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Vehicle Electrification Market to Double by 2027, Reaching $140.29 Billion with a CAGR of 11.3%
Vehicle Electrification Market Size, Share, Competitive Landscape and Trend Analysis Report : GlobalOpportunity Analysis and Industry Forecast, 2020-2027
PORTLAND, PROVINCE: OREGAON, UNITED STATES, September 2, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, "Vehicle Electrification Market by Product Type, Sales Channel, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020-2027,"the global vehicle electrification market was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%.
ðððªð®ðð¬ð ððð¦ð©ð¥ð ððð©ð¨ð«ð – https://www.alliedmarketresearch.com/request-sample/2548
Vehicle electrification is associated with the range of electric-powered technologies used to drive the vehicle. The major source of power in vehicle electrification is the batteries, which propel the vehicle. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive sector to reduce the weight, enhance fuel efficiency, and optimize output requirements.
By product type, the electric power steering segment is expected to dominate the global market, owing to its cost-effective operation and its high compatibility with IC engine, hybrid, and electric vehicles in the range of vehicles. However, the electric car motors segment is anticipated to witness lucrative growth, owing to increase in sales of electric vehicles across the globe.
Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global Vehicle Electrification Market share, and is expected to grow at a significant rate during the forecast period, due to increase in penetration of electric and hybrid vehicles across the country in 2019.
ðð«ð¨ðð®ð«ð ðð¨ð¦ð©ð¥ððð ððð¬ððð«ðð¡ ððð©ð¨ð«ð – https://www.alliedmarketresearch.com/vehicle-electrification-market/purchase-options
Majority of the market players are involved in joint venture to gain competitive advantage in the global market. Market players are entering into long-term contracts or agreements with automotive manufacturers to retain long-term business opportunities.
The growth of the global vehicle electrification market is majorly driven by surge in adoption of fuel-efficient mobility solution along with effective performance requirements and fall in price of batteries per Kwh. However, decline in production and sales of automotive from last two year and high dependence on mechanical & hydraulic systems in existing vehicles are expected to restrain the growth of the global market during the forecast period. On the contrary, increase inneed for cost-effective solutions and rise in trend of electrification of commercial vehicles and fleet are expected to provide lucrative opportunities for the expansion of the global vehicle electrification market in the near future.
ððð¤ð ðð§ ðð§ðªð®ð¢ð«ð² ðððð¨ð«ð ðð®ð²ð¢ð§ð – https://www.alliedmarketresearch.com/purchase-enquiry/2548
ððð² ð
ð¢ð§ðð¢ð§ð ð¬ ðð ðð¡ð ððð®ðð²
By product type, the electric car motors segmentis expected to register a significant growth during the forecast period.
Depending on sales channel, the after market segmentis anticipated to exhibit significant growth in the near future.
On the basis of vehicle type, the plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV) segment is projected to lead the global market growth,as the segment is expected to register higher CAGR as compared to other vehicles.
Asia-Pacificis anticipated to exhibit fastest growth during the forecast period.
ððððð¢ð§ð ððð«ð¤ðð ðð¥ðð²ðð«ð¬ :
AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, and Johnson Electric Holdings Limited.
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content “as is” without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Vehicle Electrification Market Size, Share, Competitive Landscape and Trend Analysis Report : GlobalOpportunity Analysis and Industry Forecast, 2020-2027
PORTLAND, PROVINCE: OREGAON, UNITED STATES, September 2, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, "Vehicle Electrification Market by Product Type, Sales Channel, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020-2027,"the global vehicle electrification market was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%.
ðððªð®ðð¬ð ððð¦ð©ð¥ð ððð©ð¨ð«ð – https://www.alliedmarketresearch.com/request-sample/2548
Vehicle electrification is associated with the range of electric-powered technologies used to drive the vehicle. The major source of power in vehicle electrification is the batteries, which propel the vehicle. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive sector to reduce the weight, enhance fuel efficiency, and optimize output requirements.
By product type, the electric power steering segment is expected to dominate the global market, owing to its cost-effective operation and its high compatibility with IC engine, hybrid, and electric vehicles in the range of vehicles. However, the electric car motors segment is anticipated to witness lucrative growth, owing to increase in sales of electric vehicles across the globe.
Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global Vehicle Electrification Market share, and is expected to grow at a significant rate during the forecast period, due to increase in penetration of electric and hybrid vehicles across the country in 2019.
ðð«ð¨ðð®ð«ð ðð¨ð¦ð©ð¥ððð ððð¬ððð«ðð¡ ððð©ð¨ð«ð – https://www.alliedmarketresearch.com/vehicle-electrification-market/purchase-options
Majority of the market players are involved in joint venture to gain competitive advantage in the global market. Market players are entering into long-term contracts or agreements with automotive manufacturers to retain long-term business opportunities.
The growth of the global vehicle electrification market is majorly driven by surge in adoption of fuel-efficient mobility solution along with effective performance requirements and fall in price of batteries per Kwh. However, decline in production and sales of automotive from last two year and high dependence on mechanical & hydraulic systems in existing vehicles are expected to restrain the growth of the global market during the forecast period. On the contrary, increase inneed for cost-effective solutions and rise in trend of electrification of commercial vehicles and fleet are expected to provide lucrative opportunities for the expansion of the global vehicle electrification market in the near future.
