The vehicle electrification market is projected to grow at a CAGR of 8.17% from 2017 to 2022, to reach a market size of USD 92.59 billion by 2022. Requirement for light weighting to achieve improved fuel efficiency and reduced tail-pipe emissions as well as increased demand for safety, comfort, and luxury are the key factors influencing the demand for vehicle electrification during the forecast period.
“Vehicle Electrification Market, by Product (Start-Stop, PTC, EPS, Electric Air-Conditioner, ISG, Starter Motor, Alternator, Actuator, Electric Pump-Vacuum, Oil & Water), 48V Mild-Hybrid, Degree of Hybridization, and Vehicle Type–Global Forecast to 2022”
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Expansion is a key strategy adopted by the top players to gain traction in the market. For instance, Robert Bosch GmbH (Germany) has established a new facility in Queretaro, Mexico, which represents the first automotive steering division operations in Mexico by Bosch Group. Likewise, Delphi's electrical and electronic architecture business began the construction of a new plant in Jingzhou, China. It will cater to the Chinese market and will begin its operation by October 2017.
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New product development is the second most widely followed strategy in the market. For instance, Delphi Automotive PLC (U.K.) has developed a new 48-volt mild hybrid solution to meet emission regulations and minimize the engine load, leading to decreased emissions & improved efficiency. Johnson Electric launched a high power electric power steering motor to provide high steering power and low cogging torque through innovative brush motor technology. Other companies that adopted the strategy of new product development include Continental AG (Germany) and Johnson Electric (Hong Kong).
Electric vacuum pump is estimated to be the fastest growing segment in the vehicle electrification market, by product type. The growth of this segment is driven by the increased adoption of 48V mild-hybrid system. Asia-Oceania and North America are estimated to be the leading markets for the electric vacuum pump market. Stringent emission norms and increasing demand for a reliable electric system in these regions help to create new revenue pockets for the vehicle electrification market. Countries such as India and China, who are the leaders in global vehicle production, have plans to upgrade their regulations equivalent to Euro 6 by 2020. This would drive the demand for electric vacuum pump in these markets, as the technology has benefits over mechanical vacuum pump.
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A key factor restraining the growth of market is the high cost of electric systems and components. The cost of electric vehicle is still high despite the advancements in battery technology and incentives provided by the governments. Cost has been a major obstacle to the widespread of EV market. The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the Market are Robert Bosch GmbH (Germany), Continental AG (Germany), Denso Corporation (Japan), Delphi Automotive PLC(U.K.), Johnson Electrics (Hong Kong).
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