Vehicle Electrification Market Projected To Exhibit Robust CAGR For The Forecast Period From 2018 To 2025: Grand View Research Inc.

 

The global vehicle electrification market is anticipated to reach USD 125.12 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for electrification in transport automobiles is increasing owing to social influence and acceptability to shift in favor of electrification via lowered usage of petroleum to energy-efficient vehicles. Moreover, regional legislation policies and regulatory efforts globally on strengthening CO2 emissions standard have been immensely contributing to the growth of the market.

The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.

Integrated Starter Generator (ISG) product is expected to gain traction over the forecast period. The application of ISG in the vehicles helps the engine to instant and silently restart after the idle or traffic stop when the engines shut down to reduce emission and save fuel. ISG achieves vibration and noise-reduced operation improving the automobile comfort for the user. Further, ISG optimizes the electric energy by reducing the load of the engine which further drives the content of an electronic solution in the vehicle. The integrated starter generator in the automobile has significant influence to start the engine under extremely low-temperature conditions.

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The demand for integrated started generator product type was valued at USD 4.97 billion in 2016 and is expected to reach over USD 11.16 billion by 2025. The internal combustion engine (ICE) & micro-hybrid vehicle is one of the largest segment in hybridization type. The growth of ICE & micro-hybrid automobiles is attributed to mechanical integration which yields significant fuel economy when it is idle in traffic or at a signal. Moreover, to meet the growing environmental challenges which are posed by several emission legislations automakers have developed various eco-solutions in the conventional ICE.

Vehicle Electrification Market Report Highlights

• The global vehicle electrification market accounted for USD 58.92 billion in 2016 and is expected to grow at a CAGR of 9.1% from 2017 to 2025
• Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle emerged as the largest segment in 2016 and is estimated to generate revenue of over USD 70.68 billion by 2025.
• The BEV hybridization segment is anticipated to witness moderate growth over the next eight years.
• The electric vacuum pump within the product segment is estimated to reach over USD 17.75 billion by 2025
• The Asia Pacific market is projected to witness substantial growth over the next decade owing to the growing adoption of vehicle electrification methods among the automobile sector on a large scale. The regional market is expected to grow at a CAGR of 8.5% from 2017 to 2025.
• Key players include Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric, and Mitsubishi Electric Corporation, accounting for a majority share of the overall market in 2016

Increasing user demand for eco-friendly solutions and stringent emission regulations are a few key factors that are expected to impact the growth of internal combustion engine & micro-hybrid vehicles in the market over the forecast period. The internal combustion engine & micro-hybrid vehicle segment is anticipated to grow at a CAGR of 7.8% from 2017 to 2025.

Vehicle electrification refers to a vehicle with electrical means of propulsion as well as electricity paying a major role in components functionality. It covers many aspects of electrification in the such as start/stop systems, electric power steering, electric vacuum pump, electric oil pump, and many other accessories which utilize mode of electric propulsion as well as help user to gain improved fuel economy when installing in conventional ICE vehicles.

The adoption of clean power generation sources in such vehicles significantly impacts the environment with reduced harmful emissions of tailpipes as well as the power grid. Additionally, the electrification process incurs less operating costs and requires low maintenance as it eliminates the use of lubricant or coolant in the vehicle. The mechanical integration through electrification improves the overall working and efficiency which is anticipated to boost the market over the forecast period.

Vehicle electrification influence consumer with higher efficiency and power decoupled from manual transmission in automobiles. The process is being observed in many automobiles that have ICE. For instance, the engine shuts down when the vehicle is idle or parked, and the electricity from the battery is used to power the car using a “start/stop system.” The convention system for powering up engines uses a lot of fuel, where else using an electric motor for start/stop systems reduces the engine load thereby improving fuel efficiency.

Robert Bosch GmbH is expected to hold a major share in the global market when compared to other key competitors. The company offers vehicle electrification products through the Mobility solution segment. Moreover, the company emphasizes on new product development, product enhancement strategy, and expansion to strengthen its market position in the industry.

Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric, Mitsubishi Electric Corporation, significantly contribute to a major share in the global vehicle electrification market. The competitors are encouraging penetration of technological growth in the automotive industry to displace the conventional ICE trends. Significant efforts from OEM in the vehicle electrification market has uplifted the standards of EVs for providing the optimum result to the users and gain a competitive edge over other players

Grand View Research has segmented the vehicle electrification market on the basis of product, hybridization:

Product Outlook (Revenue, USD Million, 2014 - 2025)

·         Start/Stop System

·         Electric Power Steering (EPS)

·         Liquid Heater Ptc

·         Electric Air Conditioner Compressor

·         Electric Vacuum Pump

·         Electric Oil Pump

·         Electric Water Pump

·         Starter Motor & Alternator

·         Integrated Starter Generator (ISG)

·         Actuators

Hybridization Outlook (Revenue, USD Million, 2014 - 2025)

·         Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle

·         Hybrid Electric Vehicle (HEV)

·         Plug-In Hybrid Electric Vehicle (PHEV)

·         Battery Electric Vehicle (BEV)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.