Vehicle electrification involves powering the components of the vehicle with electricity i.e. replacing the vehicle components that currently operates on some conventional source of energy with the vehicle components that operate on electricity. Conventional alternators and starter motors are usually replaced with an integrator starter generation system. Electrification of vehicle increases its efficiency, reduces carbon emissions and decreases dependency on conventional fuels. Other benefits of vehicle electrification include lesser maintenance and reduced operational costs since now the use of coolants is eliminated. Since vehicle emissions are causing serious damage to human life and environment, government bodies all over the world are imposing stringent emission norms for the vehicles. Strategy such as tax exemption is implemented in developing countries to encourage the customers to buy hybrid and electric vehicles.
MARKET SCOPE
The "Global Vehicle Electrification Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the vehicle electrification market with detailed market segmentation by product, degree of hybridization, vehicle type and geography. The report provides key statistics on the market status of the leading vehicle electrification market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product, the global vehicle electrification market is segmented into electric pumps, electric power steering, liquid heater PTC, electric air conditioner compressor, actuator, alternator and others.
- On the basis of degree of hybridization, the market is segmented into hybrid electric vehicle, battery electric vehicle, ICE and micro hybrid vehicle, plug-In hybrid electric vehicle (PHEV) and 48 V vehicle.
- Based on vehicle type, the market is bifurcated into passenger cars, light commercial vehicles and heavy commercial vehicle.
MARKET DYNAMICS
Drivers:
- Growing awareness towards use of clean energy.
- Rising urbanization and increasing per capita disposable income to boost market growth of vehicle electrification.
- Encouragement from government in form of tax exemption.
Restraints
- High cost for replacement and maintenance cost of vehicle electrification.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The vehicle electrification market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the vehicle electrification market in these regions.
IMPACT OF COVID-19 ON VEHICLE ELECTRIFICATION MARKET
COVID-19 began in Wuhan (China) from December 2019 and since then it spread across the world at a fast pace. The US, Brazil, Russia, India, the UK, France, Italy, Turkey and Spain are some of the worst affected nations in terms of confirmed cases and reported deaths. The pandemic of COVID-19 has seriously affected some of the industries and economy of various countries mainly due to travel restrictions, business shutdowns and lockdowns. Due to various travel limitations and restrictions, use of cars has gone down considerably. This has affected the vehicle electrification market for short term at least. Also, disruptions due to this pandemic has impacted various industries in the supply chain. However, after the situation returns to normal, this market sees a promising growth.
MARKET PLAYERS
The report covers key developments in the vehicle electrification market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from vehicle electrification market are anticipated to lucrative growth opportunities in the future with the rising demand for vehicle electrification in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the vehicle electrification market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AISIN SEIKI Co., Ltd.
- BorgWarner Inc.
- Clarios (Brookfield Business Partners L.P.)
- Continental AG
- Delphi Technologies
- DENSO Corporation
- Johnson Electric Holdings Limited
- Magna International Inc.
- Mitsubishi Motors Corporation
- Robert Bosch GmbH
The Insight Partner?s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.