Vehicle Electrification Market size expected to grow to $144.65 billion by 2030, at an 12.52% CAGR | Johnson Electric (Hong Kong), JTKET Corporation (Japan), Mando Corp. (South Korea)
Market overview:The worldwide Vehicle Electrification Market was worth $70.14 billion in 2019 and is expected to grow to $144.65 billion by 2030, at an 12.52% CAGR. Vehicle electrification is the primary driving force behind the automotive industry's big shift.
Factors such as increased adoption of fuel-efficient mobility solutions, effective performance requirements, and a decrease in battery price per KWH will likely boost the worldwide vehicle electrification industry. However, a decline in automotive production and sales over the last two years and a high reliance on mechanical and hydraulic systems in existing cars are projected to hinder the growth of the Vehicle Electrification Market during the forecast period. On the other, a surge in need for cost-effective solutions and an increase in the trend of electrification of commercial vehicles and fleets are expected to provide lucrative prospects for worldwide market advancement over the forecast period.
Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/2043
key players
Johnson Electric (Hong Kong)
JTKET Corporation (Japan)
Hitachi Automotive Systems Ltd. (Japan)
Mando Corp. (South Korea)
Nexteer Automotive (US)
Borgwarner Inc. (US)
Hitachi Automotive Systems Ltd. (Japan)
ZE Friedrichshafen AG (Germany)
Robert Bosch GmbH (Germany)
Denso Corporation (Japan)
Continental AG (Germany)
Mitsubishi Electric Corporation (Japan)
Delfi Automotive PLC (UK)
Magna International Inc. (Canada)
The need for vehicle electrification is driven primarily by an expansion in automotive manufacturing and vehicle sales worldwide. Vehicle electrification is gaining popularity as an alternative to traditional hydraulic and mechanical systems. Vehicle electrification improves fuel efficiency and lowers pollution. Because of the increasing trend of vehicle electrification, OEMs have seen substantial weight reduction of automotive components, reducing fuel consumption and improving vehicle operating efficiency. The electrification of the IC engine is a game changer since it allows for reduced fuel usage.
Furthermore, electric cars outperform conventional vehicles in carbon emissions and maintenance, charging and refilling ease, smoother drive, less engine noise, and fuel efficiency. The COVID-19 virus had a significant influence on the car industry. Car sales globally fell by roughly 15% in 2020. Along with it, automobile demand dropped sharply, resulting in the temporary stoppage of production lines. The restrictions on movement during the lockdowns also impacted the supply chain. However, the vehicle industry is today seeing quick and significant expansion.
Market segmentation:
Sales Channel, Product Type, Voltage, and Degree of Hybridization are the sectors of the Vehicle Electrification Market.
The market is segmented into two segments based on the sales channel: aftermarket and OEM.
The Vehicle Electrification Market is further classified based on voltage into 12 V, 14 V, 24 V, and 48 V.
Electric Power Steering (EPS), Stop/Start System, Integrated Starter Generator (ISG), Liquid Heater PTC, Electric Vacuum Pump, Electric Oil Pump, Starter Motor, Actuator, Electric Air-Conditioner Compressor, and Alternator are the product types in the Vehicle Electrification Market.
The Vehicle Electrification Market is further classified into 48 V, Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and 48 Mild-Hybrid Market.
Regional analysis:
The Vehicle Electrification Market Size is divided into four regions: Asia-Pacific, North America, Europe, and the rest of the globe. The Asia-Pacific region is expected to have the biggest market share during the period investigated. The presence of multiple significant players and government initiatives encouraging the usage of electric cars is driving increased demand for EVs. Economic and technical developments will also help to accelerate growth.
Furthermore, North America will be the second-largest revenue contributor to the Vehicle Electrification Market. The availability of better infrastructure and the huge demand for electric vehicles significantly boost the sector. In addition, Europe's Vehicle Electrification Market will grow significantly in the next few years. The market will benefit from the increased demand for efficient transportation and environmentally friendly automobiles. Furthermore, Africa and the Middle East area will experience significant development.
Recent developments:
GM announced the debut of its latest electric utility vehicle, the 2022 Chevrolet Bolt EUV, in 2021.
In 2021, XL Fleet Corp formed a partnership with ARBOC Specialty Vehicles LLC, a unit of the NFI Group Inc. This collaboration will aid in electrifying ARBOC's low-floor buses using the XL hybrid electric technology.
Browse In-depth Market Research Report @ https://www.marketresearchfuture.com/reports/vehicle-electrification-market-2043
Explore Trending Research Reports @
Automotive Carbon Canister Market@ https://www.marketresearchfuture.com/reports/automotive-carbon-canister-market-10433
Automotive Carbon Fiber Composites Market@ https://www.marketresearchfuture.com/reports/automotive-carbon-fiber-composites-market-3116
Automotive Climate Control System market@ https://www.marketresearchfuture.com/reports/automotive-climate-control-market-4163
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact
Market Research Future
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Website: https://www.marketresearchfuture.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Vehicle Electrification Market size expected to grow to $144.65 billion by 2030, at an 12.52% CAGR | Johnson Electric (Hong Kong), JTKET Corporation (Japan), Mando Corp. (South Korea) here
News-ID: 2785310 • Views: …
More Releases from Market Reasearch Future
Live Streaming Market Forecast: USD 559.63 Billion Milestone in Sight by 2032 wi …
➤➤ Market Overview:
The live streaming market has seen explosive growth in recent years, driven by the increasing demand for real-time, interactive content across industries. Live streaming allows individuals and businesses to broadcast video content in real-time to a global audience through platforms such as YouTube, Facebook Live, Twitch, and others. This growing trend is transforming entertainment, education, gaming, e-commerce, and social media by offering an interactive, engaging experience for viewers.…
Digital Ink Market Strategic Imperatives for Success and Rising Demand Till 2030
In the vast landscape of digital technologies, where innovations continually redefine our interaction with information, digital ink stands out as a remarkable fusion of tradition and modernity. In a world where screens dominate our daily lives, digital ink offers a bridge between the tangibility of ink on paper and the versatility of electronic displays. This convergence has sparked a burgeoning market for digital ink, reshaping how we consume, create, and…
Motor Vehicle Market Size, Share, Growth Future Developments Forecast to 2032
The global Motor Vehicle market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 10.6% anticipated over the forecast period. The Motor Vehicle Market research report serves as a vital tool, offering key stakeholders invaluable insights into the market landscape, thereby empowering them to make informed decisions. A primary goal of such reports is to identify and capitalize on business growth opportunities, enabling key players…
Snowmobile Parts & Accessories Market Revenue, Size, Share, Trends Forecast Till …
The global Snowmobile Parts & Accessories market is expected to experience significant growth, with a projected Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period. The Snowmobile Parts & Accessories Market research report provides valuable insights into the market landscape, aiding key players in making informed decisions. One of the primary objectives of such market research reports is to identify and capitalize on business growth opportunities. By leveraging…
More Releases for Vehicle
Connected Car Devices Industry Forecast to 2028 Global Market Analysis by Commun …
Connected car devices assist in monitoring vehicles and drivers. These devices update owners and fleet managers about the emissions, vehicle performance, vehicle maintenance, on-board diagnostics (OBD), pertaining to fuel economy index, etc. Also, it provides GPS tracking and real-time alerts. Increasing concerns and awareness regarding safety and high demand for advanced system and safety features in vehicles are driving the growth of the connected car devices market.
Sample PDF showcases the…
Steering Tie Rod Market Vehicle (Passenger car, Commercial vehicle, and Heavy-du …
A steering tie rod is an integral part of the steering mechanism in an automobile as it is a lean structural bar or rod which is used as a tie and it is capable of carrying only ductile loads. The rod tends to transmit a force from the rack gear to the steering knuckle, which enables the wheel to turn while the vehicle is moving. This tie rod comprises two…
Offshore AUV & ROV Market by ROV, High Capacity Electric Vehicle, Small Vehicle, …
This study report Global Offshore AUV & ROV Market, the analyst provides growth estimates, forecasts, and an in-depth analysis of all key factors at play in the Market. The report takes into account the micro and macro factors that are likely to impact the growth trajectory of the Market. The study further presents details on the investments initiated by several organizations, institutions, government, and non-government bodies.
The report investigates and analyzes…
Automotive ABS and ESC Market Report 2018: Segmentation by Product (Three Channe …
Global Automotive ABS and ESC market research report provides company profile for Robert Bosch, TRW, Machino, Haldex, Aisin Seiki, Hitachi, Autoliv, Contenental, Delphi, Denso and Others.
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2018 to 2025, etc. The…
Vehicle to Vehicle (V2V)/Vehicle to Infrastructure (V2I) Market expected to grow …
The V2V/V2I market has penetration into different technologies such as smart sensors, big data analytics and cloud computing. The smart sensors manage and control traffic on the roads by offering the drivers and passengers a plethora of advanced transport services aimed at improving driving efficiency and safety. Big data analytics aids the companies in understanding the user requirements and expectations thus bringing about relevant changes in the automotive developments. Vehicular…
Wheelchair Accessible Vehicle Market : by Vehicle Type - Large Size Vehicle, Med …
Researchmoz added Most up-to-date research on "2017 Global Wheelchair accessible vehicles Industry Report" to its huge collection of research reports.
This report is an essential reference for those who look for detailed information on global Wheelchair accessible vehicles market. The report covers data on national, regional, and global markets including historical and future trends for supply, demand, prices, trading, competition as well as global major vendors' information.
In addition…