Global Vehicle Electrification Market Driven by the Demand for Light Weight Vehicles

 

Drivers and Restraints

Due to the significant change in automotive industry technologies from hydrocarbon energy to electrical energy, the vehicle electrification industry has seen a steady growth rate. The need for light-weighted automobiles to boost fuel efficiency and reduce carbon emissions is driving this market's growth. Also, the efforts put in by this market's numerous leading players to develop this technology lead to exponential market development. It is expected that growing concerns about energy protection, fossil fuel pollution, and long-term industrial competitiveness would prompt the government to take some constructive steps to pursue a partial solution by creating opportunities or investing in the automotive sector to boost the vehicle electrification market in the near future. Increasingly strict standards and regulations regarding improved fuel efficiency and reduced carbon footprint, set by governments of different nations around the world, are further expected to propel the vehicle electrification market over the forecast period.

On the other hand, it is hard to replace an energy source such as gasoline of the oil & gas sector with electricity owing to the high power generation capacity of the former, which impedes the market growth.

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Segmental Analysis

The vehicle electrification market is analyzed based on vehicle type, product, sales channel. Based on the product, the vehicle electrification market is segmented into the start/stop system, EPS, actuators, electric vacuum pump, starter motor & alternator, integrated starter generator, and others.

Based on voltage, the vehicle electrification market is segmented into 24V, 14V, 12V, and 48V.

Based on vehicle type, the vehicle electrification market is segmented into PHEV, HEV, ICE & micro-hybrid, and BEV.

Based on the sales channel, the vehicle electrification market is bifurcated into OEM and aftermarket. OEM is poised to dominate the market in the future.

Regional Analysis

The geographical overview of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. Asia Pacific region is expected to account for the largest market share due to augmented government regulation to reduce emissions. The increase affluence in the emerging economies, more and more people can afford their car, particularly in emerging Asian economies such as China and India. To tap these increasing consumer automobile preferences, leading global automotive players such as Volkswagen, Toyota, BMW, and Ford, among others, are entering into new emerging markets for business expansion. As the global auto-manufacturers continue to increase into rising and emerging markets, the demand for electric vehicles will also rise. The development of electric vehicles will lead to the development of vehicle electrification. North America is slated to be the second-largest market. In North America, the U.S. has led the vehicle electrification market. In North America, the U.S. has always been the most lucrative market for electric vehicles. Over the last few years, the sales of electric vehicles have been doubled in the U.S. which means the market will produce ample revenue. The significant factors that have driven the U.S. market are the rising demand for electric cars, government initiatives, and healthy disposable income. The Canadian market for an electric vehicle is rising steadily. 

Competitive Landscape

The key market players operating in the global market as identified by MRFR are Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Z.F. Friedrichshafen AG (Germany), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), and Mitsubishi Electric Corporation (Japan). Johnson Electric (Hong Kong), Borgwarner Inc. (U.S.), Mando Corp. (South Korea), Delphi Automotive PLC (U.K.), and Hitachi Automotive Systems, Ltd. (Japan) are among others.

 

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 Key Questions Addressed by the Report

  • What was the historic market size?
  • Which segmentation (Product/ Capacity) is driving market?
  • What will be the growth rate?
  • How are the key players in this market?
  • What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research

 

 

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Contact Person: Abhishek Sawant
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