Vehicle Electrification Is Fastest Growing Segment Fueling The Growth Of 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 such as electric powertrain, electric brakes, electric power steering, battery management system, and others. These products help in reducing emissions and enhancing the fuel efficiency of vehicles.

Market key trends:
Stringent emission norms and policies introduced by governments worldwide is driving the growth of the vehicle electrification market. For instance, governments have mandated reduction of CO2 emission levels for passenger cars and commercial vehicles. Also, governments provide various subsidies and tax credits for purchasing electric vehicles which is encouraging more consumers to opt for electric vehicles. This in turn is favoring the demand for vehicle electrification products in the market.

Segment Analysis
The global vehicle electrification market is segmented by product, vehicle, and geography. Based on product, the market is divided into electric pump, electric power steering, liquid pump, water pump, thermoelectric generator, electric vacuum pump, starter motor, and alternator. The electric power steering segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Electric power steering provides functions like power assistance, self-centering, and steer-by-wire. Additionally, it proves beneficial for fuel economy as it requires less mechanical parts and uses electric motors rather than hydraulic pumps.

Key Takeaways
The Global Vehicle Electrification Market Size is expected to witness high growth, exhibiting a CAGR of 9.5% over the forecast period, due to increasing regulatory norms regarding vehicle emissions.

Regional analysis North America dominated the vehicle electrification market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the growing adoption of electric vehicles in the U.S. and Canada. Furthermore, government incentives and subsidies for electric vehicles are promoting market growth in the region.

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.

The global vehicle electrification market size reached US$ 84.41 billion in 2023. North America accounted for the largest share of the overall vehicle electrification market in 2023, followed by Europe and Asia Pacific. Stringent emission regulations have prompted vehicle electrification, driving market growth.

Read More: https://www.ukwebwire.com/vehicle-electrification-market-size-share-and-growth-forecast-2023-2023/

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