Fuel Economy Targets to Influence Vehicle Electrification Market. Accelerating Regulatory Forces Drive Vehicle Electrification Market. Advances in key technologies Support Vehicle Electrification Market Growth. Goals to reduce fuel consumption, vehicular emissions, and increase in energy security and diversification are supporting the major transition towards vehicle electrification. E-mobility has a strong potential to be disruptive, and Market Research Future (MRFR) has identified key megatrends that can affect the global vehicle electrification market over the forecast period of 2018-2023 in its latest comprehensive study. MRFR has asserted that the vehicle electrification market will capture a stable CAGR throughout the forecast period.
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Robert Bosch GmbH (Germany), Mitsubishi Electric Corporation (Japan), Denso Corporation (Japan), Johnson Electric (Hong Kong), ZF Friedrichshafen AG (Germany), Mando Corp. (South Korea), Delphi Automotive PLC (U.K.), JTEKT Corporation (Japan), Borgwarner Inc. (U.S.), Hitachi Automotive Systems, Ltd. (Japan), Continental AG (Germany), and Nexteer Automotive (U.S.) are the noteworthy players operating in the vehicle electrification market.
Energy production rate is witnessing a slowdown which is estimated to be insufficient for the multiplying needs of the ever-increasing population, despite increasing energy efficiencies in consumption. The recent enthusiasm towards vehicle electrification stems from these factors, coupled with concerns relating to the security of oil supply.
Tightening governing fleet emissions and fuel economy targets at national, regional, and city levels have added to the growth of the market significantly. Improvements in key vehicle electrification technologies have also fostered the growth of the market. Also supporting to set the stage for greater vehicle electrification market growth are advances in battery efficiency translating into lower cost and higher range, and improvement of wide-scale charging infrastructure in the US, Europe, and China.
Other factors contributing to the expansion of the vehicle electrification market include fast-track urbanization which creates more pull for green mobility solutions.
Despite the massive popularity of electric vehicles, fuel consumption benefits of vehicle electrification are limited by underlying factors. Vehicle electrification is not yet able to deliver full performance even though electric power and speed improvements are key benefits. In addition, several challenges associated with storing, charging, and making use of electric energy is likely to constrain the growth of the market.
The vehicle electrification market has been segmented based on product, vehicle type, sales channel.
By product, the vehicle electrification market has been segmented into start/stop system, EPS, starter motor & alternator, actuators, electric vacuum pump, integrated starter generator, and others.
The Integrated Starter Generator (ISG) segment is leading the market. Various advantages associated with it such as reduction of noise and vibration, along with the added advantage of automatic engine shutdown when the vehicle is idle has led to the massive popularity of ISG. Moreover, ISG is a replacement to starter, flywheel, and generator in vehicles.
By voltage, the vehicle electrification market has been segmented into 12V, 14V, 24V, and 48V. The 24V segment is expanding at a rapid pace owing to extensive use by automotive manufacturers. The 48V segment is also anticipated to witness substantial growth over the forecast period. It is capable of providing power to various systems such as air conditioning compressors, electrical heaters, start-stop system, pumps, steering drives, and other features.
By vehicle type, the vehicle electrification market has been segmented into ICE & micro-hybrid, HEV, PHEV, and BEV. The ICE & micro-hybrid segment accounts for the largest share of the market, and its growth can be attributed to the surging production of ICE vehicles. The HEV segment is likely to be the fastest growing segment over the forecast period.
By sales channel, the vehicle electrification market has been segmented into OEM and aftermarket. The OEM segment is forecasted to lead the market in the future.
By region, the vehicle electrification market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC vehicle electrification market accounts for the largest share of the global vehicle electrification market owing to rigorous regulations in the region to reduce vehicular emissions. China is a key contributor to the APAC market where pollution has become a major concern and has reached to a hazardous stage. China 6 Emission Standard for diesel and gasoline vehicles has been enacted by the Ministry of Environmental Protection (MEP). The escalating air pollution level in other emerging economies has also paved the way for the vehicle electrification market. In India, Faster Adoption and Manufacturing of Electric and Hybrid (FAME-II) is a scheme which encourages the shift towards electric vehicles.
North America is likely to follow APAC in the vehicle electrification market which will be led by the US.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Global Vehicle Electrification Market, By Product
5.2 Start/Stop System
5.2.1 Market Estimates & Forecast, 2018-2023
5.2.2 Market Estimates & Forecast By Region, 2018-2023
5.3.1 Market Estimates & Forecast, 2018-2023
5.3.2 Market Estimates & Forecast By Region, 2018-2023
5.4.1 Market Estimates & Forecast, 2018-2023
5.4.2 Market Estimates & Forecast By Region, 2018-2023
5.5 Starter Motor & Alternator
5.5.1 Market Estimates & Forecast, 2018-2023
5.5.2 Market Estimates & Forecast By Region, 2018-2023
5.6 Electric Vacuum Pump
5.6.1 Market Estimates & Forecast, 2018-2023
5.6.2 Market Estimates & Forecast By Region, 2018-2023
5.7 Integrated Starter Generator
5.7.1 Market Estimates & Forecast, 2018-2023
5.7.2 Market Estimates & Forecast By Region, 2018-2023
5.8.1 Market Estimates & Forecast, 2018-2023
5.8.2 Market Estimates & Forecast By Region, 2018-2023
6 Global Vehicle Electrification Market, By Voltage
6.2.1 Market Estimates & Forecast, 2018-2023
6.2.2 Market Estimates & Forecast By Region, 2018-2023
6.3.1 Market Estimates & Forecast, 2018-2023
6.3.2 Market Estimates & Forecast By Region, 2018-2023
6.4.1 Market Estimates & Forecast, 2018-2023
6.4.2 Market Estimates & Forecast By Region, 2018-2023
6.5.1 Market Estimates & Forecast, 2018-2023
6.5.2 Market Estimates & Forecast By Region, 2018-2023
7 Global Vehicle Electrification Market, By Sales Channel
7.2.1 Market Estimates & Forecast, 2018-2023
7.2.2 Market Estimates & Forecast By Region, 2018-2023
7.3.1 Market Estimates & Forecast, 2018-2023
7.3.2 Market Estimates & Forecast By Region, 2018-2023
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