Vehicle Electrification Market is expected to generate a revenue of USD 117.94 Billion by 2028, Globally, at 8.3 % CAGR: Verified Market Research®

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Feb 07, 2023, 12:14 ET

The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Vehicle Electrification Market.

JERSEY CITY, N.J., Feb. 7, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Vehicle Electrification Market" By Product Type (Start or Stop System, Electric Power Steering, Electric air Conditioner Compressor), By Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), By Degree Of Hybridization (Internal Combustion Engine & Micro Hybrid Vehicle), and By Geography.

As per the deep research carried out by Verified Market Research®, the global Vehicle Electrification Market size was valued at USD 62.33 Billion in 2020 and is projected to reach USD 117.94 Billion by 2028, growing at a CAGR of 8.3% from 2021 to 2028.

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Browse in-depth TOC on "Vehicle Electrification Market"

202 – Pages
126 – Tables
37 – Figures

Global Vehicle Electrification Market Overview

The term "vehicle electrification" refers to a broad range of technologies that use electricity to power cars and the transportation sector. Depending on the type of vehicle, multiple voltage sources can be used for electrification. It makes it possible to replace hydraulic or mechanical systems with electrical ones. This technique is frequently used in the automobile industry to improve vehicle efficiency and cut harmful emissions.

As a result of stringent government emission rules, the market is probably going to expand. Due to the significant impact that car emissions have on both the environment and human life, numerous governments and regulatory bodies throughout the world have implemented severe vehicle emission requirements. As a result, automakers are under pressure to create cars that meet regulatory standards and produce less pollutants. Governments in developing nations are utilizing innovative techniques, such as tax incentives, to encourage citizens to purchase hybrid and electric automobiles.

The main driver of the market's growth is the rising usage of technical advancements such as the e-axle in electric vehicles. In addition, the market growth is expected to be favorable due to the growing demand for the development of light-weight vehicles in order to improve fuel economy. Another aspect boosting market expansion is the growing need for 48v architecture. Additionally, the market is anticipated to be fueled by an increase in the demand for hybrid automobiles.

Important manufacturers have made large efforts in R&D to create hybrid cars that emit no emissions that exceed industry standards and classic autos in terms of fuel efficiency. The market for hybrid and electrified vehicles is anticipated to rise as consumer awareness of vehicle emissions rises. All of these factors are anticipated to support the expansion of the vehicle electrification market throughout the anticipated time period.

Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Vehicle Electrification Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Key Players

The "Global Vehicle Electrification Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Robert Bosch GmbH, Continental AG, Aisin Seiki, Johnson Controls, Denso Corporation, Delphi Automotive PLC, Johnson Electrics, BorgWarner Inc., Mitsubishi Electric Corporation, Magna International Inc.

Based on the research, Verified Market Research® has segmented the global Vehicle Electrification Market into Product Type, Vehicle Type, Degree of Hybridization and Geography.

Vehicle Electrification Market, by Product Type

Start or Stop System
Electric Power Steering
Electric Air Conditioner Compressor
Electric Vacuum Pump

Vehicle Electrification Market, by Vehicle Type

Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle

Vehicle Electrification Market, by Degree of Hybridization

Plug-in Hybrid Electric Vehicle (PHEV)
Internal Combustion Engine & Micro Hybrid Vehicle
Hybrid Electric Vehicle

Vehicle Electrification Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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