According to the new market research report Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air-Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V Mild-Hybrid, Degree of Hybridization, and Vehicle Type – Global Forecast to 2022, The vehicle electrification market is projected to grow at a CAGR of 8.17% during the forecast period, to reach a market size of USD 92.59 Billion by 2022. Owing to various benefits of electrification such as decreased vehicle weight, reduced emissions, increased fuel efficiency, and driving comfort, vehicle electrification is expected to become a preferred option for OEMs in the near future.
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Electric vacuum pump is estimated to be the fastest growing segment in vehicle electrification market
Electric vacuum pump is projected to dominate the vehicle electrification market, in terms of value, by 2022. The electric vacuum pump is frequently used in electric, hybrid, and diesel vehicles. Asia-Oceania and North America are estimated to be the leading regions for the adoption of 48V mild-hybrid system, and hence, these regions are leading the global electric vacuum pump market. Additionally, based on a European Commission publication, CO2 emissions will be limited to 95 g/km as an average value throughout the vehicle fleet by 2020. This would further lead to the adoption of electric systems in vehicles.
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Increasing demand for reliable electric systems and introduction of 48V systems drives the global market for vehicle electrification
The increasingly stringent emission control norms, growing environmental concerns, and technological advancement of electric vehicles are causing a paradigm shift in the automotive industry. Conventional automotive systems are powered by mechanical power. However, OEMs have realized that stringent emission regulations can be complied through vehicle electrification. Therefore, automotive industry has started developing alternatives to conventional mechanically powered systems. Vehicle electrification can be achieved through various alterations such as equipping vehicles with electric powertrain and conversion of mechanically operated systems to electrical
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A key factor restraining the growth of vehicle electrification market is the high cost of electric systems and components. The cost of electric vehicle is still high despite the advancements in battery technology and incentives provided by the governments. Cost has been a major obstacle to the widespread of EV market. The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the vehicle electrification market are Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC(U.K.), Johnson Electrics (Hong Kong).
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