Vehicle Electrification Market Forecast to witness gallant growth from 2018-2026 Projected by Global Top Players

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Conventional internal combustion engines featuring mechanical linkages were characterized by significant loss of efficiency, owing to its friction and high energy requirement. Electric components that prominently include the electric power steering, positive temperature coefficient liquid heater, air compressor, vacuum, pumps, starter generators and actuators among others, enhance the automotive fuel efficiency, add to the users comfort, and also reduce the environmental impacts of the carbon emissions from these automotive. Advent of electric vehicles with better battery backup and optimum driving speeds has in turn fueled the demand for the vehicle electrification market for environment friendly automotive industry over the near future.

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Market Dynamics

Requirement to improve automotive fuel economy, reduce carbon footprint, need to enhance driver awareness regarding the safety in conjunction with the added comfort and compliance with the regional regulations is expected to be among the prominent factors driving the industry growth. Moreover, feature enhancements that include less space requirements, highly sensitive outputs, and robust performance with relatively better durability also adds to the consumer motivation for the adoption of these systems. For instance, hydraulic power steering systems are more complicated, weigh more, require regular maintenance of hydraulic fluids, and are more prone to faults in relation to electrical power steering (EPS) system. EPS system also offer better sensitive response at distinct speeds and consume less power, adding to the mileage of the automotive. However, high cost of the electronic and electric components are expected to be the major factors hampering the global vehicle electrification market growth.

Advancement in these electronic components enhances the safety and awareness of the driver, is expected to be chief factor motivating the consumer for increased adoption

Actuators control a mechanism or system, which operates on receiving an input signal in the form of current, voltage, hydraulic pressure, pneumatic pressure or human input. These are extensively used for functionalities that include climate control, transmission, engine cooling, and headlights for enhancing the user comfort. Utilization of other electronic technologies that include brakes, vacuum, axles, and boosters, among others substantially enhance the user convenience and automotive efficiency. This in turn has led to increased consumer inclination towards adoption of these features propelling the growth of the global vehicle electrification market.

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Asia Pacific vehicle electrification market dominated the global industry, is expected to continue its dominance over the forecast period, chiefly owing to the presence of some of the world’s largest manufacturing and sales hubs in the region. According to Coherent Market Insights analysis, motor vehicles production of the countries that include China, India, Japan, South Korea, and Thailand accounted for over 50% of the global production. Moreover, high inclination of consumers towards better comfort offered by vehicle electrification technologies, is expected to provide consistent demands in the developed economies of Europe and North America.

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About Author

Amy Carpenter is a reporter for Plains Gazette. She's worked and interned at Huffington Post and Vanity Fair. Amy is based in Arlington and covers issues affecting her city. In addition to her severe oyster addiction, she's a Netflix enthusiast, a red wine drinker, and a voracious reader.