Vehicle Electrification Market Status And Development
Trend By Types And Applications
Vehicle Electrification Market research provides industry analysis
by type, manufacturer, application along with key factors
influencing the growth of the market which include growth drivers,
restraints, opportunities and challenges, strategically profile key
players and comprehensively analyze their market share and core
competencies.
Global vehicle electrification market was valued at US$ 57.50 billion in 2016, is projected to
exhibit a CAGR of 8.82% over the forecast period (2017–2025), to be valued at US$ 121.60 billion
by 2025. Requirement to improve automotive fuel economy by replacing the mechanical linkages
with electrical or electronic components is among the major trend that has gained traction in the
automotive sector. These automotive functions includes the starters, steering, vacuum pumps,
oil pumps, braking systems, and water pumps among others. This will fuel the growth of global
vehicle electrification market over the forecast period.
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According to the U.S. Environmental Protection Agency (EPA), around 27% of the U.S. greenhouse
gas emissions (GHG) is from the automotive sector. Increased adoption of private transportation
and the growing requirement to improve the public transportation has led to increased concerns
for the GHG emissions. Growing stringency of regulations concerning the emission and fuel
economy standards in conjunction with the incentivization and other amendments to support the
proliferation of electrical vehicles in the consumer markets are expected to fuel the global
vehicle electrification market. For instance, Energy Efficiency and Conservation Authority (EECA)
in New Zealand states that EVs are exempt from Road User Charges (RUC) until the 2020 which
is valued over US$ 491 annually for 14,000 kilometers. European emission standards by