Ten Ways Vehicle Electrification Market Can Improve Your Business.



In the pre-COVID-19 scenario, the vehicle electrification market was expected to reach 735 million units by 2025, up from 540 million units in 2020. (in terms of volume). The possibility of a second COVID-19 wave might be a severe setback for the car industry. However, with shutdown relaxations in the United States and China allowing production to recommence, the automotive auxiliary industry is expected to resume operations by the end of 2020, propelling the vehicle electrification market.


From USD 73.7 billion in 2015 to USD 129.6 billion in 2025, the vehicle electrification market is expected to increase at a CAGR of 11.9 percent. The vehicle electrification market would be the preferable option for OEMs in the near future because of several benefits such as reduced vehicle weight, lower emissions, increased fuel efficiency, improved driving comfort, and safety.


In 2020, the vehicle electrification market is predicted to see a major slump, owing to a decrease in vehicle manufacturing. Due to the COVID-19 epidemic, ICE car manufacture is still virtually halted. Pre-COVID-19, global vehicle production was predicted to reach 90-95 million units in 2020 and 110-115 million units by 2025, with Asia Oceania and North America contributing the most to passenger car production and North America accounting for the biggest proportion of LCV production.


The COVID-19 epidemic has disrupted the export of automobile components and resulted in the closure of manufacturing and assembly plants around the world. Production has been halted by major participants such as GM, Honda, Fiat, Volkswagen, PSA Group, General Motors, and BMW. With these considerations in mind, global car manufacturing is predicted to expand at a 3.3 percent annual rate from 2020 to 2025.


The concept of 48 V design, also known as mild hybrids, is fast gaining acceptance around the world, and it is projected to fuel demand for vehicle electrification market in the near future. In comparison to mild hybrids, full hybrid vehicles have a higher fuel economy. Full hybrid vehicles lower fuel usage by 30–35 percent, according to the International Council on Clean Transportation. Full hybrid car makers, on the other hand, face significant obstacles due to considerations such as vehicle cost and weight. Mild hybrid systems using a 48-volt battery are less efficient than full hybrid systems, but they are less expensive. As a result, the mild hybrid approach is preferred by manufacturers. The usage of a convex mirror is required.


The power-to-weight ratio is a calculation that is widely used for engines and power sources to facilitate vehicle comparisons. The power-to-weight ratio is calculated by dividing the vehicle's power in kW by its weight in kilos. The lower the vehicle's weight, the greater power, efficiency, and range it has. To obtain the best power-to-weight ratio, advanced, lightweight components and materials are necessary. OEMs and Tier I firms are working hard to enhance the power-to-weight ratio by incorporating lightweight materials and innovative products such as e-CVT and e-axles, however they are still in the early stages of development.

Buses and trucks are utilised for public transit and logistics all over the world. Public transit is used more than private transportation in Europe and Asia-Pacific. In North America, however, private vehicles are the primary mode of mobility. The expanding population in metropolitan areas, where the existing transportation infrastructure is proving insufficient, is driving demand for public transportation. Each OEM is encouraging the usage of electric vehicles as a means of decreasing the global carbon footprint. Taxis and passenger automobiles are focusing more on greener technologies as the trend toward mobility on demand grows. 


Developing electric powertrains for the commercial vehicle electrification market is a costly endeavour that necessitates a significant amount of research and development. Various governments are taking steps to boost the usage of electric vehicles in public transportation in order to minimise CO2 emissions by offering incentives and tax breaks to those who use e-trucks and e-buses. The Mercedes Benz electric truck, as well as the BYD K9 and Tata Starbus Hybrid e-buses, are examples of electric vehicle models. Only a few commercial vehicle manufacturers have introduced electric buses as of yet. The electric driveline for trucks and buses, on the other hand, remains a difficulty for system designers.


With the widespread adoption of these vehicles, there will be a greater demand for more reliable and high-performing systems. This is where e-drive systems come in handy for reducing vehicle weight. This presents an excellent opportunity for electric component and driveline makers to develop and launch products for the commercial vehicle electrification market.

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