Northbrook, IL -- (SBWIRE) -- 10/26/2018 -- The Vehicle Electrification Market is projected to grow at a CAGR of 8.17% from 2017 to 2022, to reach a market size of USD 92.59 billion by 2022 from USD 62.53 billion in 2017. Stringent emission and fuel efficiency norms, increasing demand for reliable electric systems in vehicles are the major drivers for the vehicle electrification market.

Electric vacuum pump is the fastest growing segment globally. It has become alternative to mechanical vacuum pump. The demand for electric vacuum pump is increasing owing to stringent emission regulations and adoption of 48V architecture. Electric power steering (EPS) is having the largest market size in the vehicle electrification market. The EPS reduces fuel consumption and emissions, limits the servicing required, and improves the maneuverability of the vehicle. Because of these benefits OEMs are increasingly offering EPS in their vehicle.

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Plug-In hybrid electric vehicle is the fastest growing segment in the vehicle electrification market. Automakers are seeing plug-in hybrids are to be the gateway to fully electric vehicles. Government tax incentives and state rebates have boosted proliferation of plug-in hybrid vehicles. ICE and micro-hybrid vehicles have the largest market size as they have highest production and sales among the all vehicles types.

The Asia-Oceania is estimated to be the largest market for vehicle electrification. The vehicle electrification market in this region is driven by automotive hubs such as China and India. The growing demand for electric vehicles in China and Japan, implementation of stringent emission norms, and low production costs are driving the Asia-Oceania market. North America is expected to be fastest growing market for vehicle electrification. The growth in this region is propelled by increasing charging infrastructure, and significant investment by OEMs in development of vehicle electrification. Federal tax credits and rebate incentives is accelerating growth of vehicle electrification market especially in the U.S.

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A key factor restraining the growth of vehicle electrification market is the high cost of electric systems and components. The cost of electric vehicle is still high despite the advancements in battery technology and incentives provided by the governments. Cost has been a major obstacle to the widespread of EV market. The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC(U.K.), Johnson Electrics (Hong Kong).