Vehicle Electrification Market Share, Market Major Players, Market ScopePosted by swapnil on March 27th, 2019 "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", published by MarketsandMarkets™, The vehicle electrification market is driven by factors such as stringent emission and fuel efficiency regulations around the globe. Increasing demand for passenger cars over the globe is multiplying this electrification effect. With this growing electrification trend, the demand for vehicles with 48V architecture is set to grow in the near future. A market is estimated to be USD 62.53 billion in 2017 and is projected to reach USD 92.59 billion by 2022, at a CAGR of 8.17% during the forecast period. The base considered for the study is 2016, and the forecast period is 2017 to 2022. Major Developments in Vehicle Electrification Market-
An electric vacuum pump is a fastest growing segment globally. It has become an alternative to a 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. Plug-In hybrid electric vehicle is the fastest growing segment in the vehicle electrification industry. Automakers are seeing plug-in hybrids are to be the gateway to fully electric vehicles. Government tax incentives and state rebates have boosted the proliferation of plug-in hybrid vehicles. ICE and micro-hybrid vehicles have the largest market size as they have the highest production and sales among all vehicles types. The study estimates North America as the fastest growing market for the vehicle electrification market. The market growth in this region can be attributed to increased charging infrastructure, stringent emission norms, and significant investment by OEMs in the development of vehicle electrification. Besides, the governments in the region are offering various incentives for promoting vehicle electrification. For instance, the U.S. government offers state rebates from USD 1,000 to USD 6,000 and an additional federal tax credit up to USD 7,500 to the buyers. OEMs and Tier-1 suppliers from this region are working on the development of components and systems that are lighter and more efficient in order to comply with emission and fuel economy standards. This will also drive the market for alternative fuel vehicle manufacturers and their component suppliers. Rising need for 48V architecture drive the growth of vehicle electrification market All the leading OEMs are replacing the mechanically driven components and systems with more efficient electrical components such as electric power steering, electric vacuum pump, electric water pump, and start-stop system among others to improve fuel economy and reduce emissions. Furthermore, there are additions of new safety and comfort features such as adaptive cruise control, lane keeps assist, blind spot monitoring, heated seats, heated steering wheels, and heated windshields among others, which is increasing load requirements on the conventional 12V battery system. A 48V architecture would give vehicle electrical systems greater stability and reduce fluctuations in vehicle voltage levels due to external conditions such as ambient temperature. Several leading players such as Continental AG (Germany) and Delphi Automotive PLC (U.K.) have developed a 48V architecture for hybrid vehicles by key OEMs. Like it? Share it!More by this author |