Vehicle Electrification Market Industry Trends, Statistics, Analysis by 2024

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Vehicle Electrification Market Industry Trends,
Statistics, Analysis by 2024 Global Market
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Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Vehicle Electrification Market

• The next generation technological advancements
  indicate that automotive electrification can open
  new pathways for consumer engagement along with
  various financial and environmental benefits such
  as reduced dependence on conventional fuels and
  high energy efficiency.
• The easy availability of electric power sources
  and modulating convenience of these energy
  sources according to the requirements will
  catapult vehicle electrification market size over
  the forecast period.
• The high cost of ownership of these vehicles and
  the need for the development of batteries with
  high-storage capacity will challenge industry
  growth.

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Continued...

• Global vehicle electrification market share can
  be segmented on the basis of products into
  Electric Power Steering (EPS), start-stop system,
  Electric Vacuum Pump (EVP), electric water pump,
  electric air-conditioner compressor, and electric
  oil pump. Intense competition among manufacturers
  to develop electric and self-driven automobiles
  is anticipated to fuel the global EPS market.
• HEVs are expected to dominate the industry share
  owing to their featured switching between two or
  more distinct types of power, such as internal
  combustion engine combined with the electric
  motor.
• Manufacturers operating in the global vehicle
  electrification market include Continental AG,
  Denso Corporation, Mitsubishi Electric
  Corporation, Robert Bosch GmbH., Nexteer, JTEKT
  Corporation, and TRW Automotive Holdings.

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360 Analysis

• Product Analysis
• The development of stringent regulations to
  reduce carbon emissions and economy standards
  from conventional automotive will present
  potential growth opportunities for the vehicle
  electrification market share from 2016 to 2024.
• Regional Analysis
• Europe vehicle electrification market share is
  expected to experience a high growth rate owing
  to the presence of major industry participants
  across the region. Germany accounts for the
  largest vehicle sales in the region.
• Competitive Market Share
• The industry is highly characterized by mergers
  collaborations for the development of advanced
  portfolios to gain a competitive edge. For
  instance, in May 2016, PSA Group and China's
  Dongfeng Motor entered into an agreement to
  create a common platform to develop electric cars
  from 2019.

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