DUBLIN, Oct. 19, 2020 /PRNewswire/ -- The "Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V, ICE, BEV, HEV, PHEV, Vehicle Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Vehicle Electrification Market is Projected to Grow at a CAGR of 11.9% to Reach USD 129.6 Billion by 2025 from USD 73.7 Billion.
The vehicle electrification market comprises major manufacturers such as Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric (Japan)
The market for BEVs is estimated to witness the fastest growth in the vehicle electrification market.
BEVs are projected to lead the vehicle electrification market, in terms of value, during the next 10 years. Automakers are seeing BEVs as a gateway to achieving fuel emission and economy standards set by governments. Government tax incentives and state rebates have boosted the proliferation of BEVs. Asia Oceania and North America are the fastest growing regions for BEVs. Increasing charging infrastructure in North America would be responsible for the shift from conventional ICE vehicles to BEVs. OEMs of this region have also invested significantly in vehicle electrification. This would also drive the demand for BEVs.
The electric power steering (EPS) is estimated to be the largest segment of the vehicle electrification market.
Electric Power Steering (EPS) systems are power-assisted steering products that eliminate the association between the steering system and the engine. EPS is the most popular steering system in the global market as it reduces fuel consumption and emissions, limits the required servicing, and improves maneuverability. In Europe and North America, almost all vehicles have EPS, and in Asia Oceania, the trend is growing rapidly. Hence, the EPS segment is estimated to hold the largest market share during the forecast period.
Asia Oceania: the largest vehicle electrification market in the automotive industry.
Asia Oceania is the leading vehicle electrification market as the region represents countries such as China, Japan, South Korea, and India, with the world's highest vehicle production. The automobile industry is flourishing, especially in South Asia. Additionally, Asia Oceania has created hubs for automobile manufacturers and automotive component suppliers. Considering the vehicle electrification market in the Asia Oceania region in 2019, the passenger car segment is estimated to lead the market, comprising more than 80% of the vehicle electrification market in the region, followed by the LCV segment, in terms of both volume and value.
As Asia Oceania has the largest share of passenger cars, ICE vehicles are expected to dominate the vehicle electrification market in Asia Oceania. Countries such as 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 demand for more electric and electronic components in vehicles helps drive vehicle electrification.
Market Dynamics
Drivers
- Rising Need for 48V Architecture
- Adoption of Advanced Technologies Such as E-Axle in Electric Vehicles
Restraints
- Difficulty in Achieving and Maintaining An Optimum Power-To-Weight Ratio
- Higher Cost of Electric Systems
Opportunities
- Use of Alternate Materials for Overall Weight Reduction to Open New Avenues in Electric Vehicle Technologies
- Electrification of Commercial Vehicles
Challenges
- Developing Fail-Safe Electronic and Electrical Components
- High Cost of Hybrid and Plug-In Hybrid Vehicles
Covid-19 Impact on Automotive Industry
- Covid-19 Impact Analysis on Vehicle Electrification Market
- Most Likely/Realistic Scenario
- High Covid-19 Impact Scenario
- Low Covid-19 Impact Scenario
Company Profiles
- Bosch
- Continental
- Denso
- Delphi
- Mitsubishi
- Borgwarner
- Johnson Electric
- Magna
- Aisin Seiki
- Johnson Controls
Additional Companies
Asia Oceania
- JTEKT Corporation
- Hitachi Automotive
- Calsonic Kansei
Europe
- ZF
- Valeo
- Wabco
- GKN
- Schaeffler
- Mahle
North America
- Dana (US)
For more information about this report visit https://www.researchandmarkets.com/r/ox9j0s
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SOURCE Research and Markets
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