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Vehicle Electrification Market Set to Grow in Light of High Demand for Electric Vehicles :

Pune, India, July, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Vehicle Electrification Market Research Report.

Market Insights

Vehicle electrification has gained monumental traction in the recent years due to the high demand for appropriate, and cost-efficient fossil fuel alternatives. The global vehicle electrification market is expected to achieve a healthy CAGR during the forecast period of 2022 to 2028; this projection has been made by Market Research Future in their newly published and highly insightful market report on the subject.

Electrification of vehicles is applied toward the development of hybrid and fully electric vehicles in an effort to use electricity as a clean energy source. The vehicle electrification market is growing rapidly due to the growing need to reduce pollutants in the environment. The impact of environmental consciousness is widespread with governments issuing stringent laws and regulations regarding emissions and has led to a surge in demand for electric vehicles. The development of smart cities, intelligent transport systems and other advances in IT which can be applied to automotive are further increasing the demand for electric vehicles and encouraging manufacturers to develop various electric automotive components for the manufacture of electric vehicles.

Governments and environmental bodies are highly supportive of R&D activities towards effective vehicle electrification; these investments are expected to lead the market to opportunities in the foreseeable future. Moreover, these policies of support have greatly assisted the growth of the market and proposed benefits in the form of taxed credits in certain developed economies is expected to encourage future growth of the global vehicle electrification market. 

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Market Segmentation

The global vehicle electrification market is segmented on the basis of product, voltage, sales channel, vehicle type, and region. By product, the market is segmented into the start/stop system, EPS, actuators, starter motor & alternator, electric vacuum pump, integrated starter generator, and others. By voltage, the market is segmented into 12V, 14V, 24V, and 48V. By the sales channel, the market is segmented into OEM and aftermarket. By vehicle type, the market is segmented into ICE & micro hybrid, hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), and battery electric vehicle (BEV). By region, the global market is segmented into North America, Europe, Asia-Pacific and the Rest of the World.

Regional Analysis

The Asia-Pacific leads the market with the largest share due to the increased involvement of the governments in this region targeting the reduction of emissions. Pollution is a large problem in these regions due to the sheer size of the populations in rapidly emerging economies such as India, China, Japan, and others. The serious pollution in China has led to dense grey smog-filled skies which have been proven to be responsible for one in five debts in the most heavily polluted cities of the country.  This, in turn, has led the Chinese government to issue stringent regulations regarding vehicle emissions. For instance, in 2016, the Chinese Ministry of Environmental Protection (MEP) issues the China 6 Emission Standard for gasoline and diesel vehicles. China, India and other emerging economies in the region are also some of the largest manufacturers of automotive vehicles due to the rapid industrialization ongoing in the region in an effort to leverage the reduced operational costs available. The development of electric vehicles, once widely adopted is expected to move increased scale of manufacture to the Asia-Pacific in the future. 

Key Players

Prominent players in the global market that are included in the report are Continental AG, ZF Friedrichshafen AG, Robert BoschGmbH, JTEKT Corporation, Nexteer, Johnson Electric, Hitachi Automotive systems and others.

Latest Industry News

The prominent energy company, Eaton, has announced that in order to address the increasing demand for high voltage electric vehicles is has created its new eMobility business. eMobility puts a strong focus on intelligent power electronics, power distribution, and circuit protection to develop advanced power systems and other associated technologies in order to tap into the rapidly growing vehicle electrification market.

BMW has announced that its high-performance M division vehicles will be electrified by the end of the next decade. BMW intended to increase hybridization and offer a fully-electric line up over the next few years.