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Vehicle Electrification Market Was Predicted USD 81.5 billion in 2021 and is projected to register a CAGR 10.3% | Size, Share & Industry Forecast
Vehicle Electrification Market
Vehicle Electrification Market was valued at USD 81.5 billion in 2021 and is expected to register a CAGR 10.3% over the period, 2021-2028
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/vehicle-electrification-market-analysis-industry-research/
The factors driving the growth of Vehicle Electrification Market includes rising demand for greener transportation systems around the world, growing concerns related to carbon dioxide emissions and increasing sales of electric vehicles. According to the report published by Bloomberg, the Global Electric Vehicles Market was calculated around USD 154350 million for 2022 and is predicted to reach USD 597340 million by the end of 2028, expanding at a CAGR of 25.3% over the forecast period (2022-2028), which will accelerate the Vehicle Electrification Market share in the approaching years. Moreover, development of intelligent transportation systems, fall in the prices of lithium-ion batteries and rise in Government's expenditure to build Electric Vehicle charging stations, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.
However, the growth of Vehicle Electrification Market is hindered due to disruptions in the global supply chain.
The prominent players operating in the market are Mitsubishi Electric Corporation, Johnson Controls International Plc, Magna International Inc., Robert Bosch GmbH, Continental AG, Denso Corporation, AISIN SEIKI Co., Ltd., Mahindra & Mahindra Ltd., BorgWarner Inc., and Analog Devices, Inc., among others.
Based on Product, the Electric Power Steering segment is predicted to grow at a significant CAGR during the forecast period
Electric Power Steering are energy efficient, eliminates the requirement of power steering pump and hydraulic fluid and is environmentally compatible, are some of the factors responsible for the growth of the segment.
Based on Hybridization, the Plug-In Hybrid Electric Vehicle (PHEV) segment is projected to expand at a remarkable CAGR over the forecast period
Growing demand for fuel efficient vehicles and emerging need to reduce the carbon dioxide emissions, are propelling the segment's growth.
Based on Region, the North American region is anticipated to capture the largest market share during the forecast period
As per the Vehicle Electrification Market Trends, Government regulations promoting the use of Electric Vehicles (EV), growing demand for greener transportation systems, rise in the number of EV charging stations and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Developments:
In 2020, Mahindra Electric Mobility Ltd, introduced MESMA (Mahindra Electric Scalable Modular Architecture) 48 platform for Light EVs, which can electrify three wheelers, quadricycles and compact cars.
In 2019, Robert Bosch GmbH and (CATL) entered into partnership to jointly design, develop, and manufacture high-performance battery cells.
Market Segmentation
Global Vehicle Electrification Market by Product
Start/Stop Systems
Electric Power Steering
Liquid Heater PTC
Electric Air Conditioner Compressor
Electric Vacuum Pump
Electric Oil Pump
Electric Water Pump
Starter Motor & Alternator
Integrated Starter Generator
Actuators
Global Vehicle Electrification Market by Hybridization
Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Battery Electric Vehicle (BEV)
Global Vehicle Electrification Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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