NEW JERSEY, UNITED STATES, November 23, 2021 /EINPresswire.com/ — Description
The ""Global Vehicle Electrification market Size, Status, and Forecast 2027"" study from CMI provides an overview of the global Vehicle Electrification market. This section illuminates the primary impact-rendering factors and restrictions limiting expansion. It enables people to comprehend various flaws and how they may obstruct future growth. This section is one of the most important in the report since it explains how many macro and microeconomic factors affect growth. The research also discusses the role of several sectors in the expansion, including small-scale and large-scale operations. Furthermore, industry specialists have presented current trends and prospects that are expected to boost growth in the next years.
The global Vehicle Electrification Market is estimated to account for US$ 121.60 billion by 2025
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In recent times, there have been several news stories dealing with vehicle Electrification. These have highlighted the opportunities that lay ahead for the vehicles in terms of their mobility and environmental friendliness. In fact, vehicle Electrification has got the support of many leading organizations. While Electrification is a new field, it is getting popular day by day. The demand for electric vehicles has increased over the years across the globe. With growing focus on reducing carbon footprint, the demand for an electric vehicle is likely to increase in the near future. As per the International Energy Agency (IEA), in 2019, electric car sales reached 2.1 million globally, registering a growth rate of 2.6%. According to the Edison Electric Institute (EEI), as of March 2019, there were around 1.18 million electric vehicles on U.S. roads, with EV sales increasing by 81% in 2018 as compared to 2017. Hence, such factors can stimulate growth of the vehicle electrification market.
Major Key players in this Market:
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 primary motive behind Vehicle Electrification is to ensure environmentally friendly modes of transport by overcoming the energy requirements of the internal combustion engine. Vehicle Electrification can be applied to any automobile, van, truck, bus, RV, motorcycle, or bicycle. Vehicle Electrification makes use of the existing power source and changes it into AC electricity suitable for charging the batteries and various other energy requirements. The efficiency and power features of these systems make them suitable for domestic and industrial applications. When it comes to geographical impact, Asia Pacific seems to be gaining robust traction in the vehicle electrification market. This is due to the fact that there is high demand for vehicle supplements in India and China. On the contrary, Europe is exhibiting a lucrative growth rate, owing to increasing demand for electric vehicles.
The benefits of using Vehicle Electrification techniques for vehicles are that they provide an alternate and cheaper source of electrical energy. These systems reduce the fuel consumption of the vehicle as well as improve its performance and increase its longevity. The vehicles using these systems do not get affected by voltage fluctuations and therefore do not suffer from irregular power outages. Despite these advantages, the higher cost of electric systems remains one of the major challenging factors in the development of the market. Besides, there are challenges associated with maintaining an optimum power-to-weight ratio. Therefore, these factors can limit growth of the vehicle electrification market in the near future.
Another key factor governing the development of the said market is stringent government regulations. Many countries have started implementing strict regulations on carbon emission with growing incentives for electric vehicles. As a matter of fact, in September 2020, the Government of California issued an executive order that new passenger cars are required to be zero-emission by 2035. Thus, these factors can augment growth of the vehicle electrification market.
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What factors will limit the growth of the Vehicle Electrification market?
In the Vehicle Electrification industry, which end-use segment will grow at the fastest CAGR?
In the Vehicle Electrification market, who are the up-and-coming players?
Is the Vehicle Electrification market very concentrated?
Which factors are promoting the growth of the Vehicle Electrification market?
What are the most recent Vehicle Electrification product innovations?
In the Vehicle Electrification market, which product segment will be the most profitable?
What reasons are causing the Vehicle Electrification market to become more competitive?
What strategic actions have the players in the Vehicle Electrification industry taken?
Which part of the country will see inactive growth?
Source: EIN Presswire