PORTLAND, ORAGON, UNITED STATES, August 8, 2022 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Vehicle Electrification Market by Product Type, Sales Channel, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027,”the global vehicle electrification market was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%.
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Key Market Players
AISIN SEIKI Co., Ltd.
Hitachi Automotive Systems, Ltd
Robert Bosch GmbH
Magna International Inc
Johnson Electric Holdings Limited
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Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America,and LAMEA.China dominated the global Vehicle Electrification Market share, and is expected to grow at a significant rate during the forecast period, due to increase in penetration of electric and hybrid vehicles across the country in 2019.
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Vehicle electrification is associated with the range of electric-powered technologies used to drive the vehicle. The major source of power in vehicle electrification is the batteries, which propel the vehicle. The vehicle electrification market has witnessed significant growth over the years, owing to increase in inclination toward electrically driven technology in the automotive sector to reduce the weight, enhance fuel efficiency, and optimize output requirements.
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Key Findings Of The Study
By product type, the electric car motors segmentis expected to register a significant growth during the forecast period.
Depending on sales channel, the after market segmentis anticipated to exhibit significant growth in the near future.
On the basis of vehicle type, the plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV) segment is projected to lead the global market growth,as the segment is expected to register higher CAGR as compared to other vehicles.
Asia-Pacificis anticipated to exhibit fastest growth during the forecast period.
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “”Market Research Reports”” and “”Business Intelligence Solutions.”” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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