According to a recent report published by Allied Market Research, titled, โVehicle Electrification Marketย by Product Type, Sales Channel, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020โ2027,โthe global vehicle electrification market was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%.
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Vehicle electrification is associated with the range of electric-powered technologies used to drive the vehicle. The major source of power in vehicle electrification is the batteries, which propel the vehicle. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive sector to reduce the weight, enhance fuel efficiency, and optimize output requirements.ย
Covid-19 scenario:
- The outbreak of Covid-19 impacted the development of vehicle electrification technology for business model transformation, as the sector has been confronting demand shock for an indefinite timeline.
- Also, shift in consumer behavior affected the market to certain extent.
- Nevertheless, government bodies in different countries have now come up with relaxations on the existing restrictions, and the market is anticipated to get back to its position soon.
๐๐ป๐๐ฒ๐ฟ๐ฒ๐๐๐ฒ๐ฑ ๐๐ผ ๐ฃ๐ฟ๐ผ๐ฐ๐๐ฟ๐ฒ ๐๐ต๐ฒ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐? ๐๐ป๐พ๐๐ถ๐ฟ๐ฒ ๐๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐๐๐ถ๐ป๐ด – https://www.alliedmarketresearch.com/purchase-enquiry/2548
Asia-Pacific dominates the global vehicle electrification market in terms of revenue, followed by Europe, North America,and LAMEA.China dominated the global Vehicle Electrification Market share, and is expected to grow at a significant rate during the forecast period, due to increase in penetration of electric and hybrid vehicles across the country in 2019.
By product type, the electric power steering segment is expected to dominate the global market, owing to its cost-effective operation and its high compatibility with IC engine, hybrid, and electric vehicles in the range of vehicles. However, the electric car motors segment is anticipated to witness lucrative growth, owing to increase in sales of electric vehicles across the globe.
Majority of the market players are involved in joint venture to gain competitive advantage in the global market. Market players are entering into long-term contracts or agreements with automotive manufacturers to retain long-term business opportunities.
The key players profiled in the report include AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, and Johnson Electric Holdings Limited.
Key Findings Of The Study
- By product type, the electric car motors segmentis expected to register a significant growth during the forecast period.
- Depending on sales channel, the after market segmentis anticipated to exhibit significant growth in the near future.
- On the basis of vehicle type, the plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV) segment is projected to lead the global market growth,as the segment is expected to register higher CAGR as compared to other vehicles.
- Asia-Pacificis anticipated to exhibit fastest growth during the forecast period.
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