A recent report published by Infinium Global Research on vehicle electrification market provides an in-depth analysis of segments and sub-segments in the global as well as regional vehicle electrification market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional vehicle electrification market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global vehicle electrification market. According to the report, the global vehicle electrification market is projected to grow at a CAGR of 9.73% over the forecast period of 2019-2025.
Many developed, as well as developing nations, are turning towards eco-friendly mobility. The majority of the automakers including BMW AG, Audi AG, Ford Motor Company, Citroën UK Limited, and others are shifting their focus towards electrically-propelled vehicles. The vehicle electrification market is relatively new and highly fragmented in nature. A number of players in the market control a large part of the market share. A majority of key players in the market including Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Denso Corporation, Aptiv PLC, Borgwarner Inc., and others are focusing on launching innovative products and strategic collaboration with automakers and acquisition of local component suppliers to maintain competitiveness in the market.
The increasing demand for lightweight and fuel-efficient cars is the key factor driving the vehicle electrification market. Through electrification of the vehicle, the oil and gas consumption of the vehicles is reduced. Besides the heavy components of fuel-powered engines are substituted with the lightweight components. Moreover, the growing demand for electric vehicles is projected to propel the growth of the vehicle electrification market. Furthermore, the rise in the number of government initiatives to promote vehicle electrification is expected to boost the vehicle electrification market. The growing pollution levels due to emission has forced the governments to implement strict emission norms. Lower emissions of electrically-propelled cars increase the demand for vehicle electrification. However, the lack of infrastructure is the major restraining factor for the vehicle electrification market. Additionally, the emergence of 5G and other connectivity solutions is expected to provide opportunities for Vehicle Electrification manufacturers in the future.
In terms of region, the vehicle electrification market in the Asia Pacific generates the highest revenue. The vehicle electrification market in this region holds a large amount of share of the global market. The domination of the Asia Pacific region in the vehicle electrification market attributes to the increased government regulation to reduce emission. Moreover, the growing demand for lightweight and fuel-efficient cars in the region is expected to boost the growth of the vehicle electrification market in the Asia Pacific.
The report on global vehicle electrification market covers segments such as product type, and hybridization. On the basis of product type, the sub-markets include start/stop system, electric power steering (EPS), liquid heater PTC, integrated starter generator (ISG), starter motor & alternator, actuators, and other products. On the basis of hybridization, the sub-markets include internal combustion engine (ICE), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and battery electric vehicle (BEV).
The report provides profiles of the companies in the market such as Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Denso Corporation, TRW Automotive Holdings Corp., Aptiv PLC, Nexteer Automotive, Borgwarner Inc., Mitsubishi Electric Corporation, Johnson Electric Holdings Ltd., and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of vehicle electrification market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.