12V, 14V, 24V, and 48V. The 48V battery is expected to expand over the forecast period owing to its ability to power higher number of electric vehicles. 48V is compatible to run start-stop systems, steering drives, pumps, heaters, and others.
ICE & Micro-hybrid Vehicles to Remain Dominant
On the basis of vehicle type, the market is segmented into ICE & micro-hybrid, PHEV, HEV, and BEV. The ICE & micro-hybrid vehicles is expected to account for the largest market during the forecast period due to rising production of ICE vehicles. Micro-hybrid vehicles are gaining traction owing to their engines being imported into large markets such as the U.S. and Canada through third parties. The declining prices of the systems can propel segment growth in the vehicle electrification market.
OEM to Remain Trusted Sales Channel
On the basis of sales channel, the market is segmented into OEM and aftermarket. OEM is expected to dominate the market in the coming years owing to new adherences introduced by governments globally and change in customer attitude towards ICE engines can favor the segment. Major OEMs are partnering with smaller startups or entering into mergers to gain ground in the market.
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APAC to Lead in Global Vehicle Electrification Market
Asia-Pacific (APAC) is expected to lead in vehicle electrification owing to initiatives taken by developing countries such as China, India, and Singapore for electrifying fleets and proposals for establishing charging infrastructure. Investments by automotive manufacturers in electric vehicles (EVs) as well as support for emerging platforms for electrification can favor market growth significantly.
Moreover, the scrapping of vehicles older than 15 years in India is expected to mark a new shift for the industry as new customers aim to lower environmental burden and gravitate towards electric and hybrid vehicles. But the challenge to achieve precise power-to-weight ratio in electric vehicles can hamper market growth.
TABLE OF CONTENT:
… 5 Global Vehicle Electrification Market, By Product
5.2 Start/Stop System
5.2.1 Market Estimates & Forecast, 2020-2027
5.2.2 Market Estimates & Forecast By Region, 2020-2027
5.3.1 Market Estimates & Forecast, 2020-2027
5.3.2 Market Estimates & Forecast By Region, 2020-2027
5.4.1 Market Estimates & Forecast, 2020-2027
5.4.2 Market Estimates & Forecast By Region, 2020-2027
5.5 Starter Motor & Alternator
5.5.1 Market Estimates & Forecast, 2020-2027
5.5.2 Market Estimates & Forecast By Region, 2020-2027
5.6 Electric Vacuum Pump
5.6.1 Market Estimates & Forecast, 2020-2027
5.6.2 Market Estimates & Forecast By Region, 2020-2027
5.7 Integrated Starter Generator
5.7.1 Market Estimates & Forecast, 2020-2027
5.7.2 Market Estimates & Forecast By Region, 2020-2027
5.8.1 Market Estimates & Forecast, 2020-2027
5.8.2 Market Estimates & Forecast By Region, 2020-2027
6 Global Vehicle Electrification Market, By Voltage
6.2.1 Market Estimates & Forecast, 2020-2027
6.2.2 Market Estimates & Forecast By Region, 2020-2027
6.3.1 Market Estimates & Forecast, 2020-2027
6.3.2 Market Estimates & Forecast By Region, 2020-2027
6.4.1 Market Estimates & Forecast, 2020-2027
6.4.2 Market Estimates & Forecast By Region, 2020-2027
6.5.1 Market Estimates & Forecast, 2020-2027
6.5.2 Market Estimates & Forecast By Region, 2020-2027
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