The global automotive electrification market was valued at $701.4 billion in 2019 and is expected to reach $142 billion by 2027, with an annual average growth rate of 11%. The demand for electrification of vehicles is largely driven by a surge in automobile production and increased sales of vehicles worldwide. Vehicle electrification is gaining traction because it acts as an alternative solution to existing hydraulic and mechanical systems. Vehicle electrification improves fuel efficiency and reduces vehicle emissions. Due to the increasing trend of vehicle electrification, OEMs have experienced significant weight reduction in auto parts, which in turn controls fuel consumption and improves the vehicle’s operational efficiency. The electrification of the IC engine is a breakthrough step because it lowers fuel consumption. In addition, electric vehicles perform conventional vehicles in terms of carbon emissions and maintenance, convenience of charging and refueling, smooth driving, reduction of engine noise, and fuel economy.
A full report of Vehicle Electrification Market is available at: https://www.orionmarketreports.com/vehicle-electrification-market/24526/
Global Vehicle Electrification Market Segmentation:
On the basis of product type
• Start–Stop System
• Electric Power Steering (EPS)
• Liquid Heater PTC
• Electric Air-Conditioner Compressor
• Electric Vacuum Pump
• Electric Oil Pump
• Electric Water Pump
• Thermoelectric Generator
• Electric Turbocharger
On the basis of vehicle type
• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Two – Wheeler
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Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment
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