Vehicle Electrification Market is segmented into vehicle type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Two – Wheeler Product), product type (Start/Stop System, Electric Power Steering (EPS), Electric Air-Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Liquid Heater PTC, Integrated Starter Generator (ISG), Starter Motor & Alternator, Actuators), Degree of Hybridization (Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), 48V Mild-Hybrid), geography (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa).
Rising vehicle production is expected to drive the vehicle electrification market during the forecast period. Increasing issues of energy security, fossil fuel emissions, and long-term industrial attractiveness are projected to prompt the government to definitely take some action in order to search for a partial solution by means of creating reasons or to make investments in the automotive industry to fuel the vehicle electrification market in forecast years. Gradually stringent norms and rules regarding better fuel-efficiency and compact carbon footprint, which are being placed down by the governments of several nations across the world, are further projected to boost the vehicle electrification market during the forecast period.
Regionally, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to account for largest market share because of increasing government regulation to decrease emission. In 2016, the Ministry of Environmental Protection, has issued the China 6 Emission Standard for gasoline and diesel vehicles. Standard will allow the companies to move towards expansion of electric vehicles. Development of electric vehicles will result in the progress of vehicle electrification. North America is projected to be the second largest market. In North America, U.S. has controlled the vehicle electrification market.
Development of new strategies for emission control will result in many companies to adopt electrification in the vehicles. Development of smart transport system is transforming the transport system for emerging new ways to decrease traffic. Upcoming transport systems will be connected, shared, electric, data-driven, and highly automated. Transformation of transport system will rise the demand for electrification in vehicles.
Maximize Market Research has comprehensively analysed Global Vehicle Electrification Market. The driving forces as well as considerable restraints have been explained in depth to attain a balanced scenario. Segment wise market size and market share during the forecast years is duly addressed to portray the probable picture of this exuberant industry. The competitive landscape comprising of key innovators, service providers, market giants as well as niche players is studied and analysed extensively with respect to their strengths, weaknesses as well as value addition prospects. Report presents significant case studies along with the success stories to motivate and guide the like minds. In addition, Report displays current consolidation trends with respect to prominent mergers and acquisitions, consequent Market fragmentation, new trends and dynamics in partnerships, emerging business models. This will enable the reader to comprehend whole Vehicle Electrification Market with utmost ease and clarity.
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