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Vehicle Electrification Market Size, Status and Forecast 2022

 



(IT-NEWSWIRE.COM, March 21, 2019 ) According to the new market research report "Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air-Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V Mild-Hybrid, Degree of Hybridization, and Vehicle Type - Global Forecast to 2022", published by MarketsandMarkets™, 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.



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Increasing demand for reliable electric systems and the introduction of 48V systems drives the global vehicle electrification market



The increasingly stringent emission control norms, growing environmental concerns, and technological advancement of electric vehicles are causing a paradigm shift in the automotive industry. Conventional automotive systems are powered by mechanical power. However, OEMs have realized that stringent emission regulations can comply through vehicle electrification. Therefore, the automotive industry has started developing alternatives to conventional mechanically powered systems. Vehicle electrification can be achieved through various alterations such as equipping vehicles with electric powertrain and conversion of mechanically operated systems to electrical. Additionally, with an increase in demand for electrical and electronic devices, the automobile industry is continuously shifting towards a higher voltage power supply. A 48V architecture would give vehicle electrical systems greater stability and reduce fluctuations in vehicle voltage levels due to external conditions such as ambient temperature. Automakers can meet future fuel economy and emissions requirements by switching to a 48V architecture or utilizing it in combination with the present 12V system.



Browse and in-depth TOC on "Vehicle Electrification Market"

108 - Tables

62 - Figures

237 - Pages



“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.



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The vehicle electrification market consists of vehicle electrification technology suppliers such as Robert Bosch GmbH. (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC(U.K.), Johnson Electrics (Hong Kong). Vehicle electrification components are supplied to major OEMs in the automotive industry such as Volkswagen (Germany), Toyota Motor Corporation(Japan) and Honda Motor Co Ltd(Japan) and others.

MarketsandMarkets™

Mr. Shelly Singh

1-888-600-6441

raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com

Source: EmailWire.com

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