Introduction of the Vehicle Electrification Market
Vehicle electrification is a technology using electricity to move a vehicle. Electrification consists of the mechanization of vehicles ranging from hybrid to fully electric vehicles. Also, the automation of vehicles proffers several benefits, such as the modification of the non-electrical systems to the electrical system.
Key Players of Market:
- Continental AG
- Robert Bosch GmbH
- Denso Corporation
- Mitsubishi Electric Corporation
- BorgWarner Inc.
- Analog Devices, Inc.
- Johnson Controls International Plc
- AISIN SEIKI Co., Ltd.
- Magna International Inc.
- Mahindra & Mahindra Ltd.
Vehicle Electrification Market Dynamics
The aggravating demand for environment-friendly transportation, the introduction of novel smart transport systems, inadequate accessibility for restricted fossil fuels, and the growing consciousness to reduce toxic waste from the environment are compounding the growth of the global vehicle electrification market. Also, the swift endorsement of electric vehicles, mainly because of the enhanced functional security, less charge time and cost, as well as the augmenting demand for long-run vehicles, are stimulating the market growth.
Also, in accordance with the International Energy Agency (IEA), nearly 2.1 million electric cars were sold in 2019, approximating 40% year-on-year growth and 2.6% of the worldwide car sales. Furthermore, enormous organizations such as the World Electric Vehicle Association (WEVA), AVERE (The European Association for Electromobility), the Society Of Manufacturers Of Electric Vehicles (SMEV), Australian Electric Vehicle Association (AEVA), and the Electric Auto Association are encouraging the usage of Electromobility and viable transport across the globe. Thus, Global Vehicle Electrification Market Forecast Report states that this is contemplated to offer attractive opportunities for the market over the coming years
Nonetheless, the outbreak of the coronavirus crisis has negatively influenced the market growth. This is because of the disruption in the supply chain and production of vehicles, which resulted in a slow down of electric vehicle supply and production OF vehicles across the nation, which is thereby restraining the market growth. Additionally, the inflated maintenance and replacement cost of electric vehicle systems, as well as the inadequacy of charging infrastructure in developing nations such as Saudi Arabia, India, Indonesia, and Bangladesh, are further predicted to hinder the vehicle electrification market size.
Product Segment Drivers
Based on the product, electric power steering is expected to perceive a faster rate during the coming years. This is because of their enormous benefits as compared to the hydraulic power steering system, such as energy-saving, environmental affinity, simple tuning, packaging adjustability, lower weight, and enhanced safety. Moreover, the Vehicle Electrification Market Trends states that different car models such as the Toyota Fortuner, Suzuki Swift, Hyundai i20, and Porsche 911 have introduced equipped electric power steering.
Vehicle Electrification Market Segmentation:
Segmentation by Product
- Start/Stop Systems
- Electric Power Steering
- Liquid Heater PTC
- Electric Air Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Starter Motor & Alternator
- Integrated Starter Generator
Segmentation by Hybridization
- ICE & Micro-Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Segmentation by Region:
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- South Africa
- Saudi Arabia
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