July 28, 2022 14:30 ET | Source: Straits Research Straits Research
New York, United States, July 28, 2022 (GLOBE NEWSWIRE) -- Vehicle electrification is the primary driving force behind the automotive industry's transformation. The need for electrification of automobiles is primarily driven by growth in automotive production and sales worldwide. Electrification of vehicles is gaining traction as a viable alternative to traditional hydraulic and mechanical systems. Vehicle electrification improves fuel economy while also lowering emissions. OEMs have witnessed significant weight reduction of automotive components due to the rising trend of vehicle electrification, reducing fuel consumption and improving vehicle operational efficiency. The electrification of the IC engine is a significant step forward because it allows for lower fuel usage. Furthermore, electric vehicles outperform traditional vehicles in terms of carbon emissions and maintenance, charging and refilling convenience, smoother driving, less engine noise, and fuel economy. As the adoption of fuel-efficient mobility solutions, practical performance requirements, and a fall in battery price per KWH drive the global vehicle electrification market, it is predicted to rise.
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The Demand for 48v Architecture is Growing The concept of 48 V architecture, also known as mild hybrids, is quickly gaining acceptance worldwide, and it is likely to increase demand for vehicle electrification soon. Compared to mild hybrids, total hybrid vehicles have the superior fuel economy. International Council on Clean Transportation estimates that hybrid vehicles can reduce fuel use by 30–35 per cent. On the other hand, full hybrid car producers face significant obstacles due to higher vehicle costs and weight. Mild hybrid systems using a 48 V battery are less efficient than entire hybrid systems but are cheaper. As a result, OEMs favour the mild hybrid approach. It combines a regular internal combustion engine (ICE) with a high-power electric motor (up to 15 kW). The electric motor is the only cost increase, offset by eliminating the starter motor and alternator from the traditional ICE engine.
An Increasing Number of Charging Stations Has Been Driving the Market Growth Despite the financial crisis, the auto industry's drive toward electrification remains strong. Increased demand for cost-effective solutions and the trend of electrifying commercial vehicles and fleets should boost the global market during the forecast period. Recent trends have increased the demand for vehicle electrification and supporting infrastructure. Increased charging stations and government incentives are driving the demand for electric automobiles. Vehicle electrification will be boosted by lower operating costs for electric vehicles compared to gasoline-powered vehicles. Increasing demand for fuel-efficient vehicles has fuelled the demand for vehicle electrification.
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Growth Opportunities for the Global Market for Vehicle Electrification
Public transportation and logistics employ buses and trucks globally. Europe and Asia-Pacific prefer public transportation over private. In North America, private automobiles dominate. Growing urban populations want public transit since the present infrastructure is inadequate. Each OEM is promoting electric automobiles to reduce their carbon footprint. Taxis and passenger cars focus more on greener technologies due to on-demand mobility. Most electrification attempts are for autos. Due to increased stresses, few commercial vehicle electrical systems and components can replace mechanical ones. Electric powertrains for commercial vehicles require a lot of R&D. Various governments are giving incentives and tax refunds to boost the usage of electric vehicles in public transit to minimize CO2 emissions. Mercedes-Benz electric truck, BYD K9, and Tata Starbus Hybrid e-buses are electric vehicles. Few commercial vehicle manufacturers have electric buses. Developers still struggle with electric drivelines for trucks and buses. The desire for more reliable and effective systems will increase as these vehicles become more popular. E-drive systems aid in reducing the weight of a vehicle. Electric component and driveline manufacturers can develop and market commercial vehicle solutions.
Regional Analysis of the Global Market for Vehicle Electrification The market has been split into Europe, North America, Asia-Pacific, and the Rest of the World. Over the projection period, Asia-Pacific is expected to lead the market. Government measures in countries like China, India, and South Korea to promote the use of electric vehicles and provide consumers with tax breaks on purchasing these vehicles are projected to propel the industry in this region forward. Europe is the second-largest market for vehicle electrification, and it is expected to increase steadily throughout the projected period. One of the significant factors contributing to Europe's second-largest position in this market is the region's early adoption of modern technology and hybrid automobiles. Over the projected period, the vehicle electrification market in North America is expected to rise gradually.
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Competitive Analysis of the Global Market for Vehicle Electrification
Recent Developments in Some of the Key Players
Segmentation of the Global Market for Vehicle Electrification By Product
Table of Content and Figure @ https://straitsresearch.com/report/vehicle-electrification-market/toc
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