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(I-AutoNewsWire.com, September 05, 2020 ) The report "Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V, ICE, BEV, HEV, PHEV, Vehicle Type, and Region - Global Forecast to 2025" is projected to grow at a CAGR of 11.9% to reach USD 129.6 billion by 2025 from USD 73.7 billion.
Owing to various benefits offered by electrification such as decreased vehicle weight, lower emissions, increased fuel efficiency, improved driving comfort, and safety, vehicle electrification would be a preferred option by OEMs in the near future.
The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key suppliers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (UK), Denso Corporation (Japan), and Johnson Electric (Hong Kong).
“Passenger car is estimated to be the largest segment for the vehicle electrification market”
Electrification of a vehicle is considered the best way to reduce carbon emissions, increase vehicle efficiency, and reduce dependency on oil. Vehicle electrification generates newer opportunities for consumer engagement, along with various environmental and economic benefits. The production of passenger cars is very high compared to other vehicle types. The production of passenger cars in Asia Oceania is the highest with more than 49 million units, followed by Europe with more than 18 million units.
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“48V architecture is expected to be dominated by Europe”
According to MarketsandMarkets analysis, Europe is estimated to have a 45.5% share of the total 48V vehicle market in 2019. Developed infrastructure such as charging stations, limited range of present-day BEVs, and high cost of HEVs and PHEVs are the few reasons why 48V vehicles are preferred over hybrid vehicles in Europe. This trend is estimated to continue for the next 10 years. The 48V system consists of a 48V Li-ion battery, DC/DC converter, and an integrated starter generator (ISG). Without replacing the present 12V architecture completely, 48V architecture can work parallelly with the combustion engine and regular 12V battery. This parallel combination helps boost the efficiency of electric parts like electrical oil, coolant, and vacuum pump. Considering the fact that emission norms in Europe are very strict, 48V vehicle is expected to hold a significant market in the near future.
“North America is the fastest-growing market for vehicle electrification”
The North American vehicle electrification market has a very positive outlook, owing to effective infrastructure and tax exemption, subsidies, and special facilities provided by governments of different countries in the region. The US is set to dominate the North American vehicle electrification market in 2019. As the country has the presence of major OEMs and Tier I players, the adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. As ICE vehicle has the largest share in vehicle production, it is expected to hold the largest market for vehicle electrification.
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1. In 2019, Bosch has planned to open a new office in Holzkirchen, Germany. A new office building and a parking facility are expected to be finished by 2021. The new office space and laboratories will be made available for 900 associates on 17,000 square meters. The new parking facility will measure 21,000 square meters, providing space for around 800 cars and around 130 bicycles.
2. In 2019, Continental presented the third generation of power electronics in an electric SUV of a European manufacturer, providing current of up to 650 amps. The third generation delivers six times the performance of the first, while its weight has been reduced from 12 kilograms to 8 kilograms. The new power electronics can be used in a broad range of electric vehicles.
3. In 2019, DENSO and Hitachi Power Semiconductor Device, Ltd, a supplier of semiconductors, developed a high-efficiency diode for alternators for gasoline and diesel engine vehicles. Alternators equipped with newly developed diodes for vehicles were to be sold in Europe in FY2019 and will be rolled out to manufacturing group companies around the world.
4. 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.
5. In 2017, the 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.
Mr. Aashish Mehra