Report Code : A02216
Byproduct type, the electric power steering dominated the global market in 2019, in terms of revenue, and is expected to lead the market throughout the forecast period. Depending on sales channel, the OEM segment garners a higher share, owing to changing automobile manufacturing outlook and inclination of automotive OEMs toward electrification. At present, Asia-Pacific is the highest revenue contributor, and is expected to continue this trend during the forecast period, followed by Europe.
Omkar Bachal
Lead Analyst, Automotive and Transportation at Allied Market Research
According to a recent report published by Allied Market Research, titled, “Vehicle Electrification Market by Product Type, Sales Channel, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027,”the global vehicle electrification market was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%.
Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America,and LAMEA.China dominated the global Vehicle Electrification Market share, and is expected to grow at a significant rate during the forecast period, due to increase in penetration of electric and hybrid vehicles across the country in 2019.
Vehicle electrification is associated with the range of electric-powered technologies used to drive the vehicle. The major source of power in vehicle electrification is the batteries, which propel the vehicle. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive sector to reduce the weight, enhance fuel efficiency, and optimize output requirements.
By product type, the electric power steering segment is expected to dominate the global market, owing to its cost-effective operation and its high compatibility with IC engine, hybrid, and electric vehicles in the range of vehicles. However, the electric car motors segment is anticipated to witness lucrative growth, owing to increase in sales of electric vehicles across the globe.
The growth of the global vehicle electrification market is majorly driven by surge in adoption of fuel-efficient mobility solution along with effective performance requirements and fall in price of batteries per Kwh. However, decline in production and sales of automotive from last two year and high dependence on mechanical & hydraulic systems in existing vehicles are expected to restrain the growth of the global market during the forecast period. On the contrary, increase inneed for cost-effective solutions and rise in trend of electrification of commercial vehicles and fleet are expected to provide lucrative opportunities for the expansion of the global vehicle electrification market in the near future.
Majority of the market players are involved in joint venture to gain competitive advantage in the global market. Market players are entering into long-term contracts or agreements with automotive manufacturers to retain long-term business opportunities.
Key Findings Of The Study
The key players profiled in the report include AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, and Johnson Electric Holdings Limited.
Talk to David (Europe)
Talk to Sona Padman (Americas)
5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91 2066346060
Fax: +1(855) 550-5975
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com
Vehicle Electrification Market by Product Type (Starter Motor, Alternator, Electric Car Motors, Electric Water Pumps, Electric Oil Pump, Electric Vacuum Pump, Electric Fuel Pump, Electric Power Steering, Actuators, and Start/Stop System), Sales Channel (Original Equipment manufacturers (OEMs) and Aftermarket), and Vehicle Type (Internal Combustion Engine Vehicle, Micro & Full Hybrid Vehicle, and Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV)): GlobalOpportunity Analysis and Industry Forecast, 2020–2027
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Buy Full Version
"Vehicle Electrification Market"
Purchase Enquiry
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers