Vehicle electrification Industry Global Market Size, Share, Growth, Sales and Drivers Analysis Research Report 2027

The automotive industry is very concentrated; there is over 80% share of top-10 global automakers in worldwide manufacturing and almost 90% share of total vehicles sold in the United States. The American auto industry used to be controlled by the “Big Three” but over the past decade several other automakers have made a move to the U.S. and became successful. This means that the US industry is losing some of its shares and most of its dominance not only in American market but also in the global market.

The global Vehicle electrification market report contains market revenue, market share, and production of the service providers is also mentioned with accurate data. Moreover, the global market report majorly focuses on the current developments, new possibilities, advancements, as well as dormant traps. Furthermore, the market report offers a complete analysis of the current situation and the advancement possibilities of the market across the globe.

This report analyses substantial key components such as production, capacity, revenue, price, gross margin, sales revenue, sales volume, growth rate, consumption, import, export, technological developments, supply, and future growth strategies.

The global vehicle electrification market size is expected to gain momentum by reaching USD 53.3 billion till 2026 while exhibiting a CAGR of 8.5% between 2019 and 2026. This is attributable to increasing demand for hybrid vehicles owing to rising pollution and high adoption of advanced technologies by the manufacturers across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Vehicle Electrification Market Size, Share and Industry Analysis; By Product Type (Start/Stop System, Electric Air Conditioner Compressor, PTC Heater, Electric Vacuum Pump, Electric Water Pump, Electric Oil Pump, Starter Motor & Alternator, Integrated Starter Generator, Actuators). By Vehicle Type (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), and Regional Forecast, 2019-2026.” The report further mentions that the market was worth USD 27.9 billion in 2018.

List of the Companies Operating in the Market:

Robert Bosch GmbH
Continental AG
Denso Corporation
Delphi Technologies PLC
Johnson Electric Holding Limited
Volkswagen
Toyota Motors Corporation
Honda Motors Co. Ltd
Others


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Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
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Vehicle electrification is a term that involves the adoption of electricity to run the vehicle. There are different types of electric vehicles such as plug-in hybrid electric vehicles, blended phevs, and hybrid electric vehicles, among others.

The conventional systems in an automotive are replaced by electric components that aids in increasing the efficiency of the vehicle, while reducing the dependency on conventional fuels that are declining at an alarming rate across the globe. Electrification of the vehicles is witnessed as the future of mobility and is expected to witness exponential demand in the coming years.

What does the Report Include?

The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period.

The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.

DRIVING FACTORS

Recent Advancement in Technology to Drive the Market

Depleting fossil fuels along with rising costs of petrol and diesel is propelling the demand for convenient substitutes such as electric vehicles. The rising consumer demand for hybrid vehicles is driving the manufacturers to introduce vehicles with advanced technologies. For instance, growing concerns regarding pollution caused by vehicles, and stringent government policies to limit vehicular emission has enabled the automakers to introduce the engine shut down system technology.

Whenever the vehicle halts at the traffic signal, the smart electric starter system instantly cuts off the fuel supply to the engine. This helps in the consumption of fuel and efficiently reduces fuel emission levels. Therefore, increasing adoption of recent technology advancement in vehicles is expected to favor the growth of the global vehicle electrification market in the forthcoming years.



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REGIONAL INSIGHTS

Favorable Government Policies in Asia Pacific to Favor Growth

Among all regions, the market in Asia-Pacific is expected to witness significant growth and register highest global vehicle electrification market revenue during the forecast period. This is ascribable to factors such as favorable government policies such as tax exemption in the purchase of electric vehicle in countries such as India, China, and South Korea.

On the other hand, Europe is likely to hold second largest position in the market during the forecast period. This is ascribable to increasing adoption of advanced technologies and surging demand for hybrid vehicles in the region.

COMPETITIVE LANDSCAPE

Jaguar Land Rover Collaborating with Nordic Taxi Operator Cabonline to Aid Growth

In June 2020, Jaguar Land Rover announced its plan to collaborate with the Carbonline, the largest taxi operator in Nordic, to support the development of the world’s first high-powered wireless taxis in Oslo. The project, Electricity includes Forum Recharge, the city’s largest point operator, and the US technology developer, Momentum Dynamics. Together, the project is aimed at building a high-powered wireless charging infrastructure for taxis in Oslo.

Arild Hermstad, Vice Mayor of Oslo, says, “We are delighted to have private enterprises onboard to aid us in reaching our dream of electric mobility to conserve fuel and reduce emission by 95% before 2030.” According to Fortune Business Insights, the companies operating in the market are adopting strategies such as merger and acquisition, collaboration, introduction of new products, and partnership to maintain stronghold and gain major global vehicle electrification market share during the forecast period.



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