Messages
Settings
News Feed
My Articles
My Products
Saved Posts
Popular Posts
Find People
Pages
Groups
Events
Blogs
Market
Movies
Asia-Pacific Vehicle Electrification Market
Overview
The Asia-Pacific Vehicle Electrification Market is one of the fastest-growing segments in the automotive industry, propelled by rapid urbanization, increasing environmental awareness, and government incentives for electric vehicle adoption. Countries like China, Japan, and South Korea are leading the charge in vehicle electrification, with significant investments in EV technology and infrastructure.
Latest News
Recent reports indicate that China continues to dominate the vehicle electrification market, with major manufacturers like BYD and NIO investing heavily in electric vehicle development. The Chinese government is implementing policies to encourage EV adoption, including subsidies and incentives for consumers. Additionally, Japan is focusing on hydrogen fuel cell technology as part of its electrification strategy.
Trends
Trends in the Asia-Pacific vehicle electrification market include the rising popularity of electric two-wheelers, particularly in urban areas, as consumers seek affordable and efficient transportation options. There is also a growing emphasis on improving battery performance and reducing costs, driving innovation in battery technology. Furthermore, the integration of smart technologies, such as connected vehicles and autonomous systems, is shaping the future of vehicle electrification in the region.
Vehicle electrification refers to the use of electric power to drive a vehicle's components, including propulsion, heating, and cooling systems. The shift from internal combustion engines to electric power sources is transforming the automotive industry, driven by environmental concerns, fuel efficiency, and government regulations.
Electric vehicles (EVs) are a major component of vehicle electrification, as they produce lower emissions and have lower operational costs.
The market for vehicle electrification is experiencing rapid growth due to advancements in battery technology, increased charging infrastructure, and consumer demand for eco-friendly transportation options. As governments worldwide push for cleaner transportation alternatives, the Vehicle Electrification Market is set to expand further.
Market Research Future Insights
According to MRFR analysis, the global Vehicle Electrification market is expected to register a CAGR of ~12.52% from 2023 to 2032 and hold a value of over USD 290.55 Billion by 2032.
The primary reason behind the huge shift in the automotive industry is the electrification of vehicles. Increased automotive manufacturing and global vehicle sales are the main factors driving the need for the electrification of automobiles. The electrification of vehicles is gaining popularity as a replacement for conventional hydraulic and mechanical systems. The electrification of vehicles increases their fuel economy and lowers their emissions. COVID-19 had a significant influence on the car industry.
In the year 2020, there was a 15% global decline in the number of cars sold. Along with it, the demand for automobiles drastically decreased, causing production lines to temporarily shut down. The supply chain was also impacted by the restrictions on transit during the lockdowns. However, the vehicle industry is currently growing quickly and impressively.
Vehicle Electrification Market Companies
Robert Bosch GmbH (Germany)
Continental AG (Germany)
ZF Friedrichshafen AG (Germany)
Denso Corporation (Japan)
JTEKT Corporation (Japan)
Nexteer Automotive (U.S.)
Mitsubishi Electric Corporation (Japan).
Mando Corp. (South Korea)
Borgwarner Inc. (U.S.)
Delphi Automotive PLC (U.K.)
Johnson Electric (Hong Kong)
Regional Analysis
The Asia-Pacific region would account for the biggest market share. The demand for EVs is growing as a result of the significant presence of numerous important companies and government regulations encouraging the usage of electric cars. Economic and technical developments will also help the expansion process.
The Vehicle Electrification Market Revenue will be led by North America in second place. The market is receiving a significant boost from the availability of improved infrastructure and the strong demand for electric automobiles.
The market for vehicle electrification will also continue to grow significantly in Europe in the coming years. The market will benefit from the demand for efficient transportation and eco-friendly automobiles.
Market Segmentation
The Global Vehicle Electrification market has been segmented into Voltage, Product Type, and Degree of hybridization.
Based on the Voltage, the market has been segmented into 14 V, 12 V, 48 V, and 24 V.
Based on the Product Type, the market has been segmented into Electric Power Steering (EPS), Integrated Starter Generator (ISG), Stop/Start System, Liquid Heater PTC, Electric Oil Pump, Electric Vacuum Pump, and Starter Motor.
Based on the Degree of hybridization, the market has been segmented into Internal Combustion Engine (ICE) & Micro-Hybrid Vehicles, Battery Electric Vehicle ((BEV), Plug-In Hybrid Electric Vehicle (PHEV), 48 Mild-Hybrid Market.
Key Players
Some of the key market players are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen, Denso Corporation, JTEKT Corporation, Nexteer Automotive, Mitsubishi Electric Corporation, Mando Corp, Borgwarner Inc, Delphi Automotive PLC, Johnson Electric.
More Related Report
Material Handling Equipment Tire Market