Growing Demand for Electric Vehicles and Technology
New York, US, Dec. 09, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Vehicle Electrification Market Research Report: Information by Product, Sales Channel, Voltage, Region, and Vehicle– Forecast till 2030”, the global market for vehicle electrification is predicted to bolster substantially during the review period from 2022 to 2028 at a healthy growth rate of approximately 12.52%. The reports further predict the market to attain a valuation of around USD 250 Billion by the end of 2028.
Vehicle Electrification Market Overview:
Vehicle electrification is considered the essential driving energy behind the transformation of the automotive industry. The requirement for the electrification of automobiles is mainly attributed to the development of automotive production and sales across the globe. Electrification of vehicles is gaining traction as a feasible choice for conventional hydraulic and mechanical systems. Vehicle electrification enhances fuel economy while also reducing emissions. OEMs have experienced substantial weight reduction of automotive components because of the increasing trend of vehicle electrification, enhancing vehicle operational efficiency, and lowering fuel consumption. The electrification of the IC engine is a substantial stance forward since it enables lower fuel usage.
Vehicle Electrification Market Competitive Analysis
The catalog for the leading participants across the global vehicle electrification market includes players such as:
Mitsubishi Electric Corporation (Japan)
Johnson Electric (Hong Kong)
Hitachi Automotive Systems Ltd. (Japan)
JTKET Corporation (Japan)
ZE Friedrichshafen AG (Germany)
Hitachi Automotive Systems Ltd. (Japan)
Robert Bosch GmbH (Germany)
Mando Corp. (South Korea)
Denso Corporation (Japan)
Nexteer Automotive (US)
Continental AG (Germany)
Borgwarner Inc. (US)
Magna International Inc. (Canada)
Delfi Automotive PLC (UK)
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Moreover, electric vehicles outdo conventional vehicles in terms of maintenance and carbon emissions, fuel economy, less engine noise, charging & refilling convenience, and smoother driving. Since the implementation of fuel-efficient mobility solutions, a fall in battery price per KWH and practical performance needs are also likely to boost the market's growth over the coming years. the global vehicle electrification market has demonstrated a tremendous expansion in the last few years. Electric vehicles assist in saving energy along with lowering pollution. In addition to that, it can assist in boosting the performance of the vehicles substantially. Therefore, the demand for vehicle electrification will increase over the coming years. The governments of various nations are also implementing various policies to adopt electric vehicles. Moreover, the prime market players are disclosing key mergers, acquisitions, and partnerships with each other. Therefore, the vehicle electrification market revenue will boost by the end of the evaluation period.
Vehicle Electrification Market Report Scope:
Vehicle Electrification Market Size by 2028
USD 250 Billion
CAGR during 2022-2028
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
New intelligent transport systems
Key Market Drivers
Growing demand for electric vehicles
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Vehicle Electrification Market USP Covered
The global vehicle electrification market has demonstrated an enormous expansion in recent years. The world has been witnessing a concurrent rise in energy disasters, and pollution concentrations are considered the prime parameter that is boosting the market's growth. Furthermore, the growing environmental concerns by governments to deploy electric vehicles is also likely to boost the development of the market over the coming years. Moreover, the increasing demand for public transportation because of the expanding population will provide new opportunities. In addition, these vehicles are known to lower carbon footprint, which will be profitable for the market growth over the review timeframe.
Vehicle Electrification Market Restraints
On the other hand, the number of risks, such as the low availability of charging points and shortage of battery life, may limit the market's growth. In addition, the high costs for electrical systems can lead to substantial restraint in the market's performance.
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COVID-19 Impact of Vehicle Electrification Market
The global vehicle electrification market has witnessed several unexpected changes recently, given the rise of the global health hazard in the form of COVID-19. The world automobile market witnessed a massive demand decline during the pandemic. The sales of automobiles were lowered by 15% in 2020 across the globe. In addition, the demand for cars fell sharply and caused a temporary shutdown of production lines. Furthermore, the limitations on transit during the lockdowns impacted the supply chain. On the other hand, the automobile sector is gradually demonstrating impressive and rapid development.
Vehicle Electrification Market Segment Analysis
Among all the products, the electric power steering (EPS) segment is anticipated to secure the top position across the global vehicle electrification market over the review era. The segment is given maximum preference among end-users worldwide compared to other steering systems. It provides several benefits, such as adjusting a more straightforward interface, lowering mechanical complications, and energy economy. On the other hand, the electric vacuum pump segment will likely demonstrate the maximum growth rate over the coming years. Technological developments are performed in the automotive industry to save fuel and attain lead attributed to engine energy efficiency.
Among all the hybridization models, the ICE segment is anticipated to ensure the top position across the global market for vehicle electrification during the assessment period. Given the technological development, the launch of new battery electric vehicles is considered the primary aspect causing a boost in the segment's growth. On the contrary, the PHEV segment is predicted to show the highest growth rate over the coming years.
Vehicle Electrification Market Regional Analysis
The global market for vehicle electrification is analyzed across five significant geographies: Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
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The MRFR analysis reports suggest that the Asia-Pacific region is anticipated to hold the top position across the global market for vehicle electrification over the coming years. the regional market's growth is ascribed to the aspects such as the high presence of several key players, technological advancements, supportive policies by the government, and rising demand for EVs.
The North American regional market for vehicle electrification is likely to demonstrate considerable development over the coming years, owing to the high demand for electric vehicles and the availability of better infrastructure.
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