by on January 25, 2022

Vehicle Electrification Market

The GMI Research report projects that the Vehicle Electrification Market will register a growth rate of 11.3% over the forecast period. This is attributed to the accelerating sales of vehicles and an expansion in automotive production.

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Vehicle Electrification Market Dynamics

The demand for electrification of vehicles is attributed to the insufficient accessibility of finite fossil fuels and the increasing agitation to reduce pollutants in the environment. The evolution of the latest transport systems and the rising demand for sustainable transportation has propelled market growth. The increasing espousal of electric vehicles is guided by demand for extensive range vehicles, better functional security, and reduced cost and charging time. Thus, as per the global Vehicle Electrification market report, this stands to be another force steering the growth of the global vehicle electrification market.

As stated by International Energy Agency (IEA), in 2019, electric cars recorded sales of 2.1 million globally with a 40% yearly increase and gauged for 2.6% of the global car sales. Moreover, several organizations such as the World Electric Vehicle Association (WEVA), AVERE (The European Association for Electromobility), the Society of Manufacturers of Electric Vehicles (SMEV), and the Electric Auto Association, and Australian Electric Vehicle Association (AEVA), are emphasizing on promoting Electromobility and viable transport across the globe. This is projected to proffer huge opportunities to the market. However, the evolution of the coronavirus has disturbed the supply chain and production of vehicles, which will decline the sales of electric vehicles, thus hindering the market growth. Also, the reduced maintenance cost, inadequate charging infrastructure, and substitution of electric vehicle systems in emerging nations such as Bangladesh, India, and China will further hamper the Vehicle Electrification market size.

Product Segment Drivers

Based on the product, the electric power steering segment is anticipated to witness robust growth over the coming years. This is because of their various benefits over the hydraulic power steering system, such as power effectiveness, environmental affinity, simplified tuning, packaging elasticity, insubstantial weight, and better safety. Moreover, the global Vehicle Electrification market forecast projects that several car models such as the Toyota Fortuner, Porsche 911, Suzuki Swift, Hyundai i20 have been installed with electric power steering.

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