Due to the preference of automakers and automakers for Vehicle Electrification and the increasing importance placed on environmentally friendly alternatives in automobiles, the market for vehicle electrification is anticipated to expand significantly in the years to come. Several significant participants in the automotive sector, including Toyota, are embracing vehicle electrification. Toyota is making advances in the vehicle electrification sector as they take advantage of these advantages to assist their sustainability objectives and increase sales of their electrified vehicles over the next ten years. Major manufacturers’ commercialization of electric automobiles is anticipated to foster the market for vehicle electrification’s growth prospects.
The market for Vehicle Electrification is anticipated to reach US$ 72 billion in 2021, growing at a CAGR of 10.3% during the forecast period.
Additionally, it is anticipated that initiatives taken by automotive players like the Renault Group and Bosch to implement vehicle electrification, electrify public transportation, and aim to expand their product portfolio to include electrified vehicles in the future will open new doors for the industry. According to sustainable commuter facilities, vehicle electrification enables both end users and vehicle manufacturers to profit from it and change how transportation has been viewed, thereby boosting the market for vehicle electrification.
One of the best ways to lower carbon emissions, improve vehicle efficiency, and lessen reliance on oil is to electrify a vehicle. Along with several environmental and economic advantages, vehicle electrification also creates new potential for customer participation. Several hydraulic or mechanical systems can be switched out for electric ones, including hydraulic power steering and mechanical or hydraulic pumps. A car’s air conditioner can do this.
- Continental AG,
- Robert Bosch GmbH.,
- TRW Automotive Holdings Corp.,
- Denso Corporation, (Japan),
- Nexteer Automotive,
- JTEKT Corporation,
- Mitsubishi Electric Corporation,
- Mando Corp.,
- Borgwarner Inc. and
- ZF Friedrichshafen AG.