Skip to main content

EV Battery Packs Are The Fastest Growing Segment Fueling The Growth Of Vehicle Electrification Market

Vehicle Electrification Market
The global Vehicle Electrification Market is estimated to be valued at US$ 84.41 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The vehicle electrification market comprises products that help increase fuel efficiency and reduce emissions from gasoline-powered vehicles. These include start-stop systems, electric power steering, liquid-cooled exhaust gas recirculation system, turbochargers, and electric air conditioners. Electrification increases fuel efficiency and performance while reducing emissions.

Market key trends:

One of the major market trends is increasing vehicular emission regulations across regions. Major economies are implementing stringent emission norms to curb vehicular pollution. For instance, Europe implemented Euro 6 emission standards in September 2014, which mandated 37-43% lower emissions from diesel vehicles and 25-30% lower from gasoline vehicles compared to Euro 5 standards. Growing demand for electric and hybrid vehicles is another key trend in the market. Hybrid vehicles offer the benefit of high fuel efficiency along with lower emissions, which is driving their adoption globally. Furthermore, increasing consumer awareness about environmental protection is also propelling the hybrid and electric vehicle markets.

Segment Analysis:

The global vehicle electrification market is segmented by product into start/stop system, electric power steering (EPS), liquid heater PTC, electric air conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, thermoelectric generator, and electric turbocharger. The start/stop system segment dominated the market in 2022 and is expected to continue its dominance over the forecast period owing to its fuel-efficient operation and ability to reduce emissions.

Key Takeaways:

The Global Vehicle Electrification Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period 2023 to 2030, due to increasing consumer demand for fuel-efficient and eco-friendly vehicles.

Regional analysis:

Asia Pacific accounted for the largest share of the global vehicle electrification market in 2022 and is expected to continue dominating the market over the forecast period. This is attributed to the presence of major automobile manufacturers and technological advancements in countries such as China and Japan.

Key players:

Key players operating in the vehicle electrification market are Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd., Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG.

Explorer more information on this topic, Please visit - 

https://www.insightprobing.com/increased-production-of-electric-vehicles-to-drive-growth-of-the-vehicle-electrification-market/ 

Labels:

Comments

Post a Comment

Popular posts from this blog

Rails to Resilience: Strategies Driving Growth in the Railway Coatings Market

Railway Coatings Market Railway coatings play a critical role in protecting rail infrastructure against corrosion, abrasion, and weathering, thereby extending the lifespan of railway assets and enhancing operational efficiency. The Railway Coatings Market encompasses a diverse range of coatings specifically formulated to meet the unique requirements of rail applications, including coatings for rolling stock, track components, bridges, and stations. As the global rail industry continues to expand and modernize, the demand for high-performance coatings that offer durability, safety, and environmental sustainability is on the rise. The railway coatings market was valued at  US$ 2,334.2 Mn in 2024 , and is expected to exhibit a  CAGR of 5.2% , in terms of revenue, over the forecast period  2024-2031  to reach  US$ 3,497.6 Mn by 2031 . Key Takeaways: The Railway Coatings Market is witnessing steady growth, driven by various factors such as infrastructure development ...
Post a Comment
Read more

Global Amphibious Vehicle Market is Anticipated to Witness High Growth Owing to Growing Demand

Amphibious Transport Amphibious vehicles, commonly referred as 'amphibians', are wheeled or tracked vehicles that have the capability to travel through both land and water. They are widely used by military forces across the world for tactical mobility options. Amphibious vehicles provide unique advantages for various military operations conducted near water bodies or in flooded areas. They allow rapid deployment of troops and equipment without requiring additional logistical support. Some key uses of amphibious vehicles include border patrolling, transportation across rivers, and transportation of supplies to islands. The growing focus on military modernization programs and increasing defense budgets globally has augmented the demand for advanced amphibious vehicles. The Global Amphibious Vehicle Market is estimated to be valued at US$ 5.08 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031. Key Takeaways Key players operating in the Globa...
Post a Comment
Read more

Active Protection Systems Market is Anticipated to Witness High Growth

Active Protection Systems Market Active protection systems (APS) are anti-weapon defense system employed on armored fighting vehicles and tanks that protect them against incoming anti-tank missiles and rockets. An APS utilizes sensors for detecting the threat, followed by countermeasures that include projectile interceptors, direct energy weapons or smoke screens to neutralize the threat. The increasing modernization initiatives by militaries worldwide coupled with rising defense budgets is stimulating the demand for advanced protection systems for tanks and armored vehicles. The Global active protection systems market is estimated to be valued at US$ 4.30 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031. Active Protection Systems Market Growth   provides effective self-defence solutions and are becoming an integral part of the protection suites being developed for next-gen armored platforms. These systems play a crucial role in saving live...
Post a Comment
Read more