Vehicle Electrification Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (Electric Pumps, Electric Power Steering, Liquid Heater PTC, Electric Air Conditioner Compressor, Actuator, Alternator, Others); Degree of Hybridization (Hybrid Electric Vehicle, Battery Electric Vehicle, ICE and Micro Hybrid Vehicle, Plug-In Hybrid Electric Vehicle (PHEV), 48 V Vehicle); Vehicle Type (Passenger Cars, Light Commercial Vehicles , Heavy Commercial Vehicle) and Geography
Vehicle electrification involves powering the components of the vehicle with electricity i.e. replacing the vehicle components that currently operates on some conventional source of energy with the vehicle components that operate on electricity. Conventional alternators and starter motors are usually replaced with an integrator starter generation system. Electrification of vehicle increases its efficiency, reduces carbon emissions and decreases dependency on conventional fuels. Other benefits of vehicle electrification include lesser maintenance and reduced operational costs since now the use of coolants is eliminated. Since vehicle emissions are causing serious damage to human life and environment, government bodies all over the world are imposing stringent emission norms for the vehicles. Strategy such as tax exemption is implemented in developing countries to encourage the customers to buy hybrid and electric vehicles.
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Companies Profiled in this report includes: AISIN SEIKI Co., Ltd., BorgWarner Inc., Clarios (Brookfield Business Partners L.P.), Continental AG, Delphi Technologies, DENSO Corporation, Johnson Electric Holdings Limited, Magna International Inc., Mitsubishi Motors Corporation, Robert Bosch GmbH
MARKET DYNAMICS
Drivers:
Growing awareness towards use of clean energy.
Rising urbanization and increasing per capita disposable income to boost market growth of vehicle electrification.
Encouragement from government in form of tax exemption.
Restraints
High cost for replacement and maintenance cost of vehicle electrification.
MARKET SEGMENTATION
Based on product, the global vehicle electrification market is segmented into electric pumps, electric power steering, liquid heater PTC, electric air conditioner compressor, actuator, alternator and others.
On the basis of degree of hybridization, the market is segmented into hybrid electric vehicle, battery electric vehicle, ICE and micro hybrid vehicle, plug-In hybrid electric vehicle (PHEV) and 48 V vehicle.
Based on vehicle type, the market is bifurcated into passenger cars, light commercial vehicles and heavy commercial vehicle.
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IMPACT OF COVID-19 ON VEHICLE ELECTRIFICATION MARKET
COVID-19 began in Wuhan (China) from December 2019 and since then it spread across the world at a fast pace. The US, Brazil, Russia, India, the UK, France, Italy, Turkey and Spain are some of the worst affected nations in terms of confirmed cases and reported deaths. The pandemic of COVID-19 has seriously affected some of the industries and economy of various countries mainly due to travel restrictions, business shutdowns and lockdowns. Due to various travel limitations and restrictions, use of cars has gone down considerably. This has affected the vehicle electrification market for short term at least. Also, disruptions due to this pandemic has impacted various industries in the supply chain. However, after the situation returns to normal, this market sees a promising growth.
Reason to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Vehicle Electrification Market
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Vehicle Electrification Market, thereby allowing players to develop effective long term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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