Press release
Vehicle Electrification Market 2019 Industry Analysis by Top Key Players Focusing on Growth Strategies- Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems
Conventional internal combustion engines featuring mechanical linkages were characterized by significant loss of efficiency, owing to its friction and high energy requirement. Electric components that prominently include the electric power steering, positive temperature coefficient liquid heater, air compressor, vacuum, pumps, starter generators and actuators among others, enhance the automotive fuel efficiency, add to the users comfort, and also reduce the environmental impacts of the carbon emissions from these automotive. Advent of electric vehicles with better battery backup and optimum driving speeds has in turn fueled the demand for the vehicle electrification market for environment friendly automotive industry over the near future.Get Sample Copy of this Report: https://www.coherentmarketinsights.com/insight/request-sample/1144
Market Dynamics
Requirement to improve automotive fuel economy, reduce carbon footprint, need to enhance driver awareness regarding the safety in conjunction with the added comfort and compliance with the regional regulations is expected to be among the prominent factors driving the industry growth. Moreover, feature enhancements that include less space requirements, highly sensitive outputs, and robust performance with relatively better durability also adds to the consumer motivation for the adoption of these systems. For instance, hydraulic power steering systems are more complicated, weigh more, require regular maintenance of hydraulic fluids, and are more prone to faults in relation to electrical power steering (EPS) system. EPS system also offer better sensitive response at distinct speeds and consume less power, adding to the mileage of the automotive. However, high cost of the electronic and electric components are expected to be the major factors hampering the global vehicle electrification market growth.
Global vehicle electrification market was valued at US$ 57.50 billion in 2016, is projected to exhibit a CAGR of 8.82% over the forecast period (2017–2025), to be valued at US$ 121.60 billion by 2025. Requirement to improve automotive fuel economy by replacing the mechanical linkages with electrical or electronic components is among the major trend that has gained traction in the automotive sector. These automotive functions includes the starters, steering, vacuum pumps, oil pumps, braking systems, and water pumps among others. This will fuel the growth of global vehicle electrification market over the forecast period.
According to the U.S. Environmental Protection Agency (EPA), around 27% of the U.S. greenhouse gas emissions (GHG) is from the automotive sector. Increased adoption of private transportation and the growing requirement to improve the public transportation has led to increased concerns for the GHG emissions. Growing stringency of regulations concerning the emission and fuel economy standards in conjunction with the incentivization and other amendments to support the proliferation of electrical vehicles in the consumer markets are expected to fuel the global vehicle electrification market. For instance, Energy Efficiency and Conservation Authority (EECA) in New Zealand states that EVs are exempt from Road User Charges (RUC) until the 2020 which is valued over US$ 491 annually for 14,000 kilometers. European emission standards by European Council and U.S. federal emission standards by EPA are among the major regulatory guidelines fueling the demands for increased fuel efficiency. Requirement to meet these economy standards will fuel the growth of vehicle electrification market.
Asia Pacific vehicle electrification market dominated the global industry, is expected to continue its dominance over the forecast period, chiefly owing to the presence of some of the world’s largest manufacturing and sales hubs in the region. According to Coherent Market Insights analysis, motor vehicles production of the countries that include China, India, Japan, South Korea, and Thailand accounted for over 50% of the global production. Moreover, high inclination of consumers towards better comfort offered by vehicle electrification technologies, is expected to provide consistent demands in the developed economies of Europe and North America.
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Key players in the vehicle electrification market include Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd., Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG.
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