Vehicle Electrification Markets, 2027 - Demand for Increased Fuel Economy, Low Maintenance Cost, and Improved Performance

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Jun 14, 2019, 09:00 ET

DUBLIN, June 14, 2019 /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 2027" report has been added to ResearchAndMarkets.com's offering.

The Vehicle Electrification Market is Projected to Grow at a CAGR of 9.1% to Reach USD 142.1 Billion By 2027 from USD 71.0 Billion in 2019.

Demand for increased fuel economy, low maintenance cost, and improved performance are boosting the trend of vehicle electrification

OEMs are switching from conventional technology to advanced technology for complying with the norms and increasing vehicle efficiency. There are multiple engines, transmissions, and hybrid technologies that can help in improving the fuel efficiency of a vehicle.

For instance, according to the US Department of Energy (US DOE), the start-stop system can improve fuel efficiency by up to 5%, based on driving and traffic conditions. Also, components such as electric oil pumps and electric vacuum pump consume lesser energy than their conventional counterparts. However, the higher cost of electric vehicles can undermine the demand for vehicle electrification.

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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Need for 48v Architecture
5.2.1.2 Adoption of Advanced Technologies Such as E-Axle in Electric Vehicles
5.2.2 Restraints
5.2.2.1 Difficulty in Achieving and Maintaining Optimum Power-To-Weight Ratio
5.2.2.2 Higher Cost of Electric Systems
5.2.3 Opportunities
5.2.3.1 Use of Alternate Materials for Overall Weight Reduction To Open New Avenues in Electric Vehicle Technologies
5.2.3.2 Electrification of Commercial Vehicles
5.2.4 Challenges
5.2.4.1 Developing Fail-Safe Electronic and Electrical Components
5.2.4.2 High Cost of Hybrid and Plug-In Hybrid Vehicles

6 Industry Trend
6.1 Introduction
6.2 Company vs Product
6.3 48 V Hybrid Architecture
6.4 Porter's Five Forces Analysis
6.4.1 Threat of New Entrants
6.4.2 Threat of Substitutes
6.4.3 Bargaining Power of Suppliers
6.4.4 Bargaining Power of Buyers
6.4.5 Intensity of Competitive Rivalry

7 48v Vehicle
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
7.1 Introduction
7.2 Need for 48v Architecture
7.3 48v Mild Hybrid Market, By Region
7.3.1 Europe is Estimated To Be the Largest Market
7.4 Impact of 48v Architecture

8 Vehicle Electrification Market, By Product Type
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 The Market for Electric Air Conditioner Compressor is Projected To Grow at the Highest Cagr
8.2 Start-Stop
8.2.1 Asia Oceania is Projected To Be the Fastest Growing Market
8.3 Electric Power Steering (EPS)
8.3.1 Asia Oceania is Estimated To Be the Largest Market
8.4 Liquid Heater PTC
8.4.1 North American Market is Expected To Be the Second Largest
8.5 Electric Air Conditioner Compressor
8.5.1 North America is Project To Be the Fastest Growing Market Over the Forecast Period
8.6 Electric Vacuum Pump
8.6.1 The Asia Oceania Market for Electric Vacuum Pump is Estimated To Be the Largest Market
8.7 Electric Oil Pump
8.7.1 RoW is Projected To Be the Fastest Growing Market Over the Forecast Period
8.8 Electric Water Pump
8.8.1 North America is Projected To Be the Fastest Growing Market Over the Forecast Period
8.9 Starter Motor
8.9.1 Asia Oceania is Estimated To Be the Largest Market
8.1 Alternator
8.10.1 Asia Oceania is Estimated To Be the Largest Market
8.11 Integrated Starter Generator (ISG)
8.11.1 Europe Market is Estimated To Be the Second Largest
8.12 Actuator
8.12.1 Asia Oceania is Projected To Be the Fastest Growing Market Over the Forecast Period

9 Vehicle Electrification Market, By Vehicle Type
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and Row
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions
9.1.3 The Passenger Car Segment is Estimated To Be the Largest Market,
9.2 Passenger Car
9.2.1 Passenger Car Leads the Vehicle Electrification Market Owing To Its High Production in Asia Oceania
9.3 Light Commercial Vehicle (LCV)
9.3.1 LCV has the Prominent Market Share With Its Increasing Usage in US, China, and India

