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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/ 

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