The global vehicle electrification market size is expected to gain momentum by reaching USD 53.3 billion till 2026 while exhibiting a CAGR of 8.5% between 2019 and 2026. This is attributable to increasing demand for hybrid vehicles owing to rising pollution and high adoption of advanced technologies by the manufacturers across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Vehicle Electrification Market Size, Share and Industry Analysis; By Product Type (Start/Stop System, Electric Air Conditioner Compressor, PTC Heater, Electric Vacuum Pump, Electric Water Pump, Electric Oil Pump, Starter Motor & Alternator, Integrated Starter Generator, Actuators). By Vehicle Type (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), and Regional Forecast, 2019-2026.” The report further mentions that the market was worth USD 27.9 billion in 2018.

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The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Several industries are facing unprecedented losses owing to the lockdown announced by several governments across the globe that has resulted in the complete shutdown of the businesses. The crippling economy, however, is being revived through collective efforts from the government as well as the industries and is expected to bounce back in the coming years.

List of the Companies Operating in the Market:

Robert Bosch GmbH
Continental AG
Denso Corporation
Delphi Technologies PLC
Johnson Electric Holding Limited
Volkswagen
Toyota Motors Corporation
Honda Motors Co. Ltd
What does the Report Include?

The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.

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Recent Advancement in Technology to Drive the Market

Depleting fossil fuels along with rising costs of petrol and diesel is propelling the demand for convenient substitutes such as electric vehicles. The rising consumer demand for hybrid vehicles is driving the manufacturers to introduce vehicles with advanced technologies. For instance, growing concerns regarding pollution caused by vehicles, and stringent government policies to limit vehicular emission has enabled the automakers to introduce the engine shut down system technology. Whenever the vehicle halts at the traffic signal, the smart electric starter system instantly cuts off the fuel supply to the engine. This helps in the consumption of fuel and efficiently reduces fuel emission levels. Therefore, increasing adoption of recent technology advancement in vehicles is expected to favor the growth of the global vehicle electrification market in the forthcoming years.

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