Vehicle Electrification Market expected to reach a market size of USD 92.59 billion by 2022
NEW YORK, June 26, 2017 /PRNewswire/ -- Highlights
· Stringent emission norms and fuel economy standards to drive the vehicle electrification market
· 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.
· The implementation of stringent emission norms and fuel economy standards globally as well as increasing vehicle production are driving the vehicle electrification market.
· Alternatively, the high cost of electric vehicles can undermine the demand for vehicle electrification.
· The market for plug-in hybrid electric vehicles (PHEV) is estimated to witness the fastest growth in the vehicle electrification market
· Plug-in hybrid electric vehicles are projected to lead the vehicle electrification market, in terms of value, during the forecast period.
· Automakers are seeing plug-in hybrids as the gateway to electric vehicles.
· Government tax incentives and state rebates have boosted the proliferation of plug-in hybrid vehicles.
· Asia-Oceania and North America are estimated to be the fastest growing markets for plug-in hybrid electric vehicles.
· Increasing charging infrastructure in North America is responsible for the shift from conventional ICE vehicles to PHEV. OEMs in this region have also invested a significant amount in the development of vehicle electrification. This would also drive the demand for plug-in hybrid electric vehicles.
"Stringent emission norms and fuel economy standards to drive the vehicle electrification market"
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. The implementation of stringent emission norms and fuel economy standards globally as well as increasing vehicle production are driving the vehicle electrification market. Alternatively, the high cost of electric vehicles can undermine the demand for vehicle electrification.
"The market for plug-in hybrid electric vehicles (PHEV) is estimated to witness the fastest growth in the vehicle electrification market"
Plug-in hybrid electric vehicles are projected to lead the vehicle electrification market, in terms of value, during the forecast period. Automakers are seeing plug-in hybrids as the gateway to electric vehicles. Government tax incentives and state rebates have boosted the proliferation of plug-in hybrid vehicles. Asia-Oceania and North America are estimated to be the fastest growing markets for plug-in hybrid electric vehicles. Increasing charging infrastructure in North America is responsible for the shift from conventional ICE vehicles to PHEV. OEMs in this region have also invested a significant amount in the development of vehicle electrification. This would also drive the demand for plug-in hybrid electric vehicles.
"Asia-Oceania: Largest vehicle electrification market in the automotive industry"
Asia-Oceania is estimated to lead the 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 in this region, especially in South Asia. Additionally, Asia-Oceania has created hubs for automobile manufacturers and automotive component suppliers.
Stringent emission norms and fuel economy standards of these countries would help to create more opportunities for vehicle electrification. 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 electric and electronic components in vehicles helps to increase the trend of vehicle electrification.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from vehicle electrification OEMs to vehicle electrification component suppliers. The break-up of the primaries is as follows:
- By Company Type: OEMs – 50%, Tier-I - 30%, and Tier-2 - 20%
- By Designation: D level - 40%, C level - 35%, and Others** - 25%
- By Region: North America - 44%, Europe - 31%, Asia-Pacific - 25%
Note: Others** include sales managers, product managers, and associations.
Company tiers are based on the value chain; revenue of the company has not been considered. Tier I are vehicle electrification suppliers, while Tier II are material or component suppliers.
The report provides detailed profiles of the following companies:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Denso Corporation (Japan)
- Delphi Automotive PLC (U.K.)
- Johnson Electric (Hong Kong)
- Mitsubishi Electric Corporation (Japan)
- BorgWarner Inc. (U.S.)
- Magna International Inc. (Canada)
- Aisin Seiki Co. (Japan)
- Johnson Controls Inc. (U.S.)
- ZF Friedrichshafen AG (Germany)
- Valeo SA (France)
- JTEKT Corp. (Japan)
- Hitachi Automotive Systems (Japan)
- Wabco Holdings Inc. (Belgium)
Research Coverage:
The report provides a picture of the vehicle electrification market across different verticals and regions. It aims at estimating the market size and future growth potential of the vehicle electrification market, by product type, degree of hybridization, 48V mild hybrid market, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, Vendor DIVE matrix, recent developments, and key market strategies.
Reasons to Buy the Report:
The report will help the market leaders and new entrants in this market by providing them the closest approximations of the revenue numbers for the overall vehicle electrification market and the sub segments. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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