According to a report published by Grand View Research, Inc.; the global vehicle electrification market is anticipated to reach around USD 125.12 billion by 2025. Growing adoption of environment-friendly technologies attributed to rising health concerns is anticipated to propel the market over the forecast period (2014 to 2025).
Growing adoption of clean power generation sources to reduce harmful emissions and to control air pollution is anticipated to positively influence growth of the market for vehicle electrification. Reduced operational and maintenance cost in vehicles with electric means of propulsion owing to elimination of lubricants or coolants can further fuel market growth. Multiple benefits in terms of functional efficiency and reduced dependency on fossil fuels are likely to boost market expansion during the forecast period.
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To cater to the rising demand for high fuel efficiency in vehicles, most companies are focusing on research and development (R&D) activities to develop vehicle components powered by electricity. For instance, HELLA recently designed electrically driven vacuum pump named UP5.0, for vehicle brake systems. It can be used in vehicles powered by diesel, gasoline, and full electric engines to deliver on demand brake system vacuum. This new pump can increase fuel efficiency of vehicles and can reduce CO2 emissions by 2g CO2/km in comparison to mechanical pumps.
In another instance, Toyota recently introduced its new 2.0 liter and four cylinder engine that can offer thermal efficiency of 40 percent. This new engine is equipped with new friction reducing technology along with efficient cooling systems and exhaust. This technology can support the engine to achieve unparalleled fuel efficiency. In addition, the engine can peak at 171hp and is likely to get hybrid electric power too.
The worldwide vehicle electrification market can be segregated on the basis of product, hybridization, and region. Based on product, the market can be categorized into electric air conditioner compressor, electric vacuum pump, electric oil pump, electric power steering, starter motor & alternator, integrated starter generator, start/stop system, and actuators. In 2016, the electric power steering segment witnessed high demand and is likely to grow at CAGR of 6.3% during the forecast period. Rising demand for comfortable driving experience among consumers can impel the growth. Similarly, electric oil pump segment is anticipated to grow at a CAGR of around 10.7% during the forecast period. Effective mechanical integration can fuel product demand over the forecast period.
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Based on hybridization, the market can be classified into hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and internal combustion engine (ICE) & micro-hybrid vehicle. PHEV segment is estimated to grow at higher CAGR of 15.6% during the forecast period. Benefits offered by PHEVs such as lower operational and maintenance cost and high fuel efficiency can surge product preference among consumers. On the other hand, BEV segment is likely to grow at CAGR of nearly 14.2% during the forecast period. Changes in environment regulations to minimize impact of carbon footprints can boost product demand.
Regional segmentation includes Asia Pacific, Europe, North America, and rest of world (ROW). In 2016, Asia Pacific region accounted for a significant market share equivalent to USD 31.71 billion. Continual growth of automotive sector in countries such as India and China attributed to rising demand for vehicles can fuel growth. In addition, rising per capita income coupled with increasing population can stimulate demand for personal transport vehicle in these countries. Moreover, significant decline in technology cost in China owing to regular innovations and increasing number of electric vehicle charging station can augment market growth in the region.
In Europe, the vehicle electrification market is projected to witness substantial growth during the forecast period owing to infrastructural growth in the region. It can allow local original equipment manufacturers (OEMs) of vehicle electrification to expand their business in countries such as France, Italy, Germany, and United Kingdom. In addition, favorable initiatives from local governments such as subsidies and tax credit can also gain traction among consumers.
Some of the leading companies offering vehicle electrification are Delphi Automotive PLC, Robert Bosch GmbH, Continental AG, Denso Corporation, and Mitsubishi Electric Corporation.
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