The “Global Vehicle Electrification Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026” research study available on Decisiondatabases.com gives an in-depth outlook of the market growth, trends and forecast for the global vehicle electrification market. The report predicts that the global vehicle electrification market would touch USD 120.4 by 2026 along with a CAGR of 8.50% within the forecasted period from 2020-2026. The vehicle electrification market was valued close to USD 68 BN in 2019.
Vehicle electrification is the process of building vehicle models ranging from mild to full hybrid electric vehicles and converting some non-electrical vehicle systems such as hydraulic suspensions system into smart electromagnetic suspensions or all-wheel-drive (AWD) to e-AWD. Replacing mechanical or hydraulic systems with electric-powered structures is taken into consideration as one of the first-rate ways to lessen carbon emissions, boom automobile efficiency and reduce dependency over oil. Electric vehicles are designed in order to operate on electricity, and the consumption of fossil fuels is reduced.
The growth in the sales of electric vehicles, the rising cost of conventional fuels and the increasingly stringent norms and regulations regarding increased fuel-efficiency and reduced carbon footprint, which are being laid down by the governments of various nations across the world is further expected to propel the vehicle electrification market during the forecast period. However, the high rate of consumption of electricity may act as a hindrance to the growth of the electromagnetic vehicle electrification market.
By product type, 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 are the segments of the global vehicle electrification market.
By vehicle type, the segments of the global vehicle electrification market have been listed as passenger cars, light commercial vehicles, heavy commercial vehicles and two-wheelers.
By the degree of hybridizations, internal combustion engine (ICE) & micro-hybrid vehicles, hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV) & fuel cell electric vehicles are the segments of the global vehicle electrification market as per the study.
OEM’s and aftermarket are the classifications of the global vehicle electrification market as given in the study.
The geographical segments of the global vehicle electrification market are North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The key players of the worldwide vehicle electrification market have been profiled as Borgwarner Inc., Continental AG, Denso Corporation, JTEKT Corporation, Mando Corp., Mitsubishi Electric Corporation, Nexteer Automotive, Robert Bosch GmbH., TRW Automotive Holdings Corp., and ZF Friedrichshafen AG with detailings on each company’s future capacities, key mergers & acquisitions, financial outline, collaborations and new product launches & developments.
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