ððð¤ð ðð§ ðð§ðªð®ð¢ð«ð² ðððð¨ð«ð ðð®ð²ð¢ð§ð – https://www.alliedmarketresearch.com/purchase-enquiry/2548
ððð² ð
ð¢ð§ðð¢ð§ð ð¬ ðð ðð¡ð ððð®ðð²
By product type, the electric car motors segmentis expected to register a significant growth during the forecast period.
Depending on sales channel, the after market segmentis anticipated to exhibit significant growth in the near future.
On the basis of vehicle type, the plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV) segment is projected to lead the global market growth,as the segment is expected to register higher CAGR as compared to other vehicles.
Asia-Pacificis anticipated to exhibit fastest growth during the forecast period.
ððððð¢ð§ð ððð«ð¤ðð ðð¥ðð²ðð«ð¬ :
AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, and Johnson Electric Holdings Limited.
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content “as is” without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
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charlotte hughes
September 4, 2024 at 4:24 pm
In conclusion, the Vehicle Electrification Market is poised for remarkable growth, with projections indicating a doubling in value to $140.29 billion by 2027, driven by a robust CAGR of 11.3%. The increasing demand for fuel-efficient and environmentally friendly transportation solutions, combined with advancements in battery technology, is fostering a shift toward electric power technologies. Key players in the market are strategically collaborating with automotive manufacturers to capitalize on emerging opportunities, particularly in the Asia-Pacific region, which is expected to lead growth. As the trend towards electrification continues to gain momentum, the vehicle electrification market stands to benefit significantly, establishing itself as a vital component of the future automotive landscape.
gina simmons
September 4, 2024 at 8:48 pm
In conclusion, the Vehicle Electrification Market is poised for remarkable growth, projected to reach $140.29 billion by 2027, driven by a robust CAGR of 11.3%. This surge is primarily fueled by the increasing demand for fuel-efficient vehicles, advancements in battery technology, and a growing inclination towards environmentally-friendly transportation solutions. Key players in the market are adapting by forming strategic partnerships and focusing on innovative product development, particularly in electric power steering and electric vehicle motors. While challenges such as the reliance on traditional systems and fluctuations in automotive production pose potential hurdles, the overall outlook remains optimistic, especially with the accelerating trend towards the electrification of commercial fleets and personal vehicles. As global attention shifts toward sustainable mobility, the vehicle electrification sector is well-positioned to thrive in the coming years.
alvin wright
September 4, 2024 at 10:09 pm
In conclusion, the global vehicle electrification market is poised for remarkable growth, with projections indicating a doubling in market value to $140.29 billion by 2027, driven by a robust CAGR of 11.3%. Key factors contributing to this expansion include the rising demand for fuel-efficient vehicles, the increasing affordability of battery technology, and the sustained interest in electric and hybrid vehicle adoption, particularly in the Asia-Pacific region, led by China. While challenges such as reliance on traditional mechanical systems and fluctuations in automotive production may pose temporary setbacks, the overall trajectory of the market remains optimistic. Companies are actively engaging in strategic partnerships and innovations to capitalize on this burgeoning sector, positioning themselves favorably for a sustainable and electrified automotive future.
mabel bailey
September 5, 2024 at 7:33 am
In conclusion, the Vehicle Electrification Market is poised for significant growth, projected to reach $140.29 billion by 2027 with a robust CAGR of 11.3%. This expansion is fueled by an increasing demand for fuel-efficient technologies and a shift towards electric and hybrid vehicles, particularly in the Asia-Pacific region. Key segments, such as electric power steering and electric car motors, are expected to drive innovation and investment in the industry. While challenges like market dependency on traditional systems and recent automotive production declines may hinder growth, the overarching trend towards electrification and cost-effective solutions presents promising opportunities for stakeholders. As automakers and technology providers continue to collaborate, the landscape of the vehicle electrification market is set for transformative advancements in the coming years.
patrick torres
September 5, 2024 at 11:21 am
In conclusion, the vehicle electrification market is poised for significant growth, projected to double in value from $70.14 billion in 2019 to $140.29 billion by 2027, with a robust CAGR of 11.3%. This surge is driven by the increasing demand for fuel-efficient mobility solutions, advancements in battery technology, and a shift towards electric and hybrid vehicles. The dominance of electric power steering and the rapid expansion of electric car motors highlight the evolving landscape of automotive technology. As Asia-Pacific leads the market, particularly through China’s growing adoption of electric vehicles, industry players are strategically forming partnerships to capitalize on emerging opportunities. Despite potential challenges such as reliance on traditional systems and recent declines in automotive production, the future of vehicle electrification looks promising, paving the way for a more sustainable and efficient transportation sector.
Pauline Hughes
September 5, 2024 at 11:28 am
In conclusion, the vehicle electrification market is poised for significant growth, with projections estimating a doubling in value to $140.29 billion by 2027, driven by a robust compound annual growth rate (CAGR) of 11.3%. This upward trajectory is fueled by the increasing demand for fuel-efficient and environmentally friendly mobility solutions, as well as advancements in battery technology. The Asia-Pacific region, particularly China, is leading this transformation, highlighting the global shift towards electric and hybrid vehicles. Despite some challenges, such as a reliance on traditional mechanical systems and recent declines in automotive production, the market presents substantial opportunities for growth, especially in electric car motors and plug-in hybrid vehicles. As stakeholders collaborate and innovate, the future of vehicle electrification looks promising, marking a pivotal shift in the automotive landscape.