Top trends in Vehicle Electrification Market by Demand for increased fuel economy, low maintenance cost, and improved performance are boosting the trend of vehicle electrification.
The vehicle electrification market is projected to grow at a CAGR of 9.1% to reach USD 142.1 billion by 2027 from USD 71.0 billion in 2019. OEMs are switching from conventional technology to advanced technology for complying with the norms and increasing vehicle efficiency. BEVs are projected to lead the vehicle electrification market, in terms of value, during the next 10 years.
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Electric power steering (EPS) is expected to be the largest vehicle electrification market. EPS reduces fuel consumption and improves the maneuverability of vehicles. In Europe and North America, almost all the vehicle has EPS, and in Asia Oceania, the trend is growing rapidly. In Asia Oceania, installation rate of EPS is almost 90%. Hence, the EPS segment is estimated to hold the largest market share during the forecast period.
A key factor restraining the growth of vehicle electrification market is the high cost of electric systems and components. The cost of an electric vehicle is still high despite the advancements in battery technology and incentives provided by the governments. The cost has been a major obstacle to the widespread adoption of elctric vehicles. The vehicle electrification market is dominated by a few global players and comprises several regional players.
- In 2019, Bosch assumed full control of EM-motive, one of Europe’s most successful manufacturers of electric motors. Bosch and Daimler set up EM-motive GmbH as a 50-50 joint venture in 2011, and from 2019 onward, Bosch has gained complete control over EM-motive.
- In 2017, Bosch developed a new 48V battery to meet the growing demand for 48V architecture across the globe.
- In 2017, Changchun Branch of Robert Bosch Motor (China) Co., Ltd. signed an agreement with the Changchun High Tech Industrial Development Zone to establish a starter motor plant in the area with an annual capacity of 3 million sets. A total of USD 29 million was invested in the project.
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Bosch is anticipated to be a dominant player in the vehicle electrification market. Bosch adopted the strategies of expansion, new product development, partnership, and merger & acquisition to retain its leading position in the vehicle electrification market. Bosch has a presence in emerging markets such as India, China, and Brazil as well.
The break-up of the primaries is as follows:
- By Company Type – Tier-I – 25%, Tier-II – 20% OEMs – 40%, and Others- 15%
- By Designation –C level – 40%, D level – 35%, and Others** – 25%
- By Region – North America – 35%, Europe – 35%, Asia Oceania – 25%, RoW-5%
Some of the key manufacturers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (UK), and Johnson Electrics (Hong Kong).
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The report provides a picture of the vehicle electrification market across different verticals and regions. It aims at estimating the market size and future growth potential of the vehicle electrification market, by product type, by degree of hybridization, 48V, by vehicle type, and by region.
Key Benefits of Buying the Report:
The report will help market leaders and new entrants in by providing them the closest approximations of the revenue numbers for the overall vehicle electrification market and sub segments. The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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