Market Research Report
Vehicle Electrification - Global Market Outlook (2017-2023)
|Published by||Stratistics Market Research Consulting||Product code||599888|
|Published||Content info||152 Pages
Delivery time: 2-3 business days
|Vehicle Electrification - Global Market Outlook (2017-2023)|
|Published: December 1, 2017||Content info: 152 Pages||
According to Stratistics MRC, the Global Vehicle Electrification market is expected to grow from $17.84 billion in 2016 to reach $33.54 billion by 2023 with a CAGR of 9.4%. Rising demand for electric systems in vehicles, increasing demand for fuel efficient vehicles and increasing conventional fuels prices are some of the key factors fueling market growth. Moreover, tax exemptions and subsidies provided by governments, strict government norms on Carbon Monoxide (CO) emissions along with rising environmental awareness are supporting the growth of vehicle electrification market. However, high cost of electrification and electric systems, fail safe electronic and electrical components are some of the factors hindering the market.
Replacing mechanical or hydraulic systems with electric systems is considered as one of the best way to reduce carbon emissions, increase vehicle efficiency and reduce dependency over oil. Vehicle electrification generates new opportunities for consumer engagement along with various environmental and economic benefits.
Hybrid Electric Vehicle (HEV) is leading the overall Vehicle Electrification and is projected to sustain its growth over the forecast period. This is attributed to its capability in combining two different power sources such as diesel/petrol and electrical power. In addition, the demand for electric vacuum pump is growing as they are widely used in hybrid, diesel and electric vehicles. North America is the significant market for vehicle electrification due to the presence of stringent norms for emissions in countries such as U.S. and Canada. APAC is anticipated to grow at faster pace owing to its significant growth in automotive industry.
Some of the key players in global Vehicle Electrification market include Continental AG, Johnson Controls Inc, Robert Bosch GmbH, Johnson Electric, Hitachi Automotive Systems Ltd, Denso Corporation, Jtekt Corporation, Valeo SA, Delphi Automotive PLC, Magna International Inc, Mitsubishi Electric Corporation, Wabco Holdings Inc, Borgwarner Inc, ZF Friedrichshafen AG and Aisin Seiki Co. Ltd.
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