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Vehicle Electrification Market by Product, 48V Mild-Hybrid, Degree of Hybridization, Vehicle Type and Region - Global Forecast 2022| MarketsandMarkets

 



(USGovernment-News.Com, October 17, 2018 ) The Vehicle Electrification Market is driven by factors such as stringent emission and fuel efficiency regulations around the globe. Increasing demand for passenger cars over the globe is multiplying this electrification effect. With this growing electrification trend, the demand for vehicles with 48V architecture is set to grow in the near future. The vehicle electrification market is estimated to be USD 62.53 billion in 2017 and is projected to reach USD 92.59 billion by 2022, at a CAGR of 8.17% during the forecast period. The base considered for the study is 2016, and the forecast period is 2017 to 2022.

Market Dynamics

Drivers

1. Decreasing permissible limits in emission regulations & raised fuel economy bars
2. Increasing demand for reliable electric systems in vehicles
3. Rising need for 48V architecture

Restraints

1. The higher cost of electric systems

Opportunities
1. Electrification of commercial vehicles
2. Flourishing automotive industry in South Asia

Challenges
1. Inadequate charging infrastructure for electric vehicles
2. Developing fail-safe electronic and electrical components

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Major Market Developments

• In December 2016, Continental has produced the world’s first hybrid drive that runs on 48-volts architecture. Continental electrified one diesel variant of both the new Renault Scénic and Grand Scénic models. This system reduces the fuel consumption in the new European driving cycle by up to 13%.

• In April 2016, Delphi unveiled new 48-volt, mild hybrid solution for automakers to meet emission regulations. The customized vehicle architecture maximizes the use of the 48-volt electrification to minimize the demand on the engine, improving performance while lowering CO2 emissions by more than 10%.

• In April 2017, Mitsubishi Electric Corporation announced that it has developed an ultra-compact silicon carbide (SiC) inverter for hybrid vehicles. It is compatible with two-motor hybrid systems used in HEVs. The company will proceed to develop it for mass production, with the aim of commercializing it around 2021.

• In October 2016, Valeo S.A. announced that it has developed the 48V e4Sport, an electric solution that contributes to lowering fuel consumption while increasing a vehicle's output. It is a new system for energy reuse that recovers a vehicle's regenerative energy and stores it in a 48V battery.

Rising need of 48V architecture drive the growth of vehicle electrification market

All the leading OEMs are replacing the mechanically driven components and systems with more efficient electrical components such as electric power steering, electric vacuum pump, electric water pump, and start-stop system among others to improve fuel economy and reduce emissions. Furthermore, there are additions of new safety and comfort features such as adaptive cruise control, lane keeps assist, blind spot monitoring, heated seats, heated steering wheels, and heated windshields among others, which is increasing load requirements on the conventional 12V battery system. A 48V architecture would give vehicle electrical systems greater stability and reduce fluctuations in vehicle voltage levels due to external conditions such as ambient temperature. Several leading players such as Continental AG (Germany) and Delphi Automotive PLC (U.K.) have developed a 48V architecture for hybrid vehicles by key OEMs.

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The vehicle electrification market is dominated by a few global players and comprises several regional players. Some of the key suppliers operating in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (U.K.), Denso Corporation (Japan), and Hitachi Electric (Hong Kong).

MarketsandMarkets

Mr. Shelly Singh

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