Vehicle Electrification Market Worth 92.59 Billion USD by 2022
PUNE, India, June 9, 2017 /PRNewswire/ --
The report "Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air-Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V Mild-Hybrid, Degree of Hybridization, and Vehicle Type - Global Forecast to 2022", published by MarketsandMarkets™, the Vehicle Electrification Market is projected to grow at a CAGR of 8.17% during the forecast period, to reach a market size of USD 92.59 Billion by 2022.
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Browse 108 market data tables and 62 figures spread through 237 pages and in-depth TOC on "Vehicle Electrification Market - Global Forecast to 2022"
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Owing to various benefits of electrification such as decreased vehicle weight, reduced emissions, increased fuel efficiency, and driving comfort, vehicle electrification is expected to become a preferred option for OEMs in the near future.
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Electric vacuum pump is estimated to be the fastest growing segment in Vehicle Electrification Market
Electric vacuum pump is projected to dominate the Vehicle Electrification Market, in terms of value, by 2022. The electric vacuum pump is frequently used in electric, hybrid, and diesel vehicles. Asia-Oceania and North America are estimated to be the leading regions for the adoption of 48V mild-hybrid system, and hence, these regions are leading the global electric vacuum pump market. Additionally, based on a European Commission publication, CO2 emissions will be limited to 95 g/km as an average value throughout the vehicle fleet by 2020. This would further lead to the adoption of electric systems in vehicles. Countries such as India and China, who are the leaders in global vehicle production, also have plans to upgrade their regulations equivalent to Euro 6 by 2020. This would drive the demand for electric vacuum pump in these markets as the technology has benefits over mechanical vacuum pump.
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The market for ICE and micro-hybrid vehicles is estimated to witness the largest share in the Vehicle Electrification Market
According to MarketsandMarkets analysis, ICE and micro-hybrid vehicles are estimated to have the largest share of the Vehicle Electrification Market in 2017. The limited availability of infrastructure such as charging stations for battery electric vehicles and high cost of hybrid electric vehicles and plug-in hybrid electric vehicles have increased the preference for ICE and micro-hybrid vehicles over hybrid vehicles. This trend is expected to continue for the next five years. With advancements in technology, Asia-Oceania and North America are estimated to lead the market for ICE and micro-hybrid vehicle segments. In addition, with increased competition between OEMs and wide choice of passenger and commercial vehicles, the demand for ICE vehicles is estimated to grow, especially in emerging countries such as China and India.
Asia-Oceania region is estimated to be the leading market for vehicle electrification
Asia-Oceania is estimated to dominate the Vehicle Electrification Market, as the region represents countries such as China, Japan, South Korea, and India with the world's highest vehicle production. According to the Organisation Internationale des Constructeurs dAutomobiles (OICA) publication, these countries together contributed ~53% to the global vehicle production in 2016. Additionally, owing to the easy availability of economic labor, government support for FDI, and lenient regulations (as compared with Western countries), the Asia-Oceania market has created promising opportunities for automobile manufacturers and component suppliers.
Also, countries like China and India have plans to upgrade their emission regulations by 2020. For instance, India is planning to skip BS V regulations by leapfrogging to BS VI. This is a positive development for the Vehicle Electrification Market. Additionally, the number of vehicles on the road is increasing owing to the improving road infrastructure, consumer awareness regarding vehicle maintenance, and stringent fuel economy norms. This would influence the Vehicle Electrification Market.
The Vehicle Electrification Market is dominated by a few global players and comprises several regional players. Some of the key suppliers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (U.K.), Denso Corporation (Japan), and Hitachi Electric (Hong Kong).
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