Vehicle electrification refers to a range of technologies that use electricity to propel a vehicle. Electric vehicles are designed in order to operate on electricity, and the consumption of fossil fuels is reduced. Electric vehicles are also likely to help achieve the target of low carbon emissions from vehicles. OEMs across the world are taking efforts to develop and introduce electric vehicles on roads at the earliest.
Increasing vehicle production for the last few years is expected to drive the vehicle electrification market during the forecast period. Rising concerns regarding energy security, fossil fuel emissions, and long-term industrial competitiveness are expected to prompt the government to positively take some action in order to seek a partial solution by means of creating incentives or to make investments in the automotive sector to fuel the vehicle electrification market in the near future. Increasingly stringent norms and regulations regarding increased fuel-efficiency and reduced carbon footprint, which are being laid down by the governments of various nations across the world, are further expected to propel the vehicle electrification market during the forecast period.
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Global Vehicle Electrification Market: Drivers and Restraints
The price of electric vehicles is very high in spite of the numerous advantages offered by them. This is primarily attributed to the high cost of batteries that are utilized to run electric vehicles and the cost required to recharge the batteries. Electric fuelling stations required for electric vehicles are still in the development stage. Therefore, using electric vehicles for traveling long distances is likely to create problems during the journey. Moreover, electric vehicles are not a practically feasible in cities facing a power shortage. The battery backup of the batteries used in electric vehicles is also comparatively short. These minor drawbacks of electric vehicles are expected to hamper the vehicle electrification market during the forecast period.
Global Vehicle Electrification Market: Key Segments
The global vehicle electrification market can be segmented based on vehicle, component, degree of hybridization, voltage, sales channel, and region. In terms of vehicle type, the vehicle electrification market can be classified into passenger vehicles and commercial vehicles. The commercial vehicles segment can be further sub-segmented into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and buses & coaches. The passenger vehicles segment is expected to expand at a significant growth rate during the forecast period owing to the increasing production volumes of passenger vehicles in recent years.
Based on component, the vehicle electrification market can be divided into start-stop system, electric power steering (EPS), liquid heater, electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, integrated starter generator (ISG), starter motor & alternator, and actuator.
In terms of degree of hybridization, the vehicle electrification market can be classified into hybrid electric vehicle (HEV), plug-in electric vehicle (PEV), and battery electric vehicle (BEV). The BEV segment is anticipated to expand at a significant growth rate during the forecast period owing to the relatively high cost of HEVs and the reduced carbon footprint due to the use of BEVs, which are fully electric vehicles.
Based on voltage, the vehicle electrification market can be divided into 12V, 14V, 24V, and 48V. Currently, most electric vehicles are powered by either 12V or 14V battery. However, the 48V segment is anticipated to expand at a significant growth rate during the forecast period owing to the ability of 48V battery to power a higher number of vehicle applications. Currently, the 48V technology is in the development phase.
Based on sales channel, the vehicle electrification market can be classified into OEM (original equipment manufacturer) and aftermarket. The aftermarket segment is anticipated to expand at a significant growth rate during the forecast period owing to the need for replacement of the batteries that are utilized in electric vehicles due to their comparatively short battery backup.
Based on geographical region, the vehicle electrification market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to lead the vehicle electrification market during the forecast period owing to the increased vehicle production, the strong presence of well-established vehicle manufacturers in some countries of Asia Pacific such as China, Japan, and South Korea and the increasing efforts being taken by the government of China to support the development of electric vehicles.
Global Vehicle Electrification Market: Key Players
Key players operating in the global vehicle electrification market include Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi, Ltd., Nexteer Automotive, JTEKT Corporation, Mitsubishi Electric Corporation, Mando Corp., Borgwarner Inc., ZF Friedrichshafen AG, and ZF Friedrichshafen AG.