Vehicle Electrification Market is Getting Extensive Hike!

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. The vehicle electrification market is majorly driven by various benefits offered including but not limited to decreased vehicle weight, lower emissions, and growing demand of 48V architecture

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The report provides detailed profiles of the following companies:

o Bosch (Germany)
o Continental (Germany)
o Denso (Japan)
o Delphi (UK)
o Johnson Electric (Hong Kong)
o Mitsubishi Electric (Japan)
o BorgWarner (US)
o Magna (Canada)
o Aisin Seiki (Japan)
o Johnson Controls (US)
o ZF Friedrichshafen (Germany)
o Valeo (France)
o JTEKT Corp. (Japan)
o Hitachi Automotive Systems (Japan)
o Wabco Holding Inc (Beligium)

Electric power steering is estimated to be the largest segment for the market

Electric power steering (EPS) is expected to be the largest market. EPS reduces fuel consumption and improves the maneuverability of vehicles. In Europe and North America, almost all the vehicle has EPS, and in Asia Oceania, the trend is growing rapidly. In Asia Oceania, the installation rate of EPS is almost 90%. Hence, the EPS segment is estimated to hold the largest market share during the forecast period.

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Plug-in hybrid electric vehicle (PHEV) is estimated to witness the fastest growth in the market

PHEV is the fastest-growing segment in the market. Automakers are seeing plug-in hybrids as a gateway to fully electric vehicles. Increasing charging infrastructure in China, the US, and European countries would be responsible for the shift from conventional ICE vehicles to PHEVs. OEMs of these regions are also investing significantly in vehicle electrification. This would also drive the demand for PHEVs.

North America is expected to be the fastest-growing market for vehicle electrification

North America is expected to be the fastest-growing market for vehicle electrification. The growth in this region is propelled by growing charging infrastructure and significant investments by OEMs in the development of vehicle electrification. Federal tax credits and rebate incentives are accelerating the growth of the market, especially in the US. The US is set to dominate the North American market, holding the highest market share in 2019. As the country has the presence of major OEMs and Tier I players, the adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. Hence, North America is expected to be the fastest-growing market during the forecast period.

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Key Questions Addressed by the Report:

o Which level of vehicle hybridization is going to dominate the market in the future?
o How are industry players addressing the challenge of maintaining a balance between performance and low-cost electric components?
o What could be the market size of vehicle electrification products?
o Which electric components will lead the market for vehicle electrification in the near future?

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