Vehicle electrification systems play a vital role in increasing the fuel efficiency and reducing emissions of conventional combustion engine vehicles. These systems help convert mechanical energy from combustion engines into electrical energy using devices like motor-generator units, power split devices, and energy storage systems like batteries. Vehicle electrification offers benefits like better acceleration and torque delivery, regenerative braking, and lower operating costs due to improved fuel economy.
The global Vehicle Electrification Market is estimated to be valued at US$ 84.41 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Connected mobility has become one of the major trends boosting the vehicle electrification market. Advancements in vehicle connectivity technologies allow seamless integration of electrified powertrain components with infotainment and telematics systems in modern vehicles. Connected components generate massive amounts of data that provides insights about driver behavior, vehicle usage patterns, and powertrain performance. Automakers leverage this data through advanced analytics tools to introduce over-the-air upgrades that help optimize performance of electrified vehicle systems according to changing needs. Growing popularity of connectivity-enabled services like remote diagnostics and predictive maintenance is also driving automakers to increasingly electrify their vehicle lineups.
SWOT Analysis
Strength: Vehicle electrification improves fuel efficiency and reduces emissions. This is favorable for reducing carbon footprint.
Weakness: High initial investment requirement for infrastructure development and upgrading. Consumer adoption may also take time due to high upfront vehicle cost.
Opportunity: Stringent emission norms by governments worldwide will boost electrified vehicle demand. Rising environmental awareness among consumers presents an opportunity.
Threats: Slow pace of infrastructure development and lack of standardization can impede market growth. Technology obsolescence is another threat.
Key Takeaways
The Global Vehicle Electrification Market Size is expected to witness high growth. The global Vehicle Electrification Market is estimated to be valued at US$ 84.41 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Asia Pacific dominates currently due to high electric vehicle adoption in China. Europe is also a major regional market driven by supportive regulations. Europe and North America are other major regional markets undergoing EV transitions supported by favorable policies.
Key players operating in the vehicle electrification market are AME, Bosch, Continental, Magna, Johnson Electric, Valeo, Mahle, and others. AME is a well-established player focusing on electric motors for vehicle propulsion. Bosch offers a comprehensive powertrain electrification portfolio including electric drives and battery systems.
For More details on the topic:
Check more trending articles related to this topic:
https://filmik.in/cracking-the-code-of-epigenetics-the-harmony-of-gene-expression-outside-of-dna/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian