Vehicle Electrification Market

Market leaders - Vehicle Electrification Market

The vehicle electrification market is projected to grow at a CAGR of 11.9% to reach USD 129.6 billion by 2025 from USD 73.7 billion. Increasing vehicle demand across the globe, especially in emerging economies, is one of the main reasons that lead to a stable increase in crude oil demand. However, considering this increase in the global vehicle demand, controlling GHG emissions from vehicles has become a challenge. Hence, multiple regulatory authorities have introduced country/region-level emission regulations and fuel efficiency standards, and that lead to the introduction of vehicle electrification technologies like EPS, start stop, liquid heater PTC, and integrated starter generator, among others.

Accounting for the largest share of the total strategic developments, expansion was the most commonly adopted strategy by companies to gain traction in the vehicle electrification market. As the production of electric and hybrid vehicles increase, suppliers would have to increase their supply capability and cater to diverse markets to stay competitive. Companies adopted this strategy to strengthen their geographic presence and cater to the needs of customers more efficiently. For instance, in 2019, Bosch planned to open a new office in Holzkirchen, Germany. A new office building and a parking facility are expected to be finished by 2021. The new office space and laboratories will be made available for 900 associates on 17,000 square meters. The new parking facility will measure 21,000 square meters, providing space for around 800 cars and about 130 bicycles.

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Supply contract accounted for the second largest share of the total strategic developments. It is the strategy most commonly adopted by companies to gain traction in the vehicle electrification market. For instance, Bosch signed a supply contract with Nikola for development of Nikola powertrain systems. BorgWarner announced that it would be supplying its sprag one-way clutch to FCA for 2017 Chrysler Pacifica Hybrid. The one-way clutch spins freely, permitting the secondary motor to produce electricity for improved efficiency.

The study estimates that the vehicle electrification market is dominated by a few global players and comprises several regional players. Bosch is a leading player in the global vehicle electrification market. The company manufactures electric oil pump, electric fuel pump, electric power steering, and belt drive starter generator with regional companies in 60 locations. The company’s global sales network covers 150 countries across the globe. A diverse product portfolio, along with a strong global presence, helps the company maintain its leadership position in the market, keeping the revenue streams strong. Therefore, Bosch has emerged as a dominant player in the vehicle electrification market.

Continental AG is identified as the second leading supplier in the vehicle electrification market. The company offers a wide variety of products related to vehicle electrification under its chassis & safety and powertrain divisions. The company has a wide geographical presence—49 countries with 300 different locations in all the key regions. Continental adopted strategies such as expansions, new product developments, and partnerships to retain its leading position in the vehicle electrification market. In April 2020, Continental’s Vitesco Technologies planned to open a new R&D center in China, underlining the strategic focus on electrified powertrains. The center, which is going to be built in Tianjin, extends the research and development capacity for zero-emission propulsion technologies in the Asia Pacific region.

Related Reports:

Vehicle Electrification Market by Product (Start-Stop, PTC, EPS, Electric Air Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V, ICE, BEV, HEV, PHEV, Vehicle Type, and Region - Global Forecast to 2025

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
AT 2839
RI Published ON
8/28/2020
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