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Energy Industry News Releases

Vehicle Electrification Market: Comprehensive Study Explores Huge Growth by 2028

(EnergyIndustry.Net, January 14, 2022 ) The Vehicle Electrification Market is projected to grow at a CAGR of 11.9% to reach USD 129.6 billion by 2025 from USD 73.7 billion.



Increasing vehicle demand across the globe, especially in emerging economies, is one of the main reasons that lead to a stable increase in crude oil demand. However, considering this increase in the global vehicle demand, controlling GHG emissions from vehicles has become a challenge. Hence, multiple regulatory authorities have introduced country/region-level emission regulations and fuel efficiency standards, and that lead to the introduction of vehicle electrification technologies like EPS, start-stop, liquid heater PTC, and integrated starter generator, among others.



Some of the key suppliers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (UK), Denso Corporation (Japan), BorgWarner (US), Mitsubishi Electric (Japan) and Johnson Electric (Hong Kong).



“North America is the fastest-growing market for vehicle electrification”



The North American vehicle electrification market has a very positive outlook, owing to effective infrastructure and tax exemption, subsidies, and special facilities provided by governments of different countries in the region. The US is set to dominate the North American vehicle electrification market in 2019. As the country has the presence of major OEMs and Tier I players, the adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. As ICE vehicle has the largest share in vehicle production, it is expected to hold the largest market for vehicle electrification.



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"Electric power steering is estimated to be the largest segment for the vehicle electrification market"



Electric power steering (EPS) is expected to be the largest vehicle electrification market. EPS reduces fuel consumption and improves the manoeuvrability of vehicles. In Europe and North America, almost all vehicle has EPS, and in Asia Oceania, the trend is growing rapidly. In Asia Oceania, the installation rate of EPS is almost 90%. Hence, the EPS segment is estimated to hold the largest market share during the forecast period.



“48V architecture is expected to be dominated by Europe”



According to MarketsandMarkets analysis, Europe is estimated to have a 45.5% share of the total 48V vehicle market in 2019. Developed infrastructure such as charging stations, a limited range of present-day BEVs, and the high cost of HEVs and PHEVs are the few reasons why 48V vehicles are preferred over hybrid vehicles in Europe. This trend is estimated to continue for the next 10 years. The 48V system consists of a 48V Li-ion battery, DC/DC converter, and an integrated starter generator (ISG). Without replacing the present 12V architecture completely, 48V architecture can work parallelly with the combustion engine and regular 12V battery. This parallel combination helps boost the efficiency of electric parts like electrical oil, coolant, and vacuum pump. Considering the fact that emission norms in Europe are very strict, 48V vehicle is expected to hold a significant market in the near future.



MarketsandMarkets™

Mr. Aashish Mehra

1-888-600-6441

newsletter@marketsandmarkets.com

Source: EmailWire.Com

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