The GMI Research expects the vehicle electrification market to expand at a significant rate. From a regional perspective, North America is projected to lead the market owing to the high adoption of electric vehicles. There are about 27,000 public charging station locations in the US, and in 2019, around 320,000 new EVs were sold in the US, which will drive the market growth.
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Vehicle Electrification Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing concern for the decrease of pollutants in the environment, the development of new intelligent transport systems, the rising consumer demand for greener transportation, and the limited availability for finite fossil fuels are the major factors surging the growth of the vehicle electrification market during the forecast period. Moreover, the increasing adoption of electric vehicles owing to enhanced functional safety, the rising demand for longer range vehicles, and reduced charge times and cost are the emerging vehicle electrification trends that will further stimulate the growth of the market.
As per the International Energy Agency (IEA), in 2019, electric cars registered 2.1 million sales worldwide with a 40 percent year-on-year boost and recorded 2.6 percent of the global car sales. In addition to this, several companies such as the Society Of Manufacturers Of Electric Vehicles (SMEV), AVERE (The European Association for Electromobility), Australian Electric Vehicle Association (AEVA), the Electric Auto Association, and the World Electric Vehicle Association (WEVA), are emphasizing on encouraging Electromobility and sustainable transport at a global level. This will bring various new growth opportunities for the market in the upcoming years. The emergence of the COVID 19 pandemic has disrupted the manufacturing of vehicles and supply chains worldwide, which is expected to decline the sales for electric vehicles in the market, thus hindering the growth of the market. In addition to this, the factors hindering the market growth include the replacement of electric vehicle systems, increased cost of maintenance, and the limited charging infrastructure in emerging countries like Indonesia, Bangladesh, Saudi Arabia, and India.
Vehicle Electrification Market’s leading Manufacturers:
- Robert Bosch GmbH
- Continental AG
- Denso Corporation
- BorgWarner Inc.
- Mitsubishi Electric Corporation
- Johnson Controls International Plc
- Magna International Inc.
- AISIN SEIKI Co., Ltd.
- Mahindra & Mahindra Ltd.
- Analog Devices, Inc.
Vehicle Electrification Market Segmentation:
Segmentation by Product:
- Start/Stop Systems
- Electric Power Steering
- Liquid Heater PTC
- Electric Air Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Starter Motor & Alternator
- Integrated Starter Generator
- Actuators
Segmentation by Hybridization:
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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