Dallas, Texas, Oct. 29, 2021 (GLOBE NEWSWIRE) -- The massively burgeoning demand for electricity is fundamentally driven by the escalating activities in the automotive manufacturing sector and soaring vehicle sales worldwide. Electrification market particularly encompasses services based on generating, supplying and powering a system with electricity. Vehicle electrification is today’s modernized state-of-the-art concept driving the evolution of how cars are powered thus gaining significant popularity. It is supporting the replacement of conventional and currently deprived inventory of fossil fuels offering a novel approach to power a vehicle eliminating the traditional hydraulic and mechanical-based systems. Vehicle electrification a significant contributor to the traction acquired by the overall electrification industry is introducing scope for lowering the hiking pollution levels and improving fuel economy.
Electrically dependent technologies are increasing at skyrocketing pace considering the energy consumption and impact of conventionally used inorganic, eco-hazardous fuels. Advancing technological initiatives and growing environmental awareness are two parallelly aligned factors propelling the growth of the global electrification market. With increasing focus on current environmental status as a result of the unignorable consequence such as drastically changing climate, extreme temperature conditions and rising number of calamities especially driven by human-led activities, the urgency to address community challenges have grown vital. Extensive initiatives detecting and developing strategies to curb the existing carbon footprint are encouraging the growth of the global electrification market.
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Original equipment manufacturers are intently focusing on the adoption of novel technologies that have catalysed the evolution from heavy weight, robust vehicles to light weight, sleek and minimalistically designed automotive components ultimately enhancing operating efficiency and reflecting upon reduced fuel consumption needs therefore attributing large-scale growth of the electrification market. However, the market experiences uncertainties with the escalating pricing costs associated with maintenance and service charges in case of part replacement. Providers are therefore inclined to troubleshoot these pitfalls with a highly advanced and equipped technological systems.
The global electrification market is expected to introduce constructive changes to all the major industries consuming electricity as a major fuel to power systems. With increasing government stringency over fuel and energy consumption and government bodies scrutinizing manufacturing and processing industries for their carbon footprint, the demand for electrification is likely to experience significant boost.
The major players of the global electrification market are Continental AG, Delphi Automotive PLC, Denso Corporation, Johnson Electric, Robert Bosch GmbH, and Mitsubishi Electric Corporation. The competitive landscape section also contains an examination of the key development plans, market share, and global market position of the aforementioned rivals.
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Key Segments of the Global Electrification Market
Product Overview, 2018-2028 (USD Billion)
- Starter motor & alternator
- Start/stop system
- Electric oil pump
- Electric power steering (EPS)
- Electric air conditioner compressor
- Liquid heater ptc
- Electric water pump
- Electric vacuum pump
- Actuators
- Integrated starter generator (ISG)
Hybridization Outlook Overview, 2018-2028 (USD Billion)
- Hybrid Electric Vehicle (HEV)
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
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Regional Overview, 2018-2028 (USD Billion)
North America
- U.S.
- Canada
Europe
- France
- UK
- Germany
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
South America
- Brazil
- Mexico
- Rest of South America
- Middle East and Africa
Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Electrification Market by Product, 2018-2028 (USD Billion)
5. Electrification Market by Hybridization Outlook, 2018-2028 (USD Billion)
6. Electrification Market by Region 2018-2028 (USD Billion)
7. Competitive Landscape
8. Company Profiles
8.1. Solix Biofuels
8.1.1. Overview
8.1.2. Products Portfolio
8.1.3. Recent Initiatives
8.1.4. Company Financials
8.2. Reliance Life Sciences
8.3. Proviron
8.4. Origin Oils
8.5. Sapphire Energy
8.6. Solazyme
8.7. Blue Marble Production
8.8. Algenol
8.9. Culture Biosystem
8.10. Genifuels Algae Systems
9. Appendix
9.1. Primary Research Approach
9.1.1. Primary Interview Participants
9.1.2. Primary Interview Summary
9.2. Questionnaire
9.3. Related Reports
9.3.1. Published
9.3.2. Upcoming
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