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(I-AutoNewsWire.com, April 10, 2020 ) The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Vehicle Electrification Market. We are working diligently to help companies take rapid decisions by studying:
• The impact of COVID-19 on the Vehicle Electrification Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
• The rapid shifts in the strategies of the Top 50 companies in the Vehicle Electrification Market
• The shifting short-term priorities of the top 50 companies’ clients and their client's clients
You can request an in-depth analysis detailing the impact of COVID-19 on the Vehicle Electrification Market:
According to the recent 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 2027" published by MarketsandMarkets™, 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.
The Vehicle Electrification Market is majorly driven by various benefits offered including but not limited to decreased vehicle weight, lower emissions, and growing demand of 48V architecture
Browse in-depth TOC on “Vehicle Electrification Market”
149 – Tables
58 – Figures
175 – Pages
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Electric power steering is estimated to be the largest segment for the market
Electric power steering (EPS) is expected to be the largest 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, the installation rate of EPS is almost 90%. Hence, the EPS segment is estimated to hold the largest market share during the forecast period.
Plug-in hybrid electric vehicle (PHEV) is estimated to witness the fastest growth in the market
PHEV is the fastest-growing segment in the market. Automakers are seeing plug-in hybrids as a gateway to fully electric vehicles. Increasing charging infrastructure in China, the US, and European countries would be responsible for the shift from conventional ICE vehicles to PHEVs. OEMs of these regions are also investing significantly in vehicle electrification. This would also drive the demand for PHEVs.
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North America is expected to be the fastest-growing market for vehicle electrification
North America is expected to be the fastest-growing market for vehicle electrification. The growth in this region is propelled by growing charging infrastructure and significant investments by OEMs in the development of vehicle electrification. Federal tax credits and rebate incentives are accelerating the growth of the market, especially in the US. The US is set to dominate the North American market, holding the highest market share in 2019. As the country has the presence of major OEMs and Tier I players, adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. Hence, North America is expected to be the fastest-growing market during the forecast period.
The Vehicle Electrification Market consists of vehicle electrification technology suppliers such as Bosch (Germany), Continental (Germany), Denso (Japan), Delphi (UK), and Johnson Electrics (Hong Kong).
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