Press release
Vehicle Electrification Market Potential Growth, Share, Demand and Analysis of Industry key players forecast by 2024
The next generation technological advancements indicate that automotive electrification can open new pathways for consumer engagement along with various financial and environmental benefits such as reduced dependence on conventional fuels and high energy efficiency.
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Emerging economies are expected to possess a high growth potential for reliable electric automotive systems. Along with this, declining supply of fuels due to its scarce availability and fossil fuel prices are consistently increasing. The easy availability of electric power sources and modulating convenience of these energy sources according to the requirements will catapult vehicle electrification market size over the forecast period.
Industry growth is highly dependent on the availability of specialized infrastructure and use of charging stations, which require high investments. The high cost of ownership of these vehicles and the need for the development of batteries with high-storage capacity will challenge industry growth.
Global vehicle electrification market share can be segmented on the basis of products into Electric Power Steering (EPS), start-stop system, Electric Vacuum Pump (EVP), electric water pump, electric air-conditioner compressor, and electric oil pump. Intense competition among manufacturers to develop electric and self-driven automobiles is anticipated to fuel the global EPS market. EPS is expected to register a high growth owing to its characteristics such as improved fuel efficiency and better driving experience.
Electric water pumps are a part of next-generation automobile technologies, which help in attaining high efficiency over the coming years. Along with standard engine cooling, these electric water pumps help in engine load reduction and can be controlled by sensors to provide the necessary amount of coolant at any time.
HEVs are expected to dominate the industry share owing to their featured switching between two or more distinct types of power, such as internal combustion engine combined with the electric motor. The availability of charging stations on the road network is expected to dictate the development of plug-in hybrid automotive segment.
Asia Pacific vehicle electrification market size is estimated to dominate the overall industry share during the forecast timeline and experience the highest growth. Europe vehicle electrification market share is expected to experience a high growth rate owing to the presence of major industry participants across the region. Germany accounts for the largest vehicle sales in the region.
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Manufacturers operating in the global vehicle electrification market include Continental AG, Denso Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH., Nexteer, JTEKT Corporation, and TRW Automotive Holdings. The industry is highly characterized by mergers & collaborations for the development of advanced portfolios to gain a competitive edge. For instance, in May 2016, PSA Group and China's Dongfeng Motor entered into an agreement to create a common platform to develop electric cars from 2019.
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