Vehicle Electrification Market Size & Share - Industry Trend and Forecast 2017 - 2025

The report analyzes and presents an overview of "Vehicle Electrification Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025" worldwide.

The main objective of this report is to define, describe, and forecast the global “Vehicle Electrification” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.

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Global Vehicle Electrification Market: Overview

Vehicle electrification refers to a range of technologies that use electricity to propel a vehicle. Electric vehicles are designed in order to operate on electricity, and the consumption of fossil fuels is reduced. Electric vehicles are also likely to help achieve the target of low carbon emissions from vehicles. OEMs across the world are taking efforts to develop and introduce electric vehicles on roads at the earliest.

Increasing vehicle production for the last few years is expected to drive the vehicle electrification market during the forecast period. Rising concerns regarding energy security, fossil fuel emissions, and long-term industrial competitiveness are expected to prompt the government to positively take some action in order to seek a partial solution by means of creating incentives or to make investments in the automotive sector to fuel the vehicle electrification market in the near future. Increasingly stringent norms and regulations regarding increased fuel-efficiency and reduced carbon footprint, which are being laid down by the governments of various nations across the world, are further expected to propel the vehicle electrification market during the forecast period.

Global Vehicle Electrification Market: Drivers and Restraints

The price of electric vehicles is very high in spite of the numerous advantages offered by them. This is primarily attributed to the high cost of batteries that are utilized to run electric vehicles and the cost required to recharge the batteries. Electric fuelling stations required for electric vehicles are still in the development stage. Therefore, using electric vehicles for traveling long distances is likely to create problems during the journey. Moreover, electric vehicles are not a practically feasible in cities facing a power shortage. The battery backup of the batteries used in electric vehicles is also comparatively short. These minor drawbacks of electric vehicles are expected to hamper the vehicle electrification market during the forecast period.

Global Vehicle Electrification Market: Key Segments

The global vehicle electrification market can be segmented based on vehicle, component, degree of hybridization, voltage, sales channel, and region. In terms of vehicle type, the vehicle electrification market can be classified into passenger vehicles and commercial vehicles. The commercial vehicles segment can be further sub-segmented into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and buses & coaches. The passenger vehicles segment is expected to expand at a significant growth rate during the forecast period owing to the increasing production volumes of passenger vehicles in recent years.

Based on component, the vehicle electrification market can be divided into start-stop system, electric power steering (EPS), liquid heater, electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, integrated starter generator (ISG), starter motor & alternator, and actuator.

In terms of degree of hybridization, the vehicle electrification market can be classified into hybrid electric vehicle (HEV), plug-in electric vehicle (PEV), and battery electric vehicle (BEV). The BEV segment is anticipated to expand at a significant growth rate during the forecast period owing to the relatively high cost of HEVs and the reduced carbon footprint due to the use of BEVs, which are fully electric vehicles.

Based on voltage, the vehicle electrification market can be divided into 12V, 14V, 24V, and 48V. Currently, most electric vehicles are powered by either 12V or 14V battery. However, the 48V segment is anticipated to expand at a significant growth rate during the forecast period owing to the ability of 48V battery to power a higher number of vehicle applications. Currently, the 48V technology is in the development phase.

Based on sales channel, the vehicle electrification market can be classified into OEM (original equipment manufacturer) and aftermarket. The aftermarket segment is anticipated to expand at a significant growth rate during the forecast period owing to the need for replacement of the batteries that are utilized in electric vehicles due to their comparatively short battery backup.

Based on geographical region, the vehicle electrification market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to lead the vehicle electrification market during the forecast period owing to the increased vehicle production, the strong presence of well-established vehicle manufacturers in some countries of Asia Pacific such as China, Japan, and South Korea and the increasing efforts being taken by the government of China to support the development of electric vehicles.

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Global Vehicle Electrification Market: Key Players

Key players operating in the global vehicle electrification market include Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi, Ltd., Nexteer Automotive, JTEKT Corporation, Mitsubishi Electric Corporation, Mando Corp., Borgwarner Inc., ZF Friedrichshafen AG, and ZF Friedrichshafen AG.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:

North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market

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