OTTAWA, Nov. 11, 2020 (GLOBE NEWSWIRE) – Precedence Research, Recently Published Report on ‘Vehicle Electrification Market (By Product: Electric Power Steering (EPS), Integrated Starter Generator (ISG)), Start / Stop System, Electric A / C Compressor, Heater Ptc liquid, electric oil pump, electric vacuum pump, & AC starter generator, electric water pump, and actuators; by hybridization: internal combustion engine (ICE) & Micro-Hybrid, BEV, PHEV, and HEV) – global market size Analysis Trends, Sectoral Outlook, Regional Outlook 2020-2027.
The electrification of the car means an electric propulsion vehicle, in addition to that the function of the components of these vehicles is powered by electric power. It covers various aspects of in-vehicle electrification such as electric power steering, start / stop systems, electric oil pump, electric vacuum pump and many other accessories that use electric propulsion mode as well as helping consumers experience improved fuel economy when installed in conventional ICE vehicles.
The concept of mild hybrid cars or 48-volt architecture is gaining increasing momentum around the world and is thus expected to fuel the demand for vehicle electrification in the coming years.. Full hybrid vehicles provide higher fuel efficiency compared to the lightweight hybrid. According to the International Council for Clean Transportation, fuel consumption is reduced by 30-35% through the use of fully hybrid vehicles. However, due to the high cost and increased vehicle weight, lightweight hybrid vehicles are the preferred choice by OEMs and consumers..
On the other hand, the difficulty in achieving the optimum power-to-weight ratio for electric vehicles is holding back the market growth. As vehicle weight decreases and thus vehicle power improves, OEMs and Tier 1 companies are working hard to implement lightweight components and advanced products that improve the power-to-weight ratio..
The Asia-Pacific region is expected to be the most promising region in the global auto electrification market and captured nearly 50% of the value share in 2019.. Additionally, the region is witnessing attractive growth over the forecast period. The increasing adoption of electric powered vehicles in Asian countries, especially in China, Japan, India and Korea, is attributed to the main factor driving market growth in the region.. Moreover, rising disposable income coupled with an increase in the demand for green transportation in the region is increasing the demand for vehicle electrification.
On the other hand, Europe also happens to be the second largest revenue contributor to the global auto electrification market in 2019.. European government initiatives to encourage people to adopt other types of electric vehicles such as Hybrid Electric Vehicles (HEV) and Hybrid Electric Vehicle (PHEV) are credited as the main factor driving the market growth.
The global auto electrification market is highly competitive and strives for consolidation due to the major players in the market having a significant global revenue share.. Companies are moving more towards electric powered solutions for their customers because they are more efficient and affordable. Partnership, acquisition, research and development of & are the key strategies that industry participants adopt to strengthen their market footprint while expanding their product portfolio..
Robert Bosch GmbH is the leading market player in the global automotive electrification market and offers its diversified vehicle electrification solutions through the Mobility Solutions segment. Likewise, Denso Corporation, Continental AG, Johnson Electric, Delphi Automotive PLC, and Mitsubishi Electric Corporation significantly contribute to a significant share of revenue in the global auto electrification market..
Some of the major players operating in the market are Continental AG, Robert Bosch GmbH, Delphi Automotive PLC, Denso Corporation, Mitsubishi Electric Corporation, Johnson Electric, and others.
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Electric Vehicle, Electric Motor, Industry
World News – GB – Vehicle Electrification Market Size Up to $ 150. 72 billion by 2027
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