Vehicle Electrification Market: Industry Global Revenue, Historical Growth & Forecast Period 2020 - 2026
Category: #Technology  By Partha Ray  Date: 2020-05-21
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Vehicle Electrification Market: Industry Global Revenue, Historical Growth & Forecast Period 2020 - 2026

A detailed synopsis of the vehicle electrification market has been presented in this research report. The synopsis has been charted out keeping in mind certain vital parameters such as global trends, industry insights, growth drivers, industry ecosystem analysis, and market segmentation. Details about the various companies constituting he competitive landscape of vehicle electrification industry as well as the regional bifurcation of this industry from a global standpoint is outlined in the study, in addition to the impact of the regulatory frame of reference worldwide.

The development of stringent regulations to reduce carbon emissions and economy standards from conventional automotive will present potential growth opportunities for the vehicle electrification market share from 2016 to 2024. Emerging economies are expected to possess a high growth potential for reliable electric automotive systems. Along with this, declining supply of fuels due to its scarce availability and fossil fuel prices are consistently increasing.

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Industry growth is highly dependent on the availability of specialized infrastructure and use of charging stations, which require high investments. The high cost of ownership of these vehicles and the need for the development of batteries with high-storage capacity will challenge industry growth. Moreover, low output power in comparison to conventional automobiles is anticipated to hinder vehicle electrification market growth over the coming years. The existing uncertainty of the Return On Investment (ROI) of these technologies is likely to hinder the industry growth.

On the basis of the degree of hybridization, vehicle electrification market is segmented into Internal Combustion Engine (ICE) & micro hybrid, Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), and Hybrid Electric Vehicle (HEV). HEVs are expected to dominate the industry share owing to their featured switching between two or more distinct types of power, such as internal combustion engine combined with the electric motor. The availability of charging stations on the road network is expected to dictate the development of plug-in hybrid automotive segment. Furthermore, diesel hybrid automotive is likely to witness the highest growth in Africa and Asia Pacific due to its high fuel efficiency.

Asia Pacific vehicle electrification market size is estimated to dominate the overall industry share during the forecast timeline and experience the highest growth. China, Korea, and Japan are anticipated to be the key contributors to the growth of the region. To cater to the increasing demand, OEMs are increasingly investing to expand their operations in these countries.

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Manufacturers operating in the global vehicle electrification market include Continental AG, Denso Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH., Nexteer, JTEKT Corporation, and TRW Automotive Holdings. The industry is highly characterized by mergers & collaborations for the development of advanced portfolios to gain a competitive edge. For instance, in May 2016, PSA Group and China's Dongfeng Motor entered into an agreement to create a common platform to develop electric cars from 2019.

The vehicle electrification market research document is an extensive collection of pivotal insights pertaining to the industry. In a nutshell, the vehicle electrification industry study aims to educate potential investors about the market scenario and future prospects. The report also endorses details about the industry pitfalls and challenges as well as the industry impact forces.

 

About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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