Vehicle Electrification Market - Trends, and Forecast to 2025
Posted: Apr 16, 2019
Conventional internal combustion engines featuring mechanical linkages were characterized by significant loss of efficiency, owing to its friction and high energy requirement. Electric components that prominently include the electric power steering, positive temperature coefficient liquid heater, air compressor, vacuum, pumps, starter generators and actuators among others, enhance the automotive fuel efficiency, add to the users comfort, and also reduce the environmental impacts of the carbon emissions from these automotive. Advent of electric vehicles with better battery backup and optimum driving speeds has in turn fueled the demand for the vehicle electrification market for environment friendly automotive industry over the near future.
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Requirement to improve automotive fuel economy, reduce carbon footprint, need to enhance driver awareness regarding the safety in conjunction with the added comfort and compliance with the regional regulations is expected to be among the prominent factors driving the industry growth. Moreover, feature enhancements that include less space requirements, highly sensitive outputs, and robust performance with relatively better durability also adds to the consumer motivation for the adoption of these systems. For instance, hydraulic power steering systems are more complicated, weigh more, require regular maintenance of hydraulic fluids, and are more prone to faults in relation to electrical power steering (EPS) system. EPS system also offer better sensitive response at distinct speeds and consume less power, adding to the mileage of the automotive. However, high cost of the electronic and electric components are expected to be the major factors hampering the global vehicle electrification market growth.
Advancement in these electronic components enhances the safety and awareness of the driver, is expected to be chief factor motivating the consumer for increased adoption
Actuators control a mechanism or system, which operates on receiving an input signal in the form of current, voltage, hydraulic pressure, pneumatic pressure or human input. These are extensively used for functionalities that include climate control, transmission, engine cooling, and headlights for enhancing the user comfort. Utilization of other electronic technologies that include brakes, vacuum, axles, and boosters, among others substantially enhance the user convenience and automotive efficiency. This in turn has led to increased consumer inclination towards adoption of these features propelling the growth of the global vehicle electrification market.
Global Key Players:
Key players in the vehicle electrification market include Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd., Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG.
Global Vehicle Electrification Market, By Product Type:
Electric Power Steering (EPS)
Liquid Heater PTC
Electric Air Conditioner Compressor
Electric Vacuum Pump
Electric Oil Pump
Electric Water Pump
Starter Motor & Alternator
Integrated Starter Generator (ISG)
Global Vehicle Electrification Market, By Degree of Hybridization:
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
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About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various reco