Vehicle Electrification Market Global Industry Size, Growth, Covid-19 scenario, Key Players, CAGR Value, Demand and Forecast Till 2027
The global vehicle electrification market size is expected to gain momentum by reaching USD 53.3 billion till 2026 while exhibiting a CAGR of 8.5% between 2019 and 2026. This is attributable to increasing demand for hybrid vehicles owing to rising pollution and high adoption of advanced technologies by the manufacturers across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Vehicle Electrification Market Size, Share and Industry Analysis; By Product Type (Start/Stop System, Electric Air Conditioner Compressor, PTC Heater, Electric Vacuum Pump, Electric Water Pump, Electric Oil Pump, Starter Motor & Alternator, Integrated Starter Generator, Actuators). By Vehicle Type (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), and Regional Forecast, 2019-2026.” The report further mentions that the market was worth USD 27.9 billion in 2018.
The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Vehicle electrification is a term that involves the adoption of electricity to run the vehicle. There are different types of electric vehicles such as plug-in hybrid electric vehicles, blended phevs, and hybrid electric vehicles, among others.
The conventional systems in an automotive are replaced by electric components that aids in increasing the efficiency of the vehicle, while reducing the dependency on conventional fuels that are declining at an alarming rate across the globe. Electrification of the vehicles is witnessed as the future of mobility and is expected to witness exponential demand in the coming years.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period.
The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Recent Advancement in Technology to Drive the Market
Depleting fossil fuels along with rising costs of petrol and diesel is propelling the demand for convenient substitutes such as electric vehicles. The rising consumer demand for hybrid vehicles is driving the manufacturers to introduce vehicles with advanced technologies. For instance, growing concerns regarding pollution caused by vehicles, and stringent government policies to limit vehicular emission has enabled the automakers to introduce the engine shut down system technology.
Whenever the vehicle halts at the traffic signal, the smart electric starter system instantly cuts off the fuel supply to the engine. This helps in the consumption of fuel and efficiently reduces fuel emission levels. Therefore, increasing adoption of recent technology advancement in vehicles is expected to favor the growth of the global vehicle electrification market in the forthcoming years.
Favorable Government Policies in Asia Pacific to Favor Growth
Among all regions, the market in Asia-Pacific is expected to witness significant growth and register highest global vehicle electrification market revenue during the forecast period. This is ascribable to factors such as favorable government policies such as tax exemption in the purchase of electric vehicle in countries such as India, China, and South Korea.
On the other hand, Europe is likely to hold second largest position in the market during the forecast period. This is ascribable to increasing adoption of advanced technologies and surging demand for hybrid vehicles in the region.
Jaguar Land Rover Collaborating with Nordic Taxi Operator Cabonline to Aid Growth
In June 2020, Jaguar Land Rover announced its plan to collaborate with the Carbonline, the largest taxi operator in Nordic, to support the development of the world’s first high-powered wireless taxis in Oslo. The project, Electricity includes Forum Recharge, the city’s largest point operator, and the US technology developer, Momentum Dynamics. Together, the project is aimed at building a high-powered wireless charging infrastructure for taxis in Oslo.
Arild Hermstad, Vice Mayor of Oslo, says, “We are delighted to have private enterprises onboard to aid us in reaching our dream of electric mobility to conserve fuel and reduce emission by 95% before 2030.” According to Fortune Business Insights, the companies operating in the market are adopting strategies such as merger and acquisition, collaboration, introduction of new products, and partnership to maintain stronghold and gain major global vehicle electrification market share during the forecast period.
List of the Companies Operating in the Market:
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- Delphi Technologies PLC
- Johnson Electric Holding Limited
- Toyota Motors Corporation
- Honda Motors Co. Ltd