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Global Vehicle Electrification Market to Reach $123.01 Billion by 2027 at a CAGR of 7.71%
Vehicle Electrification Market
Dublin, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The "Vehicle Electrification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global vehicle electrification market reached a value of US$ 78.78 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 123.01 Billion by 2027, exhibiting a CAGR of 7.71% during 2022-2027.
Vehicle Electrification Market Trends:
At present, there is a rise in the demand for electric vehicles (EV) across the globe. This, along with the burgeoning automotive industry, represents one of the key factors driving the market. Moreover, the increasing need for a substitute of conventional hydraulic and mechanical systems. This, coupled with the growing environmental concerns among individuals due to rising carbon dioxide emissions (CO2), is catalyzing the demand for vehicle electrification.
In addition, there is a significant focus on weight reduction in automotive components to reduce fuel consumption and enhance the operational efficiency of vehicles. This, in confluence with initiatives undertaken by governments of several countries to promote the use of fuel-efficient vehicles, is propelling the demand for vehicle electrification.
Furthermore, declining prices of batteries around the world is offering lucrative growth opportunities to investors and end-users. Additionally, the rising utilization of advanced technologies like e-axle in EVs is positively influencing the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to introduce cost-effective solutions. These players are also focusing on product launches and mergers and acquisitions (M&A), which is projected to increase their overall profitability.
Key Market Segmentation
Breakup by Product Type:
Starter Motor
Alternator
Electric Car Motors
Electric Water Pump
Electric Oil Pump
Electric Vacuum Pump
Electric Fuel Pump
Electric Power Steering
Actuators
Start/Stop System
Breakup by Vehicle Type:
Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle
Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Breakup by Sales Channel:
Original Equipment Manufacturers (OEM)
Aftermarket
Breakup by Region
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Vehicle Electrification Market
6 Market Breakup by Product Type
7 Market Breakup by Vehicle Type
8 Market Breakup by Sales Channel
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
Companies Mentioned
Aisin Corporation
BorgWarner Inc.
Continental AG
DENSO Corporation
Ford Motor Company
Hitachi Ltd.
Johnson Electric Holdings Limited
Magna International Inc.
Mitsubishi Electric Corporation
Robert Bosch GmbH
Valeo
ZF Fri
For more information about this report visit https://www.researchandmarkets.com/r/iw3kwa
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