10 Vehicle Electrification Market, By Degree of Hybridization
The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Pacific, Europe, North America and RoW
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Assumptions
10.1.3 The ICE Vehicle Segment is Expected To Be the Largest Market, in Terms of Volume
10.2 Internal Combustion Engine (ICE) & Micro Hybrid Vehicle
10.2.1 Asia Oceania is Expected To Be the Largest Market, in Terms of Volume
10.3 Hybrid Electric Vehicle (HEV)
10.3.1 RoW is Expected To Be the Fastest Growing Market During the Forecast Period
10.4 Plug-In Hybrid Electric Vehicle (PHEV)
10.4.1 Asia Oceania is Expected To Be the Fastest Growing Market During the Forecast Period
10.5 Battery Electric Vehicle (BEV)
10.5.1 North America is Projected To Be the Largest Market During the Forecast Period
10.6 48 V Vehicle
10.6.1 Europe is Expected To Be the Largest Market, in Terms of Volume

11 Vehicle Electrification Market, By Region
The Chapter is Further Segmented at Regional and Country Level By Product Type and Considered Products are Start-Stop, Electric Power Steering, Electric Air-Conditioned Compressor, Electric Oil Pump, Electric Vacuum Pump, Electric Water Pump, Integrated Starter Generator, Liquid Heater PTC, Starter, Alternator, Actuator.
11.1 Introduction
11.1.1 Assumptions
11.2 Asia Oceania
11.2.1 China
11.2.1.1 China is Estimated To Record The Highest Growth
11.2.2 Japan
11.2.2.1 Electric Air Conditioner Compressor is Estimated To Record The Highest Growth
11.2.3 South Korea
11.2.3.1 Electric Power Steering is Expected To Hold The Second Largest Market
11.2.4 India
11.2.4.1 Electric Air Conditioner Compressor is Estimated To Record The Highest Growth
11.2.5 Rest of Asia Oceania
11.2.5.1 Electric Power Steering is Expected To Hold The Second Largest Market
11.3 Europe
11.3.1 Germany
11.3.1.1 Electric Vacuum Pump is Estimated To Record The Highest Growth
11.3.2 France
11.3.2.1 Electric Air Conditioner Compressor is Estimated To Record The Highest Growth
11.3.3 UK
11.3.3.1 Electric Air Conditioner Compressor is Estimated To Record The Highest Growth
11.3.4 Spain
11.3.4.1 Electric Power Steering is Expected To Hold The Largest Market
11.3.5 Rest of Europe
11.3.5.1 Electric Power Steering is Expected To Hold The Largest Market
11.4 North America
11.4.1 US
11.4.1.1 Liquid Heater PTC is Estimated To Record The Highest Growth
11.4.2 Canada
11.4.2.1 Electric Power Steering is Expected To Hold The Largest Market
11.4.3 Mexico
11.4.3.1 Integrated Starter Generator is Expected To Hold The Largest Market
11.5 RoW
11.5.1 Brazil
11.5.1.1 Electric Power Steering is Expected To Hold The Largest Market
11.5.2 Russia
11.5.2.1 Electric Air Conditioner Compressor is Estimated To Record The Fastest Growth
11.5.3 Rest of RoW
11.5.3.1 Actuator is Expected To Hold The Largest Market in Terms of Value

12 Competitive Landscape
12.1 Introduction
12.1.1 Vanguards
12.1.2 Innovators
12.1.3 Dynamic
12.1.4 Emerging
12.2 Vehicle Electrification Market: Vendor Dive Matrix
12.3 Competitive Benchmarking
12.3.1 Product Offering Scorecard (For All 15 Companies)
12.3.2 Business Strategy & Scorecard (For All 15 Companies)
12.4 Market Ranking
12.5 Competitive Scenario
12.5.1 Expansion
12.5.2 Supply Contracts
12.5.3 New Product Launches/Developments
12.5.4 Partnership/Joint Ventures
12.5.5 Mergers/Acquisition

13 Company Profiles
13.1 Bosch
13.2 Continental
13.3 Denso
13.4 Delphi
13.5 Mitsubishi
13.6 Borgwarner
13.7 Johnson Electric
13.8 Magna
13.9 Aisin Seiki
13.10 Johnson Controls
13.11 Additional Companies
13.11.1 Asia Oceania
13.11.1.1 Jtekt Corporation
13.11.1.2 Hitachi Automotive
13.11.1.3 Calsonic Kansei
13.11.2 Europe
13.11.2.1 Zf
13.11.2.2 Valeo
13.11.2.3 Wabco
13.11.2.4 Gkn
13.11.2.5 Schaeffler
13.11.2.6 Mahle
13.11.3 North America
13.11.3.1 Dana (US)

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