Vehicle Electrification Market: Global Opportunity Analysis and Industry Forecast, 2017-2023
Portland, OR -- (SBWIRE) -- 09/06/2017 -- Vehicle electrification is the process of powering the automobiles and transportation industry by electricity and the use of such power by switching over from an earlier power source oil and gas to electricity. It can also be used to substitute hydraulic or mechanical systems with electric systems. It reduces carbon emission, increases vehicle efficiency, and reduces dependency over oil.
Key players operating in the market include Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric Holdings Ltd., Volkswagen, Toyota Motor Corporation, Honda Motor Co. Ltd, Mitsubishi Electric Corporation, and TRW Automotive Holdings Corp.
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The vehicle electrification market has seen a major growth rate owing to the considerable shifting of the technologies of the automotive market from hydrocarbon energy to electrical energy. The requirement of light weighted automobiles to improve fuel efficiency and reduced carbon emissions drives the growth of this market. Moreover, the efforts put in by the various key players of this market for the development of this technology leads to exponential growth of the market. However, it is hard to replace an energy source such as gasoline of the oil & gas sector with electricity due to high power generation capacity of the former, which restrains the market growth.
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Two - Wheeler Product
The vehicle electrification market is segmented based on vehicle type, product type, degree of hybridization, and geography. On the basis of vehicle type, the market is divided into passenger car, light commercial vehicle, heavy commercial vehicle, and two-wheeler product. On the basis of product type, it is classified into start/stop system, electric power steering (EPS), electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, integrated starter generator (ISG), starter motor & alternator, and actuators.
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- Start/Stop System
- Electric Power Steering (EPS)
- Electric Air-Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Liquid Heater PTC
- Integrated Starter Generator (ISG)
- Starter Motor & Alternator
According to degree of hybridization, it is categorized into internal combustion engine (ICE) & micro-hybrid vehicle, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and 48V mild-hybrid. By geography, the market is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
Degree of Hybridization
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV),
- Battery Electric Vehicle (BEV)
- 48V Mild-Hybrid
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o Rest of Asia-Pacific
o Rest of Europe
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