Market overview:
The worldwide Vehicle Electrification Market was worth $70.14 billion in 2019 and is expected to grow to $250 Billion by 2028, at an 12.52% CAGR. Vehicle Electrification is the primary driving force behind the automotive industry's big shift. Factors such as increased adoption of fuel-efficient mobility solutions, effective performance requirements, and a decrease in battery price per KWH will likely boost the worldwide Vehicle Electrification industry.
However, it is anticipated that a reduction in automotive production and sales over the last two years and a heavy reliance on mechanical and hydraulic systems in current vehicles will restrain the growth of the Vehicle Electrification Market during the anticipated period. On the other hand, during the projection period, there will likely be lucrative opportunities for global market advancement due to the surge in demand for cost-effective solutions and the trend towards electrification of fleets and commercial vehicles. A worldwide increase in automotive production and vehicle sales is the main factor driving the need for vehicle electrification. As a replacement for conventional mechanical and hydraulic systems, vehicle electrification is becoming more and more common. Fuel efficiency and emissions are increased by electrifying vehicles. Automobile electrification is becoming more and more prevalent.
Market segmentation:
Sales Channel, Product Type, Voltage, and Degree of Hybridization are the sectors of the Vehicle Electrification Market.
The market is segmented into two segments based on the sales channel: aftermarket and OEM.
The Vehicle Electrification Market is further classified based on voltage into 12 V, 14 V, 24 V, and 48 V.
Electric Power Steering (EPS), Stop/Start System, Integrated Starter Generator (ISG), Liquid Heater PTC, Electric Vacuum Pump, Electric Oil Pump, Starter Motor, Actuator, Electric Air-Conditioner Compressor, and Alternator are the product types in the Vehicle Electrification Market.
The Vehicle Electrification Market is further classified into 48 V, Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and 48 Mild-Hybrid Market.
Regional analysis:
The Vehicle Electrification Market Size is divided into four regions: Asia-Pacific, North America, Europe, and the rest of the globe. The Asia-Pacific region is expected to have the biggest market share during the period investigated. The presence of multiple significant players and government initiatives encouraging the usage of electric cars is driving increased demand for EVs. Economic and technical developments will also help to accelerate growth.
Furthermore, North America will be the second-largest revenue contributor to the Vehicle Electrification Market. The availability of better infrastructure and the huge demand for electric vehicles significantly boost the sector. In addition, Europe's Vehicle Electrification Market will grow significantly in the next few years. The market will benefit from the increased demand for efficient transportation and environmentally friendly automobiles. Furthermore, Africa and the Middle East area will experience significant development.
Recent developments:
- GM announced the debut of its latest electric utility vehicle, the 2022 Chevrolet Bolt EUV, in 2021.
- In 2021, XL Fleet Corp formed a partnership with ARBOC Specialty Vehicles LLC, a unit of the NFI Group Inc. This collaboration will aid in electrifying ARBOC's low-floor buses using the XL hybrid electric technology
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