Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global vehicle electrification market has been estimated to be USD 71.9 billion in 2021 and is projected to exhibit a CAGR of 10.2% during the forecast period, according to a recent market study by Quince Market Insights. Due to various benefits such as decreased vehicle weight, increased fuel efficiency, lower emissions, safety and improved driving experience, vehicle electrification would be the best option for OEMs in the upcoming years.
Vehicle electrifications comprise a wide range of technologies that use electricity to provide power to automobiles as well as the transportation industry. Electrification can be done by using various voltage sources according to the type of vehicle. It helps in providing the alternative for the mechanical systems with electric systems.
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Increasing use of technological advancement such as e-axle in electric vehicles is the major factor driving the vehicle electrification market growth. Apart from this, the rising demand for lightly weighted vehicle production for enhancing fuel efficiency is providing a positive image on the market growth. Moreover, the market is also anticipated to be driven by the increasing demand for hybrid vehicles.
Market leaders have made significant investments in research and development for developing emission-free hybrid automobiles which have a greater fuel efficiency as compared to traditional automobiles. On the other hand, the cost of vehicle electrification replacement and maintenance is high, which is expected to have a negative impact on the market throughout the projection period. COVID 19 also had a detrimental influence on the automobile industry as a whole. During the lockdown, the decreased output rate had a significant impact on labor capital. However, with the relaxation of regulations in many locations, the car electrification business is seeing rapid expansion.
Some Key Developments Offered in the Global Vehicle Electrification Market Report:
- June 2021- Ford (United States) acquired Electriphi (California), a charge management and fleet monitoring software company.
- July 2021- ARBOC Specialty Vehicles, LLC (U.S.) and XL Fleet Corp. (U.S.) teamed together to electrify ARBOC Freedom low-floor buses.
Impact Of COVID 19 On Global Vehicle Electrification Market
In 2020, vehicle electrification market observed a major slump, owing to a decrease in vehicle manufacturing. Pre-COVID-19, global vehicle production was predicted to reach 90-95 million units in 2020 and 110-115 million units by 2025, with Asia and North America contributing the most to passenger car production and North America accounting for the biggest proportion of LCV production.
Global Vehicle Electrification Market, by Vehicle Type
Based on the vehicle type, the global vehicle electrification market is segmented into commercial vehicles, passenger cars, light commercial vehicles, heavy commercial vehicles, sports cars and others. The passenger cars sector, which is expected to grow in sales during the projection period, holds the largest market share. The usage of electric automobiles has increased in a number of countries as a result of rising gasoline prices. Electric vehicles, which use lithium-ion batteries with hybrid charging capabilities, are a viable alternative to gasoline and diesel vehicles. Several ride-hailing companies are developing electric passenger cars to replace their fleets of internal combustion engines.
Global Vehicle Electrification Market, by Technology
Based on the technology, the global vehicle electrification market is segmented into hybrid electric vehicles and fully electric vehicles. Among these, hybrid electric vehicles market holds the largest market share. Hybrids are seen as a stepping stone to fully electric vehicles by automakers. The transition from conventional ICE vehicles to hybrid would be aided by increased charging infrastructure in China, the United States, and Europe. These areas' automakers are likewise heavily investing in car electrification. This would also increase the demand for hybrid electric vehicles.
Global Vehicle Electrification Market, by System
On the basis of system, the global vehicle electrification market is segmented into power generation, cooling systems, energy storage, traction drive systems, power conversions, and others. Vehicle manoeuvrability is improved and fuel consumption is reduced thanks to power generation. Almost every car in Europe and North America has EPS, and the trend is expanding quickly in Asia and Oceania. The installation rate of power generating in Asia and Oceania is around 90%. As a result, over the projected period, this power generation segment is expected to have the biggest market share.
Global Vehicle Electrification Market, by Mode of Sales
Based on the mode of sales, the global vehicle electrification market is segmented into OEM and aftermarket. OEM is witnessing the fastest growth as it assists in saving time and money. Many people believe that all-electric car manufacture will be taken over by large automakers. This is a logical assumption, given that the automotive industry has historically had extremely high entry barriers due to economies of scale—a major advantage enjoyed by large multinational OEMs.
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Global Vehicle Electrification Market, by Region
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific holds the largest market share. Government's many attempts in India, South Korea, and China to promote the usage of electric cars and provide customers with tax exemptions for such purchases will boost market growth in this region. Apart from that, technical and economic advancements in this region, as well as people's increased disposable income, are other elements that are boosting regional prosperity.
Some Major Findings of the Vehicle Electrification Market Report Include:
- An in-depth vehicle electrification market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global vehicle electrification market, which include Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (Ireland), Johnson Electric Holdings Ltd. (Hongkong), Volkswagen (Germany), Toyota Motor Corporation (Japan), Honda Motor Co. Ltd (Japan), Mitsubishi Electric Corporation (Japan), and TRW Automotive Holdings Corp (U.S.)
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global vehicle electrification market
- Impact of COVID-19 on the global vehicle electrification market
For more insights on this subject, please visit Quince Market Insights report titled, “Vehicle Electrification Market, by Vehicle Type (Commercial Vehicle, Passenger Car {Hatchback, Sedan, SUV and MUV}, Light Commercial Vehicles {Pickup Trucks, Light Trucks, Others}, Heavy Commercial Vehicles {Heavy Trucks, Buses & Coaches}, Sports Car, Others), Technology (Hybrid Electric Vehicles, Fully Electric Vehicles), System (Power Generation, Cooling Systems, Energy Storage, Traction Drive Systems, Power Conversions, Others), Mode of Sales (OEM, Aftermarket), by Region (North America, Europe, Asia Pacific, the Middle East & Africa, South America)” in-depth analysis along with the table of contents (ToC).
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