Decrease in prices of batteries per KWH and rising adoption of fuel-efficient mobility solutions along with effective performance requirements fuel the growth of the global vehicle electrification market. By product type, the electric power steering segment held the major share in 2019. By region, on the other hand, Asia-Pacific would remain lucrative throughout the forecast period.
Portland, OR, Jan. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global vehicle electrification market was pegged at $70.14 billion in 2019 and is anticipated to hit $140.29 billion by 2027, registering a CAGR of 11.3% from 2020 to 2027. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
Reduction in prices of batteries per KWH and rising adoption of fuel-efficient mobility solutions along with effective performance requirements fuel the growth of the global vehicle electrification market. On the other hand, decrease in production and sales of automotive and high dependence on mechanical & hydraulic systems in existing vehicles impede the growth to some extent. Nevertheless, surge in need for cost-effective solutions and rise in electrification of commercial vehicles and fleets are projected to pave the way for multiple opportunities in the industry.
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The outbreak of Covid-19 impacted the development of vehicle electrification technology for business model transformation, as the sector has been confronting demand shock for an indefinite timeline.
Also, shift in consumer behavior affected the market to certain extent.
Nevertheless, government bodies in different countries have now come up with relaxations on the existing restrictions, and the market is anticipated to get back to its position soon.
Get detailed COVID-19 impact analysis on the Vehicle Electrification Market Request Now!
The global vehicle electrification market is analyzed across product type, sales channel, vehicle type, and region. By product type, the electric power steering segment contributed to more than one-fourth of the total market share in 2019 and is anticipated to retain its dominance by 2027. The electric car motors segment, on the other hand, would grow at the fastest CAGR of 16.3% throughout the forecast period.
By vehicle type, the internal combustion engine vehicle segment held the major share in 2019, accounting for more than 90% of the total market revenue. Simultaneously, the plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV) segment would manifest the fastest CAGR of 16.6% from 2020 to 2027.
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By geography, Asia-Pacific generated nearly two-fifths of the market and is projected to rule the roost by 2027. The same region is also expected to portray the fastest CAGR of 12.9% by the end of 2027. The other provinces studied in the market report include North America, Europe, and LAMEA.
The key market players analyzed in the global vehicle electrification market report include CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Johnson Electric Holdings Limited, Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, AISIN SEIKI Co., Ltd., BorgWarner Inc., Magna International Inc., and Denso Corporation. These market players have taken recourse to numerous strategies including partnership, expansion, collaboration, joint ventures, and others to elevate their status in the industry.
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