Vehicle Electrification Market to Power Up to $140.29 Billion by 2027, Driving the Future of Sustainable Mobility

According to the report published by Allied Market Research, the global vehicle electrification market was pegged at $70.14 billion in 2019 and is anticipated to hit $140.29 billion by 2027, registering a CAGR of 11.3% from 2020 to 2027. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2548

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.

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.

Major market 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.

The global vehicle electrification market is analyzed across product type, sales channel, vehicle type, and region. By product type, the electric power steering segment contributed to more than one-fourth of the total market share in 2019 and is anticipated to retain its dominance by 2027. The electric car motors segment, on the other hand, would grow at the fastest CAGR of 16.3% throughout the forecast period.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2548

𝐓𝐡𝐞 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐥 𝐜𝐨𝐦𝐛𝐮𝐬𝐭𝐢𝐨𝐧 𝐞𝐧𝐠𝐢𝐧𝐞 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞𝐝 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭

By vehicle type, the internal combustion engine vehicle segment held the major share in 2019, accounting for more than 90% of the total market revenue. Simultaneously, the plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV) segment would manifest the fastest CAGR of 16.6% from 2020 to 2027.

𝐓𝐡𝐞 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐜𝐚𝐫 𝐦𝐨𝐭𝐨𝐫𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐧𝐢𝐟𝐞𝐬𝐭 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟐𝟕

By product type, the electric car motors segment is expected to register the highest CAGR of 16.3% during the forecast period, due to adoption of the electrical vehicles across the globe. However, the electric power steering segment held the largest share in 2019, accounting for more than one-fourth of the global vehicle electrification market, owing to a cost-effective solution along with high compatibility across all vehicle types.

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜, 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐭𝐨 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐭𝐡𝐞 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐂𝐀𝐆𝐑 𝐛𝐲 𝟐𝟎𝟐𝟕

By geography, Asia-Pacific generated nearly two-fifths of the market and is projected to rule the roost by 2027. The same region is also expected to portray the fastest CAGR of 12.9% by the end of 2027. The other provinces studied in the market report include North America, Europe, and LAMEA.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

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.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/vehicle-electrification-market/purchase-options

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

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https://www.alliedmarketresearch.com/electric-vehicle-motor-market - Electric Vehicle Motor Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Electric Vehicle Type, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/north-america-electric-vehicle-battery-market-A11327 - North America Electric Vehicle Battery Market Size, Share, Competitive Landscape and Trend Analysis Report, by Battery Type, Propulsion Type and Vehicle Type : Opportunity Analysis and Industry Forecast, 2021-2028

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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.

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