Press Release

Global Vehicle Electrification Market is Expected to Grow at a CAGR of 9% in the Forecast Period of 2020-2025.

According to a new report by EMR titled, ‘Global Vehicle Electrification Market Report and Forecast 2020-2025’, the global vehicle electrification market was valued at nearly USD 70.84 billion in 2019. The vehicle electrification market is further projected to grow at a CAGR of 9% during the forecast period of 2020-2025 to reach USD 119 billion by 2025.

The global vehicle electrification market is being driven by the rising production of vehicles globally. Due to rising demand from the Asia Pacific region, the electric power steering (EPS) segment is projected to account for the majority of the share in the market between 2020 and 2025. Furthermore, over the forecast period, North America is projected to lead the global vehicle electrification industry, driven by growing investment in vehicle electrification by OEMs.

In January 2020, Aptiv (NYSE: APTV), one of the key players, announced Smart Vehicle Architecture (SVA) at CES. Aptiv's experience in the integration of software and devices, coupled with its capability to include automotive computing and signal processing, separates the organization from those that enable OEMs to solve the challenge of electric and electronic vehicles. SVA is a sustainable open platform that reduces total ownership costs and enables highly automated, feature-rich vehicles. It is also planned to meet the highest functional and safety requirements. Such developments are expected to aid the growth of the global vehicle electrification market.

Market Analysis by Vehicle Type, Product Type, Degree of Hybridization, and Regions:

  • The vehicle type in the market can be divided into passenger car, light commercial vehicle, heavy commercial vehicle, and two-wheeler product.
  • The product type in the market includes start/stop system, electric power steering (EPS), electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, integrated starter generator (ISG), starter motor and alternator, and actuators.
  • The degree of hybridization in the industry is segmented into internal combustion engine (ICE) and micro-hybrid vehicle, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and 48V mild hybrid.
  • The regional markets for vehicle electrification include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rise in the implementation of government regulations to minimise pollution and other environmental damage is driving the market growth for vehicle electrification globally.
  • Multifunctional consumer advantages like functional efficiency as well as decreased dependence on fossil fuels drive the market growth.
  • Rapid technological advancements are aiding the growth of the market.
  • The global vehicle electrification market is being driven by the growing demand for lightweight vehicles with lower emission levels and the growing preference for 48V architecture.

Key Offerings of the Report:

  • The EMR report gives an overview of the global vehicle electrification market for the periods (2015-2019) and (2020-2025).
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the vehicle types, product types, degree of hybridization, and major regional markets of vehicle electrification.
  • It assesses the market based on the SWOT as well as Porter’s Five Forces models.

The major key players in the global vehicle electrification market include companies like Robert Bosch GmbH, Continental AG, Denso Corporation, Aptiv PLC, Johnson Electric Holdings Ltd., Toyota Motor Corporation, Honda Motor Co. Ltd, and Mitsubishi Electric Corporation, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

About Us:

EMR is a leading business intelligence company, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At EMR, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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