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The Vehicle Electrification Market is projected to grow at a CAGR of 9.1% to reach USD 142.1 billion by 2027 from USD 71.0 billion in 2019. The vehicle electrification market is majorly driven by various benefits offered including but not limited to decreased vehicle weight, lower emissions, and growing demand for 48V architecture.
Some of the key suppliers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (UK), Denso Corporation (Japan), and Johnson Electric (Hong Kong).
Electric power steering is estimated to be the largest segment for the market
Electric power steering (EPS) is expected to be the largest market. EPS reduces fuel consumption and improves the maneuverability of vehicles. In Europe and North America, almost all the vehicle has EPS, and in Asia Oceania, the trend is growing rapidly. In Asia Oceania, the installation rate of EPS is almost 90%. Hence, the EPS segment is estimated to hold the largest market share during the forecast period.
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Plug-in hybrid electric vehicle (PHEV) is estimated to witness the fastest growth in the market
PHEV is the fastest-growing segment in the market. Automakers are seeing plug-in hybrids as a gateway to fully electric vehicles. Increasing charging infrastructure in China, the US, and European countries would be responsible for the shift from conventional ICE vehicles to PHEVs. OEMs of these regions are also investing significantly in vehicle electrification. This would also drive the demand for PHEVs.
North America is expected to be the fastest-growing market for vehicle electrification
North America is expected to be the fastest-growing market for vehicle electrification. The growth in this region is propelled by growing charging infrastructure and significant investments by OEMs in the development of vehicle electrification. Federal tax credits and rebate incentives are accelerating the growth of the market, especially in the US. The US is set to dominate the North American market, holding the highest market share in 2019. As the country has the presence of major OEMs and Tier I players, the adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. Hence, North America is expected to be the fastest-growing market during the forecast period.
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48V architecture is expected to be dominated by Europe
According to MarketsandMarkets analysis, Europe is estimated to have a 45.5% share of the total 48V vehicle market in 2019. Developed infrastructure such as charging stations, limited range of present-day BEVs, and high cost of HEVs and PHEVs are the few reasons why 48V vehicles are preferred over hybrid vehicles in Europe. This trend is estimated to continue for the next 10 years. The 48V system consists of a 48V Li-ion battery, DC/DC converter, and an integrated starter generator (ISG). Without replacing the present 12V architecture completely, 48V architecture can work parallelly with the combustion engine and regular 12V battery. This parallel combination helps boost the efficiency of electric parts like electrical oil, coolant, and vacuum pump. Considering the fact that emission norms in Europe are very strict, 48V vehicle is expected to hold a significant market in the near future.
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