Industry Background:
Automotive electrification is the process of electrifying vehicles and on new developments for climate-friendly hybrid and electric vehicles in order to shape safe, connected, efficient and comfortable mobility. A continuously growing demand for electric vehicles all over the globe is the most contributing factor which is driving the growth of automotive electrification market. Moreover, constantly growing concerns regarding exhaustion of fossil fuels and degrading environmental conditions are the major factors which are stimulating the demand of electric vehicles.
The Global Automotive Electrification market presents a comprehensive analysis of the Automotive Electrification market by product type (Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)), by end-user/application (Passenger Vehicles and Light & heavy commercial vehicles), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. The key Vendors profiled in the report are Johnson Electric (Hong Kong), Volkswagen (Germany), Toyota (Japan), Honda (Japan), Mitsubishi Electric (Japan), BorgWarner (United States), Magna (Canada), Aisin Seiki (Japan), ZF Friedrichshafen AG (Germany), Hitachi (Japan) and WABCO (Belgium).
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Billion) |
Key Companies Profiled | Johnson Electric (Hong Kong), Volkswagen (Germany), Toyota (Japan), Honda (Japan), Mitsubishi Electric (Japan), BorgWarner (United States), Magna (Canada), Aisin Seiki (Japan), ZF Friedrichshafen AG (Germany), Hitachi (Japan) and WABCO (Belgium) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rapid adoption of electric vehicles and Governments of various countries such as US are actively supporting vehicle electrification by providing tax exemption and subsidies
Market Growth Drivers:
In the first quarter of 2018, approximately 54,000 electric vehicles were sold globally, recording a 32% year-on-year growth. Such a growth in the sales of electric vehicles, as a result of increasing environmental awareness among consumers along with the implementation of stringent emission laws by government, and increasing demand for more fuel efficient vehicles are the major factors which are fueling the growth of the vehicle electrification market across the globe.
Challenges:
Lack of charging infrastructure for electric vehicles. and High cost of the batteries that run the electric vehicles are hampering the growth of the global vehicle electrification market.
Restraints:
High initial costs and maintenance costs of various electric systems such as electric power steering, electric oil pump, integrated starter generator.
Opportunities:
Electrification of commercial vehicles, Flourishing automotive industry in various regions such as Asia-Pacific, Africa and other. and The rise of technological advancements and tax exemption provided by the government on the purchase of electrified vehicles.
Regional Breakdown and Segment Analysis
This section of our report presents a realistic picture of the Global Automotive Electrification industry. Investors and manufacturers can easily understand the inherent opportunities and challenges for their products in the geographical region of interest. For instance, while the North-America holds majority of market share of the Automotive Electrification, the Asia-Pacific has emerged as a crucial market for several Automotive Electrification brands.
The regional segmentation covered in this report are:
South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)