Pune, March 16, 2020 (GLOBE NEWSWIRE) -- The global vehicle electrification market size is projected to reach USD 53.3 billion by the end of 2026. The rising concerns surrounding global warming and the effect of fuel combustion on greenhouse emissions will aid the growth of the market.
According to a report published by Fortune Business Insights, titled “Vehicle Electrification Market Size, Share and Global Trend by Product Type (Start/Stop System, Electric Air Conditioner Compressor, PTC Heater, Electric Vacuum Pump, Electric Water Pump, Electric Oil Pump, Starter Motor & Alternator, Integrated Starter Generator, Actuators. By Vehicle Type (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), and Geography Forecast till 2026,” the market size was USD 27.9 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2026.
Vehicle electrification is the process of electrifying the mechanical processes in an automobile. The growing demand for sustainable fuel alternatives has made a positive impact on the growth of the market in recent years. The increasing number of automobile users has led to a huge emphasis on the adoption of vehicles driven by environment-friendly alternatives.
The increasing investments in the research and development of newer systems associated with vehicle electrification will emerge in favour of market growth. Moreover, strict government policies regarding greenhouse emissions and its contribution towards promoting the use of electric systems, will have a direct impact on the growth of the market in the forthcoming years.
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List of the best companies that are operating in the global vehicle electrification market are;
- Robert Bosch GmbH (Gerlingen, Stuttgart, Germany)
- Continental AG (Hanover, Lower Saxony, Germany)
- Denso Corporation (Kariya, Aichi, Japan)
- Delphi Technologies PLC (London, United Kingdom)
- Johnson Electric Holding Limited (Hong Kong Science Park, Hong Kong)
- Volkswagen (Wolfsburg, Germany)
- Toyota Motors Corporation (Toyota, Aichi, Japan)
- Honda Motors Co. Ltd (Minato City, Tokyo Japan)
The report provides an in-depth analysis of the global vehicle electrification market. It highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market.
The competitive landscape has been discussed in detail and predictions are made concerning leading companies and products in the coming years. Forecast values have been provided for the market from 2019 to 2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made based on extensive research analysis methods, coupled with the opinions of experienced market research professionals.
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Rising Demand for Hybrid Vehicles Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing demand for hybrid vehicles is consequential to their abilities to minimize fuel consumption, and subsequently minimize pollution.
The increasing investment in solar-powered vehicles and the use of solar energy sources for powering automobiles will constitute an increase in the vehicle electrification market size. Additionally, recent advancements in product manufacturing, coupled with the launch of advanced products by major companies across the world will have a positive impact on the growth of the market.
Asia Pacific to Emerge Dominant; Strict Government Regulations Will Favour Market Growth
The report analyses the ongoing vehicle electrification market trends across North America, Asia Pacific, Europe, and the Rest of the World. Among these regions, Asia Pacific is likely to emerge dominant in the coming years, accounting to the increasing concerns surrounding global warming and the need for advanced utilities. The efforts taken to maximize the use of solar energy by private as well as public organizations will contribute to the growth of the market. Driven by huge investments, the market in Asia Pacific will rise drastically from its 2018 value of USD 12.3 billion. Besides Asia Pacific, the market in Europe will witness considerable growth in the coming years.
Industry Developments:
December 2019: Bosch announced that it has signed a long term contract Contemporary Amperex Technology (CATL). This step is taken to develop an advanced 48V battery cell.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Mergers, Acquisitions and Partnerships
- Distributors Analysis
- Growth and Penetration Analysis
- Porter's Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Vehicle Electrification Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Start/Stop System
- PTC Heater
- Electric Air Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Starter Motor & Alternator
- Integrated Starter Generator (ISG)
- Actuators
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast – By Country
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued…!
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