Vehicle Electrification Market to Reach USD 53.3 Billion by 2026; Increasing Demand for Hybrid Vehicle Will Lead to A Subsequent Demand for Electrification Systems

The global vehicle electrification market size is projected to reach USD 53.3 billion by the end of 2026. The increasing demand for hybrid vehicles across the world will have a direct impact on the growth of the market. According to a report published by Fortune Business Insights, titled “Vehicle Electrification Market Size, Share and Industry Analysis; By Product Type (Start/Stop System, Electric Air Conditioner Compressor, PTC Heater, Electric Vacuum Pump, Electric Water Pump, Electric Oil Pump, Starter Motor & Alternator, Integrated Starter Generator, Actuators). By Vehicle Type (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), and Regional Forecast, 2019-2026,” the market size was USD 27.9 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2026.

Vehicle electrification is the process of electrifying all components of a vehicle that are responsible for its propulsion. The process is aimed at replacing conventional mechanical processes with electric methods, for improving the overall performance of the utilities, with regard to time, efficiency, and speed of operations. Recent advancements in vehicle such as the introduction of integrated starter generator instead of the conventional starter will have a direct impact on the growth of the market in the coming years. Moreover, the dependency on electric methods reduce the overall fuel consumption and subsequently bring down the carbon emissions. The increasing global concerns surrounding greenhouse emissions will emerge in favour of vehicle electrification market companies.

Bosch’s Collaboration with Contemporary Amperex Technology Will Provide impetus to Market Growth

The report highlights a few of the major industry developments of recent times and gauges their impact on the global market. Accounting to the high potential held by vehicle electrification systems, there is an influx of start-ups in this industry. Additionally, large scale companies are also looking to invest more towards the research and development of newer systems. In December 2019, Bosch announced a strategic collaboration with Contemporary Anperex Technology for the development of a 48 V battery cell. The company claims that this latest battery cell design will reduce fuel consumption by 15%. Bosch’s latest collaboration with Amperex will not only help the company generate substantial market revenue, but will have a direct impact on the growth of the market in the coming years.

To Get the detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/vehicle-electrification-market-102070

Stringent Government Regulations Will Lead to Wider Product Adoption

The report encompasses several factors that have contributed to the growth of the market in recent years. Due to the increasing greenhouse emissions, governments across the world have imposed strict regulations. The use of electric systems will cater to need to minimize the greenhouse emissions. “The greenhouse emission is a serious concern across the world. Considering the constantly rising number of automobile across the world, vehicle electrification may help bring down the pollution due to fuel combustions, significantly,” said lead analyst at Fortune Business Insights.

Increasing Number of Utility Programs to Promote the Adoption of Electric Vehicles is a Growing Trend

The growing demand for hybrid vehicles is consequential to the growing pollution concerns. To encourage people towards the adoption of electric vehicles, public as well as private organizations are looking to conduct utility programs. The increasing number of such utility programs has emerged in favour of the companies operating in this market.

A few of the major companies that are currently operating in the market include:

• Robert Bosch GmbH (Gerlingen, Stuttgart, Germany)


• Continental AG (Hanover, Lower Saxony, Germany)


• Denso Corporation (Kariya, Aichi, Japan)


• Delphi Technologies PLC (London, United Kingdom)


• Johnson Electric Holding Limited (Hong Kong Science Park, Hong Kong)


• Volkswagen (Wolfsburg, Germany)


• Toyota Motors Corporation (Toyota, Aichi, Japan)


• Honda Motors Co. Ltd (Minato City, Tokyo Japan)

Further Report Findings:

• The report analyses ongoing vehicle electrification market trends across:

• North America


• Europe (2^nd Largest Market)


• Asia Pacific (Likely to Dominate)
  
  
  
  • 2017: USD 12.1 Billion
  
  
  • 2018: USD 12.3 Billion
  
  
  
  


• Rest of the World

• Strict government regulations are leading to rapid adoption of vehicle electrification systems

Industry Developments:

• September 2019: Delphi Technologies signed an agreement with Cree, Inc. to manufacture advanced components for automobiles. The company will be using to utilise Cree’s silicon carbide semiconductor device technology to develop faster, smaller, lighter, and powerful electronic components for HEVs and EVs.

The global vehicle electrification market is segmented on the basis of: