Vehicle Electrification Market Projected to Reach $142.1 billion by 2027| Major Key Players: Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Denso Corporation, and Johnson Electric.

According to the market research report Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V, ICE, BEV, HEV, PHEV, Vehicle Type, and Region - Global Forecast to 2027. Owing to various benefits of electrification such as decreased vehicle weight, reduced emissions, increased fuel efficiency, and driving comfort, vehicle electrification is expected to become a preferred option for OEMs in the near future.

The vehicle electrification market is projected to grow at a CAGR of 9.1% to reach USD 142.1 billion by 2027 from USD 71.0 billion in 2019

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Expansion is a key strategy adopted by the top players to gain traction in the market. For instance, Robert Bosch GmbH (Germany) has established a new facility in Queretaro, Mexico, which represents the first automotive steering division operations in Mexico by Bosch Group. Likewise, Delphi’s electrical and electronic architecture business began the construction of a new plant in Jingzhou, China. It will cater to the Chinese market and will begin its operation by October 2017.

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New product development is the second most widely followed strategy in the market. For instance, Delphi Automotive PLC (U.K.) has developed a new 48-volt mild hybrid solution to meet emission regulations and minimize the engine load, leading to decreased emissions & improved efficiency. Johnson Electric launched a high power electric power steering motor to provide high steering power and low cogging torque through innovative brush motor technology. Other companies that adopted the strategy of new product development include Continental AG (Germany) and Johnson Electric (Hong Kong).

An electric vacuum pump is estimated to be the fastest growing segment in the vehicle electrification market, by product type. The growth of this segment is driven by the increased adoption of 48V mild-hybrid system. Asia-Oceania and North America are estimated to be the leading markets for the electric vacuum pump market. Stringent emission norms and increasing demand for a reliable electric system in these regions help to create new revenue pockets for the vehicle electrification market. Countries such as India and China, who are the leaders in global vehicle production, have plans to upgrade their regulations equivalent to Euro 6 by 2020. This would drive the demand for the electric vacuum pump in these markets, as the technology has benefits over mechanical vacuum pump.

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A key factor restraining the growth of the market is the high cost of electric systems and components. The cost of an electric vehicle is still high despite the advancements in battery technology and incentives provided by the governments. The cost has been a major obstacle to the widespread EV market.

The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the Market are Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC(U.K.), Johnson Electrics (Hong Kong).

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