Vehicle Electrification Market worth USD 144.65 billion by 2027, registering a CAGR of 12.52%

Industry Insights

The emphasis on environment protection plans is expected to power the vehicle electrification market 2020. The automobile industry reports are created by Market Research Future, which centers on market choices for expansion.  A 35.6% CAGR is expected to be detected by the market in the forecast period.

The need for mobility solutions in nearly every city around the world is expected to transform the vehicle electrification market. The issues of pollution and traffic are expected to lead to the further development of the vehicle electrification market…

COVID-19 Impact

The COVID-19 pandemic hit the vehicle electrification industry severely, causing huge revenue losses. Technology providers faced various problems, such as obtaining raw materials & components required for the production, attracting workers from quarantines, and delivering end products. Many postponed electrification jobs due to strict lockdown mandates.

Besides, the lockdown mandates put a brake on manufacturing component and device production, which spiked overall product prices and lowered market demand. However, the vehicle electrification market is rapidly returning to normalcy, witnessing a steadily increasing demand. The market demand is expected to rise further following the uplift of the lockdown in many countries.

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The development of the market is contingent on the delicate balance of the forces of demand and supply. The consumers in the market are well aware of their requirements and how the market can meet them. The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The availability of encouraging policies and regulations by trade bodies and governments is expected to hasten the expansion of the market in the forecast period. The improved economic state of the companies is expected to lead to better research and development trials and activities in the impending period. The upgradation in production capacity is estimated to accelerate market expansion in the upcoming period further.

List of the Key Companies Profiled in the Vehicle Electrification Market Research Report are:

• Continental AG (Germany)
• Robert Bosch GmbH (Germany)
• ZF Friedrichshafen AG (Germany)
• JTEKT Corporation (Japan)
• Denso Corporation (Japan)
• Nexteer Automotive (US)
• Mando Corp. (South Korea)
• Mitsubishi Electric Corporation (Japan)
• Borgwarner Inc. (US)
• Johnson Electric (Hong Kong)
• Delphi Automotive PLC (UK)
• Hitachi Automotive Systems Ltd. (Japan)

 Competitive Analysis

The vehicle electrification market is experiencing several strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading players are making strategic investments in research and development activities and fostering their expansion plans.

For instance, recently, on July 27, 2021, XL Fleet Corp., a leader in vehicle electrification solutions, announced its partnership with ARBOC Specialty Vehicles, LLC, a subsidiary of NFI Group Inc., to electrify ARBOC Freedom low floor buses with the XL Hybrid electric propulsion system.
The partnership would enable the availability of ARBOC low floor bus models as hybrid electric units, providing a cost-effective option for customers looking to improve fuel economy, lower emissions, and advance their sustainability goals without adding charging infrastructure or disrupting their existing operations.

In another instance, on July 23, 2021, Taylor Machine Works Inc., a leader in commercial vehicle electrification, announced a partnership with Proterra Inc., a leader in commercial vehicle electrification technology, to power the next-generation Taylor ZLC Series electric container handler. The company’s next generation of its CZLC series electric container handler features Proterra’s technology.

Proterra’s vision for EV battery technology and its commitment to zero-emission standards align with the Taylor vision. This strategic engineering collaboration between Taylor and Proterra marks their commitment to the electric market for material handling and container handling equipment. Electrifying heavy-duty equipment means protecting environmental health and air quality.

Segmental Analysis

The segmental investigation of the vehicle electrification market conducted on the basis of vehicle type, product, region, and sales channel. Based on the product, the vehicle electrification market is segmented into EPS, actuators, start/stop system, starter motor & alternator, integrated starter generator, electric vacuum pump, and others. Based on the voltage, the vehicle electrification market is segmented into 14V, 24V, 12V, and 48V. Based on the vehicle types, the vehicle electrification market is segmented into PHEV, HEV, ICE & micro-hybrid, and BEV. Based on the regions, the vehicle electrification market is segmented into Asia Pacific, Europe, North America, and the rest of the regions.

Detailed Regional Analysis 

The regional review of the vehicle electrification market is segmented into Asia Pacific, Europe, North America, and the rest of the regions. The study reveals that the Asia Pacific region is anticipated to responsible for the biggest market stake due to augmented government regulation to decrease emissions. The issuance of the China 6 Emission Standard for gasoline and diesel vehicles in the nation of China is expected to accelerate growth. This standard will allow the manufacturer to shift in favor of the improvement of electric vehicles. The expansion of the electric vehicles market will affect the augmentation of the market of vehicle electrification. The North American regional market in vehicle electrification is anticipated to be the subsequent principal market. In North America, the U.S. has conquered the vehicle electrification market shares as compared to other regional players.

 Key Questions Addressed by the Report

• What was the historic market size (2020)?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate by 2027?
• How are the key players in this market?
• What are the strategies adopted by key players?

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TABLE OF CONTENT

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

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

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

5 Global Vehicle Electrification Market, By Product

List Of Tables

Table 1 Global Vehicle Electrification Market: By Region, 2020-2027

Table 2 North America Vehicle Electrification Market: By Country, 2020-2027

Table 3 Europe Vehicle Electrification Market: By Country, 2020-2027

Table 4 Asia Pacific Vehicle Electrification Market: By Country, 2020-2027

Table 5 RoW Vehicle Electrification Market: By Country, 2020-2027

Table 6 Global Vehicle Electrification Market, By Product, By Regions, 2020-2027

Table 7 North America Vehicle Electrification Market, By Product, By Country, 2020-2027

Table 8 Europe Vehicle Electrification Market, By Product, By Country, 2020-2027

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