Global Vehicle Electrification Market is Booming Market to Rapidly Growing $ 133.85 billion by 2026

Global vehicle electrification market By Product Type (Start-Stop, EPS, Liquid Heater PTC, Electric Air Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Thermoelectric Generator, Electric Turbocharger, Starter Motor, Alternator, ISG, Actuator), Voltage (12V, 14V, 24V, 48V), Vehicle Type (PC, Two-Wheeler, LCV, HCV), Degree of Hybridization (ICE & Micro Hybrid Vehicle, HEV, PHEV, BEV & FCEV, 48 V Vehicle), Channel Type (OEMs, Aftermarket)

Market Analysis: Global Vehicle Electrification Market

Global vehicle electrification market is expected to rise to an estimated value of USD 133.85 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the availability of advanced technologies for electric vehicles, as well as increased demand for 48 V infrastructure and architecture in vehicles.

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Competitive Analysis

Global vehicle electrification market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of vehicle electrification market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Market Definition: Global Vehicle Electrification Market

Vehicle electrification is the broad category of automotive transformation which is focused on integrating electric components, and technology in the operations of the vehicle. This integration of electric technology and components in vehicles results in a variety of services being controlled by electricity. The power output is varied depending on the application and requirement. This technology is focused on converting the traditional/conventional vehicle systems into electrified processes.

Market Drivers:

• Rapid rise in the demand for environmental friendly automotive; this factor is expected to drive the growth of the market
• Growing concerns regarding the environment and drastic effects that the usage of ICE automotive has on the environment; this factor is expected to augment growth of the market
• Presence of regulations regarding the reduction of vehicle emissions is also expected to augment the growth of this market
• Greater adoption rate of electric vehicles is also expected to foster the growth of the market

Market Restraints:

• Reduction in vehicle average and driving range capability of the vehicle with the integration of this system; this factor is expected to restrain the growth of the market
• Lack of awareness in various regions is also expected to restrain the growth of the market
• High costs associated with the electrification process and overall system is expected to restrict its adoption rate
• Complications in attaining the optimal levels of performance and weight ratio can also hamper the market growth

Segmentation: Global Vehicle Electrification Market

By Product Type

• Start-Stop
• Electric Power Steering (EPS)
• Liquid Heater Positive Temperature Coefficient (PTC)
• Electric Air Conditioner Compressor
• Electric Vacuum Pump
• Electric Oil Pump
• Electric Water Pump
• Thermoelectric Generator
• Electric Turbocharger
• Starter Motor
• Alternator
• Integrated Starter Generator (ISG)
• Actuator

By Voltage

• 12V
• 14V
• 24V
• 48V

By Vehicle Type

• Passenger Cars (PC)
• Two-Wheeler
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

By Degree of Hybridization

• Internal Combustion Engine (ICE) & Micro Hybrid Vehicle
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle & Fuel Cell Electric Vehicle (BEV & FCEV)
• 48 V Vehicle

By Channel Type

• Original Equipment Manufacturers (OEMs)
• Aftermarket

Key Developments in the Market:

In December 2018, AISIN SEIKI Co., Ltd. and DENSO CORPORATION announced that they had agreed to a merger and formulation agreement for establishing a new company for developing and selling automotive modules for electric vehicles. The company will be known as "BluE Nexus". The combined capabilities of both the companies to supply vehicle electrification services will be able to establish a company which will fulfil the vast needs of various automotive manufacturers.

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Data collection and base year analysis is done using data collection modules with large sample sizes.