Techno World Vehicle-Electrification-Market | Page 2

European Council and U.S. federal emission standards by EPA are among the major regulatory
guidelines fueling the demands for increased fuel efficiency. Requirement to meet these
economy standards will fuel the growth of vehicle electrification market.
Advancement in these electronic components enhances the safety and awareness of
the driver, is expected to be chief factor motivating the consumer for increased
adoption
Actuators control a mechanism or system, which operates on receiving an input signal in the
form of current, voltage, hydraulic pressure, pneumatic pressure or human input. These are
extensively used for functionalities that include climate control, transmission, engine cooling,
and headlights for enhancing the user comfort. Utilization of other electronic technologies that
include brakes, vacuum, axles, and boosters, among others substantially enhance the user
convenience and automotive efficiency. This in turn has led to increased consumer inclination
towards adoption of these features propelling the growth of the global vehicle electrification
market.
Asia Pacific vehicle electrification market dominated the global industry, is expected to continue
its dominance over the forecast period, chiefly owing to the presence of some of the world’s
largest manufacturing and sales hubs in the region. According to Coherent Market Insights
analysis, motor vehicles production of the countries that include China, India, Japan, South Korea,
and Thailand accounted for over 50% of the global production. Moreover, high inclination of
consumers towards better comfort offered by vehicle electrification technologies, is expected to
provide consistent demands in the developed economies of Europe and North America.
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Electric power steering (EPS) was the largest product segment by value in 2016, predominantly
owing to its less complicated installation, compact space requirements, and high durability.
Moreover, these are incorporated with sensors that sense the vehicle speeds and respond
accordingly, that in turn improves the user safety. Based on degree of hybridization, Micro-Hybrid
Vehicle and Internal Combustion Engine (ICE) dominated the industry share, are expected to
dominate the industry share over the next following years, owing to the highest adoption of
these vehicles across the globe.
Key players in the vehicle electrification market include Aisin Seiki Co. Ltd., Borgwarner Inc.,
Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd.,
Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi
Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen
AG.
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