Vehicle Electrification Market

Vehicle Electrification Market Insights

The vehicle electrification market is scrutinized to note the wondrous augmentation of CAGR 12.6% during the rated term (2020-2026). Vehicle electrification is the practice of replacing conventional engines with advanced technologies that use electricity to drive the vehicle. The effect of Covid-19 has been differing regarding verticals. So, maximum disruption was seen in sectors like transportation and automotive that were directly proportional to the dissolution in motor production. But gradually situations are going back to normal which as set anticipation to observe colossal burgeoning in the coming years. The main advantage of electrifying vehicles is to reduce contamination and boost energy efficiency. The factors that steer the market to expeditious growth are an increase in greenhouse gas emission, an increase in pollutions, high energy efficiency, industrial competitiveness, and fossil fuel emissions.

Vehicle Electrification Market: By Type of Product

The products in the vehicle electrification market are electric power steering, start/stop system, liquid heater PTC, electric air-conditioner compressor, electric vacuum pump, integrated starter generator (ISG), and alternator among others. Electronic power steering is seen as the sector contributing the giant share to the market. Government regulations to protect the ecosystem, the eagerness of eco-friendly vehicles, popularity in electric vehicles, and the evolution of smart vehicles are the thrusters propelling the market.

Vehicle Electrification Market: By Type of Hybridization

Based on the degree of hybridization, the market branching is observed as micro-hybrid vehicle & internal combustion engine (ICE), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV), 48V and battery electric vehicle (BEV). Plug-in hybrid vehicle (PHEV) is glimpsed to rise exponentially in the subsequent years. The determinants swaying the market are raising charging support in APAC countries like China, India, Singapore, and others, modernizations of traditional batteries, and nurturing clamor for electrical vehicles.

Vehicle Electrification Market: By Region

Based on the topographical hindsight, North America will see an excellent propelling in the advancing years with the aid of constituents such as an increase in vehicle electrification companies, an uptick in population proportional to the increase in pollutants, and the extermination of fossil fuels.

Vehicle Electrification Market Competitor Analysis

The prominent competitors in the global market are Bosch, Continental A.G., DENSO Corporation, Mitsubishi Motors Corporation, BorgWarner Inc., Johnson Electric, Magna International Inc., Aisin Seiki Co. Ltd., Johnson Controls, and multiple businesses.

Please note: This is not an exhaustive list of companies profiled in the report.

In 2019, Bosch opened its new office in Holzkirchen, Germany. The new office is presumed to complete by 2021 that will have a parking facility measuring for 21000 meters accommodating nearly 800 cars and 130 bicycles. The new office will be ready for 900 associates for 17000 square meters.

In 2019, Bosch appropriated full control of EM-motive. The organization is recognized as one of Europe's most prosperous manufacturers of electric motors. Robert Bosch GmBH and Daimler AG anchored it up as a 20-20 joint venture un the year 2011. After 2019, Bosch has secured the entire command over EM-motive.

Check the Press Release on Vehicle Electrification Market Report