Vehicle Electrification Market Research Report – Forecast to 2023 by Product (Start/Stop System, EPS, Actuators, Starter Motor & Alternator, Electric Vacuum Pump, Integrated Starter Generator, Others), Voltage, Vehicle, Sales Channel – Forecast till 2023.

Market Research Future Published Research Report on Global Vehicle Electrification Market Research Report.

Market Insights

Vehicle electrification has gained monumental traction in the recent years due to the high demand for appropriate, and cost-efficient fossil fuel alternatives. The global vehicle electrification market is expected to achieve a healthy CAGR during the forecast period of 2018 to 2023; this projection has been made by Market Research Future in their newly published and highly insightful market report on the subject.

Electrification of vehicles is applied toward the development of hybrid and fully electric vehicles in an effort to use electricity as a clean energy source. The vehicle electrification market is growing rapidly due to the growing need to reduce pollutants in the environment. The impact of environmental consciousness is widespread with governments issuing stringent laws and regulations regarding emissions and has led to a surge in demand for electric vehicles. The development of smart cities, intelligent transport systems and other advances in IT which can be applied to automotive are further increasing the demand for electric vehicles and encouraging manufacturers to develop various electric automotive components for the manufacture of electric vehicles.

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Governments and environmental bodies are highly supportive of R&D activities towards effective vehicle electrification; these investments are expected to lead the market to opportunities in the foreseeable future. Moreover, these policies of support have greatly assisted the growth of the market and proposed benefits in the form of taxed credits in certain developed economies is expected to encourage future growth of the global vehicle electrification market.

Latest Industry News

The prominent energy company, Eaton, has announced that in order to address the increasing demand for high voltage electric vehicles is has created its new eMobility business. eMobility puts a strong focus on intelligent power electronics, power distribution, and circuit protection to develop advanced power systems and other associated technologies in order to tap into the rapidly growing vehicle electrification market.

BMW has announced that its high-performance M division vehicles will be electrified by the end of the next decade. BMW intended to increase hybridization and offer a fully-electric line up over the next few years.

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