Vehicle electrification market worth $125.12 billion by 2025
The global vehicle electrification market is anticipated to reach $125.12 billion by 2025, according to a report by Grand View Research, Inc. The growing demand for electrification in transport automobiles is increasing because of the shift in social influence and acceptability in favor of electrification via lowered usage of petroleum through energy-efficient vehicles. Moreover, regional legislation policies and regulatory efforts globally on strengthening CO2 emissions standards have contributed heavily to the growth of the market.
Integrated starter generator (ISG) products are expected to gain traction over the forecast period. The application of ISGs in vehicles helps the engine to instant and silently restart after the idle or traffic stop when the engines shut down to reduce emission and save fuel. ISGs achieve lower vibration and noise levels during operation, improving comfort for the user. Further, ISGs optimize the electric energy by reducing the load to the engine, which further drives the content of electronic solutions in the vehicle. Integrated starter generators in automobiles assist in starting the engines under extremely low-temperature conditions.
The demand for integrated started generator products was valued at $4.97 billion in 2016 and is expected to reach over $11.16 billion by 2025.
The internal combustion engine (ICE) and micro-hybrid vehicle is one of the largest segments in hybridization type. The growth of ICE and micro-hybrid automobiles is attributed to mechanical integration, which yields significant fuel economy when the vehicle is idling in traffic or at a signal. Moreover, to meet the growing environmental challenges that are posed by emission legislations, automakers have developed various eco solutions in the conventional ICE.
Increasing user demand for eco-friendly solutions and stringent emission regulations are key factors that are expected to impact the growth for internal combustion engines and micro-hybrid vehicles in the market over the forecast period. The internal combustion engine and micro-hybrid vehicle segment is anticipated to grow at a CAGR of 7.8% from 2017 to 2025.
Further key findings from the report suggest
The global vehicle electrification market accounted for $58.92 billion in 2016 and is expected to grow at a CAGR of 9.1% from 2017 to 2025.
Internal combustion engine (ICE) and micro-hybrid vehicle emerged as the largest segment in 2016 and is estimated to generate revenue over $70.68 billion by 2025.
The BEV hybridization segment is anticipated to witness moderate growth over the next eight years.
The electric vacuum pump within the product segment is estimated to reach over $17.75 billion by 2025.
The Asia Pacific market is projected to witness substantial growth over the next decade owing to growing adoption of vehicle electrification methods among automobile sectors on a large scale. The regional market is expected to grow at a CAGR of 8.5% from 2017 to 2025.
Key players include Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric, and Mitsubishi Electric Corporation, accounting for a majority share of the overall market in 2016.
Browse the full research report on "Vehicle Electrification Market Analysis By Product (Start/Stop Systems, Electric Power Steering, Liquid Heater Ptc, Electric Oil Pump, Electric Water Pump, Starter Motor & Alternator), By Hybridization And Segment Forecasts, 2014 - 2025" at: https://www.grandviewresearch.com/industry-analysis/vehicle-electrification-market.