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(Transportation-News.com, August 22, 2018 ) Vehicle Electrification Market by Product (Start/Stop System, Electric Power Steering (EPS), Liquid Heater Ptc, Electric Air Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Starter Motor & Alternator, Integrated Starter Generator (ISG), Actuators), Hybridization ((Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV)) Forecast 2014 to 2023
Industry Outlook and Trend Analysis
The Vehicle Electrification Market was worth USD 53.67 billion in 2014 and is expected to reach approximately USD 108.18 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 8.10% during the forecast period. Electrification vehicle is considered as a standout amongst other approach to decrease carbon discharge, increment vehicle productivity and lessen reliance over oil. Vehicle jolt produces new open doors for purchaser commitment alongside different natural and financial advantages. Vehicle electrification alludes to a vehicle with electrical methods for impetus and also power paying a noteworthy part in segments usefulness. It covers numerous parts of jolt in the, for example, begin/stop frameworks, electric power guiding, electric vacuum pump, electric oil pump, and numerous different frill which use method of electric drive and additionally assist client with gaining enhanced efficiency.
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Competitive Insights
The leading players in the market are Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric, Mitsubishi Electric Corporation and others. Many Key players are depending on methods, for example, agreements & joint ventures, collaborations, and advancements to build the visibility of their products and fortify their product portfolios.
Product Outlook and Trend Analysis
Based on product, the market is fragmented into Start/Stop System, Electric Power Steering (EPS), Liquid Heater Ptc, Electric Air Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Starter Motor & Alternator, Integrated Starter Generator (ISG) and Actuators. Among all these, Electric Power Steering (EPS) segment is expected to showcase highest growth rate in the upcoming years. Electric power guiding (EPS) expanding benefits combined with cutting edge innovation uproots pressure driven help with a PC controlled electric engine in the vehicle. However, absence of unwavering quality in water driven power guiding further help to the development of EPS in this market.
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Hybridization Outlook and Trend Analysis
Based on Hybridization, the market is portioned into Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV). Plug-In Hybrid Electric Vehicle (PHEV) segment is expected to showcase highest development over the forecast period. Developing interest for PHEV is ascribed to expanding buyer inclination on advantages of fuel productivity and lower operational and upkeep cost of the vehicle. Substantial development in the innovative condition came about highlights to PHEV, for example, changing to ordinary mode while the battery is purged, brought down tailpipe emanation. Government accentuation on decarbonisation is further emphatically affecting the interest for PHEV. The previously mentioned factors and a few exclusions from government are required to upsurge the interest for module cross breed electric automobiles amid the estimate time frame.
Regional Outlook and Trend Analysis
Asia Pacific held the biggest share of the market in 2016. The developing car industry in nations, for example, India and China inferable from the interest for vehicle supplements the development for the business. In addition, the blend of rising population in nations and expanding per capita wage empowers the interest for the individual transport car that is steady to a supportable domain.
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com 
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