Newark, May 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 83.1 billion electrification market will reach USD 213.5 billion by 2032. Vehicle electrification is the primary driving force behind the automotive industry's significant shift. The demand for vehicle electrification is driven primarily by an expansion in automotive manufacturing and vehicle sales worldwide. Vehicle electrification is gaining popularity as a replacement for traditional hydraulic and mechanical systems. Vehicle electrification increases fuel economy while decreasing emissions. As the trend of vehicle electrification has increased, OEMs have seen significant weight reduction of automotive components, which, in turn, limits fuel consumption and improves the vehicle's operating efficiency. The electrification of IC engines is a game changer since it allows for lower fuel usage.
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Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the most significant electrification market share due to the government's commitment to delivering sustainable infrastructure growth. Furthermore, future investment due to government assistance is likely to drive the growth of the electrification market throughout the forecast period.
The electric power steering segment dominated the market with the most significant revenue of USD 23.2 billion.
The electric power steering segment dominated the market with the most significant revenue of USD 23.2 billion. Users prefer the EPS steering system to other steering systems. Its advantages include lower energy usage, fewer mechanical issues, and the ability to modify a more straightforward interface. EPS is a more fuel-efficient vehicle option than HPS because it is smaller and lighter. The lack of dependability of hydraulic power steering aids market expansion.
The plug-in hybrid electric vehicle (PHEV) segment dominated the market with the most significant revenue of USD 34.9 billion.
The plug-in hybrid electric vehicle (PHEV) segment dominated the market with the most significant revenue of USD 34.9 billion. Demand for plug-in hybrid electric vehicles is expected to develop due to cooperation between commercial and government entities to build smart cities nationwide and extend charging infrastructure. Plug-in hybrid electric vehicles have also seen significant growth in technologically advanced countries. Government agencies worldwide promote integrated electrification systems for all modes of transportation, including freight delivery vehicles, public transportation, and two-wheelers, to reduce reliance on fossil fuels. All of these factors contribute to the market's growth.
Latest Development:
● In January 2022, Volkswagen debuted the new ID.4 GTX completely electric vehicle with dual motor-based all-wheel drive. The vehicle includes a 3D real-time graphics system designed to increase vehicle and passenger safety.
Market Dynamics:
Drivers: Rise of Total Hybrid Vehicles
The concept of 48 V architecture or mild hybrids is expected to drive demand for vehicle electrification soon since it is gaining global recognition. Total hybrid vehicles have much higher fuel efficiency than mild hybrids. According to the International Council on Clean Transportation, complete hybrid automobiles minimise their owners' reliance on fossil fuels by 30 to 35%. However, manufacturers of fully hybrid vehicles have considerable challenges, not the least of which is the increased cost and weight of their goods. The mild-hybrid systems that employ a 48 V battery are less efficient than the full hybrid systems but are less expensive. As a result, original equipment makers choose a mild hybrid strategy.
Restraint: Environmental Issues
Vehicle emissions are critical because hazardous greenhouse gases are generated, raising environmental and health problems. As a result, governments worldwide are enacting automobile emission standards to reduce greenhouse gas emissions and maintain environmental balance. Manufacturers must follow these requirements to keep emissions under control. For example, the Government of India established the BS6 emission standard in April 2020 to restrict the outflow of air pollutants from cars.
Opportunity: Technological Evolution
In terms of technological evolution, the automotive market has seen dramatic changes in recent years. OEMs depend on electrical components to meet changing consumer needs because of their output efficiency and lightweight, making vehicle electrification a fuel-efficient solution.
Challenge: Less Battery Backup
In cities with limited power, electric vehicles are impractical. The battery backup endurance of electric car batteries is relatively short. These limits on electric vehicles are expected to hamper the electrification market.
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Some of the major players operating in the electrification market are:
● AISIN SEIKI Co., Ltd.
● CONTINENTAL AG
● Delphi Technologies
● Hitachi Automotive Systems, Ltd
● Robert Bosch GmbH
● FRIEDRICHSHAFEN AG
● Denso Corporation
● BorgWarner Inc
● Magna International Inc
● Johnson Electric Holdings Limited
Key Segments cover in the market:
By Product Type:
● Starter Motor
● Electric Oil Pump
● Electric Fuel Pump
● Alternator
● Electric Car Motors
● Electric Vacuum Pump
● Electric Water Pump
● Actuators
● Electric Power Steering
● Start/Stop System
By Vehicle Type:
● Internal Combustion Engine Vehicle
● Plug-in Hybrid Electric Vehicle (PHEV)
● Micro & Full Hybrid Vehicle
● Battery Electric Vehicle (BEV)
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About the report:
The global electrification market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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