Increasing prices of conventional fuels, growth in the sales of electric vehicles will enhance the growth of vehicle electrification. Growing demand for fuel efficient vehicles, stringent emission norm along with increasing environmental awareness among the consumer are also expected to fuel the growth of vehicle electrification market. Governments of various countries such as US are actively supporting vehicle electrification by providing tax exemption and subsidies. Vehicle Electrification Market Segmentation On the basis of product type: Start–Stop System, Electric Power Steering (EPS), Liquid Heater PTC, Electric Air-Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Thermoelectric Generator, Electric Turbocharger; On the basis of vehicle type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Two – Wheeler; Basis of degree of hybridizationas: Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle,
Electrification of a vehicle is considered as one of the best way to reduce carbon emission, increase vehicle efficiency and reduce dependency over oil. Vehicle electrification generates new opportunities for consumer engagement along with various environmental and economic benefits. We can replace various hydraulic or mechanical systems with electric systems: hydraulic power steering with electric power steering and mechanical or hydraulic pumps with electric pumps. The air conditioner in a vehicle can
Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (Bev) & Fuel Cell Electric Vehicle (FCEV); In addition: OEMs, Aftermarket.Asia – Pacific region owing to the fast growing automotive industry in developing countries such as India, China and South Korea is expected to show a significant growth in the vehicle electrification market. Strict laws in Western & Eastern Europe for vehicle efficiency will drive the vehicle electrification market in this region. North America is also anticipated to a moderate growth with credits to the strong fuel efficiency norms and support from government in the region. With rapid technological advancement and growing automobile industry, vehicle electrification market is expected to increase at a double CAGR during the forecast period.
Some of the players in the market we identified includes, Continental AG, Robert Bosch GmbH., TRW Automotive Holdings Corp., Denso Corporation, (Japan), Nexteer Automotive, JTEKT Corporation, Mitsubishi Electric Corporation, Mando Corp., Borgwarner Inc. and ZF Friedrichshafen AG.
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