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:
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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.
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