Vehicle Electrification Market

Market Leader - Vehicle Electrification Market

The vehicle electrification market is projected to grow at a CAGR of 9.1% to reach USD 142.1 billion by 2027 from USD 71.0 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, Changchun Branch of Robert Bosch Motor (China) Co., Ltd. signed an agreement with the Changchun High Tech Industrial Development Zone to establish a starter motor plant in the area with an annual capacity of 3 million sets. A total of USD 29 million was planned as an investment in the project. Delphi announced its plans to expand its Delphi Electronics technical center located in the Suzhou Industrial Park, China. The facility will have a land area of 8,000 m2 and can accommodate a total of 800 engineers. The center will mainly develop infotainment systems, HMI technologies, active safety systems, and body electronics systems.

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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. It has adopted the new product development strategy to increase and sustain its presence in the vehicle electrification market. Recently, Continental’s concept of Thermal Management was exhibited for the first time to demonstrate how managing heat intelligently can help extend the range.

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 2027

Mr. Shelly Singh
MarketsandMarkets™ INC.
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Suite 430
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USA : 1-888-600-6441
[email protected]

Report Code
AT 2839
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