Vehicle Electrification Market is driven Rising Need for 48V Architecture


Posted May 22, 2019 by rechaldey

The vehicle electrification market is projected to grow at a CAGR of 8.17% during the forecast period, to reach a market size of USD 92.59 Billion by 2022

 
According to the new market research report Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air-Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V Mild-Hybrid, Degree of Hybridization, and Vehicle Type - Global Forecast to 2022. The vehicle electrification market is projected to grow at a CAGR of 8.17% during the forecast period, to reach a market size of USD 92.59 Billion by 2022. Owing to various benefits of electrification such as decreased vehicle weight, reduced emissions, increased fuel efficiency, and driving comfort, vehicle electrification is expected to become a preferred option for OEMs in the near future.

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The increasingly stringent emission control norms, growing environmental concerns, and technological advancement of electric vehicles are causing a paradigm shift in the automotive industry. Conventional automotive systems are powered by mechanical power. However, OEMs have realized that stringent emission regulations can be complied through vehicle electrification. Therefore, automotive industry has started developing alternatives to conventional mechanically powered systems. Vehicle electrification can be achieved through various alterations such as equipping vehicles with electric powertrain and conversion of mechanically operated systems to electrical.

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The Following are the Major Objectives of the Study.
• To analyze and forecast (2015–2022) the market size, in terms of volume (‘000 units) and value (USD million), of the vehicle electrification market
• To define, describe, and project the market by product type (start/stop system, electric power steering (EPS), electric air-conditioner compressor, electric vacuum pump, electric oil pump, and electric water pump, liquid heater PTC, integrated starter generator, starter motor and alternator, actuators)
• To define, describe, and project the market by degree of hybridization (internal combustion engine (ICE) and micro hybrid vehicle, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and battery electric vehicle (BEV))
• To define, describe, and project the 48V Mild-hybrid market for vehicle electrification

Browse and in-depth TOC vehicle electrification market
108 - Tables
62 - Figures
237 – Pages

Electric vacuum pump is the fastest growing segment globally. It has become alternative to mechanical vacuum pump. The demand for electric vacuum pump is increasing owing to stringent emission regulations and adoption of 48V architecture. Electric power steering (EPS) is having the largest market size in the market. The EPS reduces fuel consumption and emissions, limits the servicing required, and improves the maneuverability of the vehicle. Because of these benefits OEMs are increasingly offering EPS in their vehicle.

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A key factor restraining the growth of market is the high cost of electric systems and components. The cost of electric vehicle is still high despite the advancements in battery technology and incentives provided by the governments. Cost has been a major obstacle to the widespread of EV market. The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the Market are Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC(U.K.), Johnson Electrics (Hong Kong).
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Tags vehicle electrification market
Last Updated May 22, 2019