Global Vehicle Electrification Market Outlook To 2023 Report

Posted by Abhijeet Bendre on March 4th, 2019

Vehicle Electrification Market Set to Grow in Light of High Demand for Electric Vehicles. Global Vehicle Electrification Market Research Report: Information by Product (Start/Stop System, EPS, Actuators, Starter Motor & Alternator, Electric Vacuum Pump, Integrated Starter Generator, Others), Voltage, Vehicle, Sales Channel – Forecast till 2023

The vehicle electrification market is segmented based on product, vehicle type, sales channel. On the basis of product, the market is segment into start/stop system, EPS, actuators, starter motor & alternator, electric vacuum pump, integrated starter generator, and others. The Integrated Starter Generator (ISG) is expected to account for the largest market during the forecast period due to the ability to shut down the engine automatically when the vehicle is idle or stuck in traffic. ISG reduces the vibration and noise, improving the comfort for users. ISG replaces the conventional starter, generator and flywheel of the engine to provide improved efficiency. It switches off the combustion engine automatically when at traffic and restarts it in less than one hundred millisecond. This will lead to increased adoption of electrification in the vehicles.

On the basis of voltage, the market is segmented into 12V, 14V, 24V, and 48V. 24V is expected to dominate the market during the forecast period due to increasing use by the automakers. 48V is expected to expand in future because it can power higher number of electric vehicles. 48V can be used in start-stop system, air conditioning compressors, electrical heaters, pumps, steering drives and other features. On the basis of vehicle type, the market is segmented into ICE & micro-hybrid, HEV, PHEV, and BEV. ICE & micro-hybrid vehicles is expected to account for the largest market during the forecast period due to increase in the production of ICE vehicles. HEVs are expected to grow at the fastest rate because of the ability to switch between two different powers, such as internal combustion engine to electric motor. This ability will increase the demand for electrification in the vehicles. On the basis of sales channel, the market is segmented into OEM and aftermarket. OEM is expected to dominate the market in future.

The Asia-Pacific leads the market with the largest share due to the increased involvement of the governments in this region targeting the reduction of emissions. Pollution is a large problem in these regions due to the sheer size of the populations in rapidly emerging economies such as India, China, Japan, and others. The serious pollution in China has led to dense grey smog-filled skies which have been proven to be responsible for one in five debts in the most heavily polluted cities of the country.  This, in turn, has led the Chinese government to issue stringent regulations regarding vehicle emissions. For instance, in 2016, the Chinese Ministry of Environmental Protection (MEP) issues the China 6 Emission Standard for gasoline and diesel vehicles. China, India and other emerging economies in the region are also some of the largest manufacturers of automotive vehicles due to the rapid industrialization ongoing in the region in an effort to leverage the reduced operational costs available. The development of electric vehicles, once widely adopted is expected to move increased scale of manufacture to the Asia-Pacific in the future.

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Abhijeet Bendre

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Abhijeet Bendre
Joined: February 20th, 2018
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