Vehicle Electrification Market Expected to Reach $140.29 Billion with a CAGR of 11.3% by 2027

According to a recent report published by Allied Market Research, titled, "Vehicle Electrification Market by Product Type, Sales Channel, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020-2027,"the global vehicle electrification market size was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%.

𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚:- https://www.alliedmarketresearch.com/request-sample/2548

𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁

Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America,and LAMEA.China dominated the global Vehicle Electrification Market share, and is expected to grow at a significant rate during the forecast period, due to increase in penetration of electric and hybrid vehicles across the country in 2019.

Vehicle electrification is associated with the range of electric-powered technologies used to drive the vehicle. The major source of power in vehicle electrification is the batteries, which propel the vehicle. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive sector to reduce the weight, enhance fuel efficiency, and optimize output requirements.

By product type, the electric power steering segment is expected to dominate the global market, owing to its cost-effective operation and its high compatibility with IC engine, hybrid, and electric vehicles in the range of vehicles. However, the electric car motors segment is anticipated to witness lucrative growth, owing to increase in sales of electric vehicles across the globe.

𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩:- https://www.alliedmarketresearch.com/vehicle-electrification-market/purchase-options

The growth of the global vehicle electrification market is majorly driven by surge in adoption of fuel-efficient mobility solution along with effective performance requirements and fall in price of batteries per Kwh. However, decline in production and sales of automotive from last two year and high dependence on mechanical & hydraulic systems in existing vehicles are expected to restrain the growth of the global market during the forecast period.

On the contrary, increase inneed for cost-effective solutions and rise in trend of electrification of commercial vehicles and fleet are expected to provide lucrative opportunities for the expansion of the global vehicle electrification market in the near future.

𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀

CONTINENTAL AG
AISIN SEIKI Co., Ltd.
Hitachi Automotive Systems, Ltd.
Delphi Technologies
ZF FRIEDRICHSHAFEN AG
Robert Bosch GmbH
BorgWarner Inc.
Denso Corporation
Johnson Electric Holdings Limited.
Magna International Inc.

Majority of the market players are involved in joint venture to gain competitive advantage in the global market. Market players are entering into long-term contracts or agreements with automotive manufacturers to retain long-term business opportunities.

𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮:- https://www.alliedmarketresearch.com/purchase-enquiry/2548

𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄

Byproduct type, the electric power steering dominated the global market in 2019, in terms of revenue, and is expected to lead the market throughout the forecast period. Depending on sales channel, the OEM segment garners a higher share, owing to changing automobile manufacturing outlook and inclination of automotive OEMs toward electrification. At present, Asia-Pacific is the highest revenue contributor, and is expected to continue this trend during the forecast period, followed by Europe.

• By product type, the electric car motors segmentis expected to register a significant growth during the forecast period.
• Depending on sales channel, the after market segmentis anticipated to exhibit significant growth in the near future.
• On the basis of vehicle type, the plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV) segment is projected to lead the global market growth,as the segment is expected to register higher CAGR as compared to other vehicles.
• Asia-Pacificis anticipated to exhibit fastest growth during the forecast period.

Similar Reports We Have on Electric Vehicle Industry:

Electric Vehicle Market - https://www.alliedmarketresearch.com/electric-vehicle-market

Electric Bikes Market - https://www.alliedmarketresearch.com/electric-bikes-market
Pedelec Market - https://www.alliedmarketresearch.com/pedelec-market

1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.