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Key players for Electric Vehicles market are JTEKT Corporation , Visteon Corporation , NSK ltd , Denso Corporation , Friedrichshafen AG , BorgWarner Inc and Nexteer Automotive Group Ltd .
Largest Electric Power steering is expected to contribute for the major market share due to potential of ensuring the safe and secure driving in vehicles from hydraulic power steering . This segment is further estimated to provide low energy consumption , better handling and reduced weight in vehicles which ultimately gives a strong place to market of Electric Power Systems . North America is likely to witness major market share due to its growth in vehicle market , rigorous norms for emissions , and government subsidize provided for electric vehicles . Classification of Electric Vehicle Industry can be done on degree of hybridization into Internal Combustion Engine & micro hybrid vehicle , Battery electric vehicle , Fuel cell electric vehicle , plug in hybrid electric vehicle and hybrid Electric vehicle .
Asia Pacific is expected to hold the significant growth with rising expansion of automotive industry in the area . Increasing number of vehicles manufactured companies owing to its cheap cost production facilities may propel industry growth in upcoming years . Hybrid Electric vehicle is likely to experience significant growth owing to its capability in combining two dissimilar power sources like petrol / diesel and electric power .
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