According to the new market research report “Vehicle Electrification Market” is published by Whipsmartmi.com
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The Vehicle Electrification Market is projected to grow at a CAGR 10.09% rate during the forecast period. Owing to various benefits offered by electrification such as decreased vehicle weight, lower emissions, increased fuel efficiency, improved driving comfort, and safety among, vehicle electrification would be the preferred option for OEMs in the near future.
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Electric power steering is estimated to be the largest segment for the market. EPS reduces fuel consumption and improves the maneuverability of vehicles. In Europe and North America, almost all the vehicle has EPS, and in Asia Oceania, the trend is growing rapidly. In Asia Oceania, installation rate of EPS is almost 90%. Hence, the EPS segment is estimated to hold the largest market share during the forecast period.
Key Market Players includes Bosch (Germany), Continental (Germany), Denso (Japan), Delphi (UK), and Johnson Electrics (Hong Kong).
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