The vehicle electrification market was valued at US$ 57.50 billion in 2016 and is projected to reach US$ 121.60 billion by 2025, exhibiting a CAGR of 8.8% over the forecast period, according to Global Vehicle Electrification Market, by Degree of Hybridization (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)), by Product Type (Start/Stop System, Electric Power Steering (EPS), Liquid Heater PTC, Electric AC Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Starter Motor & Alternator, Integrated Starter Generator (ISG), and Actuators), published by Coherent Market Insights.
Vehicle electrification market refers to the businesses generated by the replacement of the conventional mechanical linkages or control systems in the automotive by electronic or electrical components. These have found substantial demands across the globe owing to its features that enhance the vehicle’s fuel efficiency, reduce the carbon footprint and improve the user convenience.
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Browse 60 market data tables* and 40 figures* on "Global Vehicle Electrification Market” - Global forecast to 2025.
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