Vehicle Electrification Market to Accrue Impressively By 2023 with a healthy CAGR; Asserts MRFR

Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Vehicle Electrification Market Research Report - Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Vehicle Electrification Market Global Market – Overview

Vehicle electrification considers all the aspects of electrification required in vehicles. The vehicle that consists of electrical propulsion and electricity plays a vital role in the function of electric vehicles. The government of various countries have also been taken initiative to increase the sales of electric vehicles. Countries such as India, Singapore, Indonesia, Brazil, and MEA regions, the government has planned to investment more and welcomed several electric vehicles manufacturers to set up manufacturing plants. Companies such as Tesla Motors, Hyundai, Mahindra & Mahindra, Tata Motors and others are leading the race to roll out electric vehicles soon. Apparently, the other developing country have also taken the same initiatives to boost up the production of electric vehicles. Moreover, the electric vehicles are eco-friendly and has several benefits to environment. Also, the electric car owner doesn’t need any government licence and other certification to run the vehicles.

The increase prosperity in the emerging economies, more and more people are able to afford their own car, particularly in emerging Asian economies such as China and India. In order to tap these rising consumer automobile preferences, leading global automotive players such as Volkswagen, BMW, Toyota, and Ford, among others are entering into new emerging markets for business expansion. As the global auto-manufacturers continue to expand into growing and emerging markets, the demand for electric vehicles will also rise.

In automotive industry, pricing factor has always been a point of discussion before purchase. Here, the discussion is of electric vehicles such as electric cars, pickups, trucks and others. As per the market statistics, the sales of electric vehicles is rising very rapidly in developed countries such as the US, China, Germany, UK, Norway and others. All these countries are developed and has very good economy with healthy disposable income. As a result, the sales has increased. But moving towards the developing and undeveloped countries, the high prices of electric vehicles has become a major hindrance for market growth. Countries such as India, Indonesia and Brazil consumes a large pool of population but still the trend of electric vehicles has not come into pace. The prices of electric car starts from USD 30,000 which is quiet high when compared it to respective countries’ currency exchange rate. However, it creates major hindrance to the sale of electric cars in these countries.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Global Vehicle Electrification market

Key Players:

Robert Bosch GmbH., Continental AG ,ZF Friedrichshafen AG, Denso Corporation, JTEKT Corporation ,Nexteer Automotive, TRW Automotive Holding s Corp, and Mitsubishi Electric Corporation, and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global vehicle electrification market.

Industry/ Innovation/ Related News:

The key strategies followed by most companies within the global vehicle electrification market are that of new product development.

On 2017, Bosch is going towards electrobility in Indian market by offering electrified solutions to the local market

On July 2017, Continental advances towards the development of demo vehicle CUbE that will offer driver-less technology.

On Dec 2017, Denso has undergone an agreement with ASMO Co., Ltd. for integrating the motor business so as to achieve electrification and automated driving technologies.

Vehicle Electrification Market – Segmentation

The global vehicle electrification market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by product: Comprises electric power steering, electric air conditioner and others

Segmentation by Application: Comprises passenger car and commercial vehicles

Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Vehicle Electrification Market:

Regional Analysis

In North America, U.S. has always been the most lucrative market for electric vehicles. Over the past few years, the sales of electric vehicles have been doubled in the US which means the market will generate ample revenue. The major factors that has driven the US the market are rising demand for electric cars, government initiatives and healthy disposable income. Canadian market for electric vehicle is rising steadily. Although the electric vehicle sales has continued to grow upward in the recent years. As on March, 2017, the sales of electric vehicles in Canada has reached 32 thousand which shows that in the coming years, the sales would increase at much higher rate. Government initiative and rising preference for electric car is expected to be the major growth influencer of the Canadian market. The rise in the sales of electrification will led to the growth of vehicle electrification market during the forecast period.

In Asia Pacific, China is the largest market for electric vehicles production and has produced around 40% of the total electric vehicle build globally in 2016. Overtaking the US, China is now the most attractive country for electric vehicles. China has stretched its industry leadership by making profits across all scopes of the supply side of electric vehicles containing current and projected production of electric vehicle and their components, such as electric motors and lithium-ion battery cells. The increase in the sales of electric vehicle is expected to boost the vehicle electrification market in the future.