Vehicle Electrification Market by Product, 48V Mild-Hybrid, Degree of Hybridization, and Vehicle Type - Global Forecast to 2022

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Vehicle Electrification Market by Product, 48V
Mild-Hybrid, Degree of Hybridization, and Vehicle
Type - Global Forecast to 2022
www.MarketsandMarkets.com
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The Vehicle Electrification Market is projected
to grow at a CAGR of 8.17 from 2017 to 2022, to
reach a market size of USD 92.59 billion by 2022
from USD 62.53 billion in 2017. Stringent
emission and fuel efficiency norms, increasing
demand for reliable electric systems in vehicles
are the major drivers for the vehicle
electrification market. Electric vacuum pump is
the fastest growing segment globally. It has
become alternative to mechanical vacuum pump. The
demand for electric vacuum pump is increasing
owing to stringent emission regulations and
adoption of 48V architecture. Electric power
steering (EPS) is having the largest market size
in the vehicle electrification market. The EPS
reduces fuel consumption and emissions, limits
the servicing required, and improves the
maneuverability of the vehicle. Because of these
benefits OEMs are increasingly offering EPS in
their vehicle. PDF Brochure https//www.markets
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Plug-In hybrid electric vehicle is the fastest
growing segment in the vehicle electrification
market.  Automakers are seeing plug-in hybrids
are to be the gateway to fully electric vehicles.
Government tax incentives and state rebates have
boosted proliferation of plug-in hybrid
vehicles.  ICE and micro-hybrid vehicles have the
largest market size as they have highest
production and sales among the all vehicles
types. The Asia-Oceania is estimated to be the
largest market for vehicle electrification. The
vehicle electrification market in this region is
driven by automotive hubs such as China and
India. The growing demand for electric vehicles
in China and Japan, implementation of stringent
emission norms, and low production costs are
driving the Asia-Oceania market. North America is
expected to be fastest growing market for vehicle
electrification. The growth in this region is
propelled by increasing charging infrastructure,
and significant investment by OEMs in development
of vehicle electrification. Federal tax credits
and rebate incentives is accelerating growth of
vehicle electrification market especially in the
U.S. Request for Customization https//www.marke
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Rising need of 48V architecture drive the growth
of vehicle electrification market All the
leading OEMs are replacing the mechanically
driven components and systems with more efficient
electrical components such as electric power
steering, electric vacuum pump, electric water
pump, and start-stop system among others to
improve fuel economy and reduce emissions.
Furthermore, there are additions of new safety
and comfort features such as adaptive cruise
control, lane keep assist, blind spot monitoring,
heated seats, heated steering wheels, and heated
windshields among others, which is increasing
load requirements on conventional 12V battery
system. A 48V architecture would give vehicle
electrical systems greater stability and reduce
fluctuations in vehicle voltage levels due to
external conditions such as ambient temperature.
Several leading players such as Continental AG
(Germany) and Delphi Automotive PLC (U.K.) have
developed 48V architecture for hybrid vehicles by
key OEMs. Request for Sample https//www.market
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Some of the key manufacturers operating in
the vehicle electrification market 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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