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 Owing to various benefits offered by electrification such as decreased vehicle weight, lower emissions, increased fuel efficiency, improved driving comfort, and safety among, vehicle electrification would be a preferred option by OEMs in the near future.
“Passenger car is estimated to be the largest segment for the vehicle electrification market”
Electrification of a vehicle is considered the best way to reduce carbon emissions, increase vehicle efficiency, and reduce dependency on oil. Vehicle electrification generates newer opportunities for consumer engagement, along with various environmental and economic benefits. The production of passenger cars is very high compared to other vehicle types. The production of passenger cars in Asia Oceania is the highest with more than 49 million units, followed by Europe with more than 18 million units.
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“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, limited range of present day BEVs, and 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.
“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, 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.
Key Market Players
The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key suppliers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (UK), Denso Corporation (Japan), and Johnson Electric (Hong Kong).
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