Global Vehicle Electrification Market: Overview Vehicle electrification refers to a range of technologies that use electricity to propel a vehicle. Electric vehicles are designed in order to operate on electricity, and the consumption of fossil fuels is reduced. Electric vehicles are also likely to help achieve the target of low carbon emissions from vehicles. OEMs across the world are taking efforts to develop and introduce electric vehicles on roads at the earliest. Increasing vehicle production for the last few years is expected to drive the vehicle electrification market during the forecast period. Rising concerns regarding energy security, fossil fuel emissions, and long-term industrial competitiveness are expected to prompt the government to positively take some action in order to seek a partial solution by means of creating incentives or to make investments in the automotive sector to fuel the vehicle electrification market in the near future. Increasingly stringent norms and regulations regarding increased fuel-efficiency and reduced carbon footprint, which are being laid down by the governments of various nations across the world, are further expected to propel the vehicle electrification market during the forecast period. Get PDF brochure for Industrial Insights and business Intelligence @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=41459 Global Vehicle Electrification Market: Drivers and Restraints The price of electric vehicles is very high in spite of the numerous advantages offered by them. This is primarily attributed to the high cost of batteries that are utilized to run electric vehicles and the cost required to recharge the batteries. Electric fuelling stations required for electric vehicles are still in the development stage. Therefore, using electric vehicles for traveling long distances is likely to create problems during the journey. Moreover, electric vehicles are not a practically feasible in cities facing a power shortage. The battery backup of the batteries used in electric vehicles is also comparatively short. These minor drawbacks of electric vehicles are expected to hamper the vehicle electrification market during the forecast period. Global Vehicle Electrification Market: Key Segments The global vehicle electrification market can be segmented based on vehicle, component, degree of hybridization, voltage, sales channel, and region. In terms of vehicle type, the vehicle electrification market can be classified into passenger vehicles and commercial vehicles. The commercial vehicles segment can be further sub-segmented into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and buses & coaches. The passenger vehicles segment is expected to expand at a significant growth rate during the forecast period owing to the increasing production volumes of passenger vehicles in recent years. Based on component, the vehicle electrification market can be divided into start-stop system, electric power steering (EPS), liquid heater, electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, integrated starter generator (ISG), starter motor & alternator, and actuator. In terms of degree of hybridization, the vehicle electrification market can be classified into hybrid electric vehicle (HEV), plug-in electric vehicle (PEV), and battery electric vehicle (BEV). The BEV segment is anticipated to expand at a significant growth rate during the forecast period owing to the relatively high cost of HEVs and the reduced carbon footprint due to the use of BEVs, which are fully electric vehicles.
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