TheVehicle Electrification Market is projected to grow at a CAGR of 8.17% during the forecast period, to reach a market size of USD 92.59 billion by 2022. The implementation of stringent emission norms and fuel economy standards globally as well as increasing vehicle production are driving the vehicle electrification market. Alternatively, the high cost of electric vehicles can undermine the demand for vehicle electrification.
The market for plug-in hybrid electric vehicles (PHEV) is estimated to witness the fastest growth in the vehicle electrification market
Plug-in hybrid electric vehicles are projected to lead the vehicle electrification market, in terms of value, during the forecast period. Automakers are seeing plug-in hybrids as the gateway to electric vehicles. Government tax incentives and state rebates have boosted the proliferation of plug-in hybrid vehicles. Asia-Oceania and North America are estimated to be the fastest growing markets for plug-in hybrid electric vehicles. Increasing the charging infrastructure in North America is responsible for the shift from conventional ICE vehicles to PHEV. OEMs in this region have also invested a significant amount in the development of vehicle electrification. This would also drive the demand for plug-in hybrid electric vehicles.
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"Asia-Oceania: Largest vehicle electrification market in the automotive industry"
Asia-Oceania is estimated to lead the vehicle electrification market, as the region represents countries such as China, Japan, South Korea, and India with the world’s highest vehicle production. The automobile industry is flourishing in this region, especially in South Asia. Additionally, Asia-Oceania has created hubs for automobile manufacturers and automotive component suppliers.
Stringent emission norms and fuel economy standards of these countries would help to create more opportunities for vehicle electrification. Countries such as China and India have plans to upgrade their emission regulations by 2020. For instance, India is planning to skip BS V regulations by leapfrogging to BS VI. This is a positive development for the vehicle electrification market. Additionally, the demand for electric and electronic components in vehicles helps to increase the trend of vehicle electrification.
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The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key suppliers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (U.K.), Denso Corporation (Japan), and Hitachi Electric (Hong Kong).
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