Market Research Future published research report on Global Vehicle Electrification Market 2018 – Forecast to 2023, provides detailed Vehicle Electrification Market Analysis, Scope, Stake, Progress, Trends and Size, Share, Opportunity, and Regional Forecast. Vehicle Electrification Market is to expand at the highest growth rate by 2023.
Vehicle Electrification Market Highlights:
Vehicle electrification considers all the aspects of electrification required in vehicles. The vehicle that consists of electrical propulsion and electricity plays a vital role in the function of electric vehicles. The government of various countries have also been taken initiative to increase the sales of electric vehicles. Countries such as India, Singapore, Indonesia, Brazil, and MEA regions, the government has planned to investment more and welcomed several electric vehicles manufacturers to set up manufacturing plants. Companies such as Tesla Motors, Hyundai, Mahindra & Mahindra, Tata Motors and others are leading the race to roll out electric vehicles soon. Apparently, the other developing country have also taken the same initiatives to boost up the production of electric vehicles. Moreover, the electric vehicles are eco-friendly and has several benefits to environment. Also, the electric car owner doesn’t need any government licence and other certification to run the vehicles.
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Vehicle Electrification Market Competitive Analysis:
The key players in Vehicle Electrification market are Robert Bosch GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Denso Corporation (Japan), JTEKT Corporation (Japan) ,Nexteer Automotive (U.S.), and Mitsubishi Electric Corporation (Japan). Mando Corp. (South Korea), Borgwarner Inc. (U.S.), Delphi Automotive PLC (U.K.), Johnson Electric (Hong Kong), and Hitachi Automotive Systems, Ltd. (Japan) are among others.
The factors that are responsible for the growth of vehicle electrification market are reduction in pollutants, the development of new intelligent transport systems, growing demand for electric vehicles, and strict government regulations coupled with emergence of eco-friendly vehicles. Pollution and traffic have resulted in the demand for mobility solution in most cities in the world. The international and national governments across the world have been developing new strategies to reduce emission and to improve urban environmental conditions. The development of new strategies for emission control will result in many manufacturers to adopt electrification in the vehicles. The development of intelligent transport system is transforming the transport system for developing new ways to reduce traffic. The future transport systems will be connected, data-driven, shared, electric, and highly automated.
The transformation of transport system will increase the demand for electrification in vehicles. The rising concern regarding environmental pollution has resulted in the the development of stringent government regulations. The federal government has enacted different policies and legislation that have promoted the U.S. electric vehicle market. New efforts have been proposed to support the development of technology through improvements in tax credits, investment in R&D, and encouraging the communities to invest in the growth of infrastructures. This will result in higher adoption in electrification in the vehicles. The emergence of eco-friendly vehicles has also played a major role in increasing the demand for electrification. In Europe, people are encouraged and have created much awareness for eco-friendly vehicles. Additionally, rising health concerns, and growing demand for electrification, have propelled the Europe market for vehicle electrification.
The global vehicle electrification market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by product: Comprises electric power steering, electric air conditioner and others
Segmentation by Application: Comprises passenger car and commercial vehicles
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific region is expected to account for largest market share due to increased government regulation to reduce emission. In December 2016, the Ministry of Environmental Protection (MEP), has issued the China 6 Emission Standard for gasoline and diesel vehicles. This standard will enable the manufacturers to move towards development of electric vehicles. The development of electric vehicles will result in the growth of vehicle electrification. North America is expected to be the second largest market. In North America, U.S. has dominated the vehicle electrification market.
Major Table Of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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