Increasing user demand for eco-friendly solutions, as well as severe emission control laws, are a few significant factors that are projected to influence the market growth of internal combustion engines & micro-hybrid cars throughout the forecast period.
The growing need for lightweight vehicle production to improve fuel economy is imposing a favourable view on market growth. The global electrification industry is expected to generate significant revenue at USD 126 billion with an estimated CAGR of 10.5 percent between 2021 and 2028.
Vehicle electrification refers to a vehicle that has an electrical propulsion system as well as electricity playing a significant part in component operation. It contains numerous electrification features such as start/stop systems, electric power steering, electric vacuum pump, electric oil pump, and many more accessories that use an electric propulsion mode and help customers achieve higher fuel efficiency when fitted in standard ICE automobiles.
Technological advances have remained integral in the automotive industry in recent times. OEMs are depending on electrical components to meet changing customer needs because of their output efficiency and lightweight, making vehicle electrification a fuel-efficient alternative. Furthermore, car emissions are a critical element since dangerous greenhouse gases are emitted, rising environmental and health problems.
The growing acceptance of EVs is opening doors for new businesses to enter the market. Technological advancements such as linked automobiles and light-weighting imply that new parts and materials are in high demand, not just for batteries to power the next generation of vehicles, but for vehicle production as a whole. To make this a reality, EV manufacturers will need solid supply chains as well as technical skills that are compatible with their production and product development footprint.
Globally, government regulations governing fuel efficiency and carbon emissions, together with new technology and rapid innovation, are altering the automobile industry's face. As part of their obligations to the Paris climate accord, some nations plan to phase out the manufacture of new combustion-engine cars during the next two decades. In addition, public opinion is allowing large cities to begin placing restrictions or surcharges on fossil-fuel-powered cars in order to enhance local air quality.
Adroit Market Research's research on the market provides a comprehensive overview of market dynamics from 2018 to 2028, including key information on growth drivers, restraints, opportunities, and barriers. The market has been assessed for the historic years 2018 to 2020, tracing historical growth trends with 2020 as the base year, and for the forecast years 2021 to 2028, which include market estimations and future prospects.
This research is designed to assist industry leaders and new entrants by giving the most accurate revenue estimates for the overall Military vehicle electrification market and its segments. This study is also anticipated to give information on the uses of Military vehicle electrification technologies by area. It also seeks to assist players in understanding the market's competitive environment, gaining insights to enhance the position of their firms, and planning appropriate go-to-market strategies.
The main companies participating in the global electrification market are also profiled in terms of their competitive advancements, investments, strategic growth, and competitive landscape. It also provides information on large corporations as well as their backgrounds, which will be beneficial to develop firms. Furthermore, the research report contains extensive information about leading competitors as well as data on the current market environment and potential industry opportunities or challenges. Similarly, in the segment report, the kinds and applications are broken down by nations and important areas.
Based on the product segment, the Integrated Starter Generator (ISG) market is expected to grow in the next years. The usage of ISG in automobiles allows the engine to restart promptly and quietly following an idle or traffic standstill, lowering pollutants and conserving fuel. ISG achieves vibration and noise-free operation, increasing the user's comfort in the vehicle. Furthermore, ISG optimizes electric energy by decreasing engine load, which enhances the content of a vehicle's electronic solution.
Based on the hybridization outlook, the PHEV (Plug-in Hybrid Electric Vehicle) segment is the most popular and largest market share. Automakers see plug-in hybrids as a stepping stone to fully electric vehicles. Increased charging infrastructure in the United States, China, and Europe would make the shift from regular ICE vehicles to PHEVs easier. Automobile manufacturers in these regions are also heavily investing in vehicle electrification. These developments will manifest demand upsurge for PHEVs.
Geographically, North American market is likely to have the fastest-growing electrification industry during the prediction period. The development of charging infrastructure, as well as significant expenditures by OEMs in in-car electrification, is driving growth in this sector. Federal tax credits and rebate incentives are boosting the expansion of the car electrification industry, particularly in the United States.
The major players of the global electrification market are Aisin Seiki Co. Ltd., Continental Ag, Borgwarner Inc., Wabco Holdings Inc. Delphi Automotive Plc, Hitachi Automotive Systems Ltd., Denso Corporation, Johnson Controls Inc., Jtekt Corporation, Johnson Electric, Magna International Inc., Robert Bosch Gmbh, Mitsubishi Electric Corporation, Valeo Sa, and Zf Friedrichshafen Ag. The business overview, financials, product width and breadth, revenue produced, investment in research and development, market potential, new market initiatives, company strengths and weaknesses, regional presence, product launch, application domination are all covered in the details.
Key Segments of the Global Electrification Market
Product Overview, 2018-2028 (USD Billion)
- Starter motor & alternator
- Start/stop system
- Electric oil pump
- Electric power steering (EPS)
- Electric air conditioner compressor
- Liquid heater ptc
- Electric water pump
- Electric vacuum pump
- Integrated starter generator (ISG)
Hybridization Outlook Overview, 2018-2028 (USD Billion)
- Hybrid Electric Vehicle (HEV)
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa