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Vehicle Electrification Market Worth 92.59 Billion Usd By 2022
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The vehicle electrification market is driven by factors such as stringent emission and fuel efficiency regulations across the globe. Increasing demand for passenger cars across the globe is also boosting the vehicle electrification market. With the growing electrification trend, the demand for vehicles with 48V architecture is set to grow in the near future. The vehicle electrification market is estimated to be USD 62.53 billion in 2017 and is projected to grow at a CAGR of 8.17% during the forecast period.
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Decreasing limits of tail-pipe emissions & raised fuel economy bars to drive the vehicle electrification market to USD 92.6 billion by 2022
According to the European Commission, CO2 emissions will be regulatory limited at 95 g/km as an average value throughout the vehicle fleet by 2020. Also, the Corporate Average Fuel Economy (CAFE) regulations have set standards for vehicle fleets average for fuel economy. Till 2016, CAFE average of 35.5 mpg was followed, which will now change to 54.5 mpg with effect from 2017. Vehicle weight reduction is one of the preferred methods to achieve these targets and electrification of the conventional mechanical components is one of the ways to achieve the vehicle light-weighting. For instance, electric power steering, which is lighter than the hydraulic power steering, can benefit in terms of 2-4% improved fuel efficiency.
Alternatively, with increase in electrified components, such as electric water pump, electric oil pump, and electric vacuum pump among others, there would be an increase in demand for high voltage architecture. Thus, further fuelling the demand for vehicle electrification.
The report follows the bottom-up and top-down approaches to estimate the country-level use of vehicle electrification, by product type and degree of hybridization. The forecast of this data is based on various secondary sources and validation of the same from primary respondents. The secondary sources include associations such as the International Council on Clean Transportation (ICCT), United States Environmental Protection Agency (EPA), paid databases, and directories such as Factiva. In the primary research stage, experts from related industries, manufacturers, and suppliers have been interviewed to understand the present situation and future trends in the vehicle electrification market. The vehicle electrification market, in terms of volume (thousand units) and value (USD million/billion), has been derived from forecasting techniques based on the production and sales data for all the regions. The penetrations have been verified using different primary sources. The figure below illustrates the break-up of the profile of industry experts who participated in primary discussions.
The vehicle electrification market consists of vehicle electrification technology suppliers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC (U.K.), and Johnson Electric (Hong Kong). The vehicle electrification components are supplied to major OEMs in the automotive industry such as Volkswagen (Germany), Toyota Motor Corporation (Japan), Honda Motor Co. Ltd (Japan), and others.
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