Rising warming concerns among the people is a primary factor for preferring electric vehicles for both public and private transport. Moreover, factors such as tax benefits, subsidies on electric vehicles are also responsible for increasing the use of electric vehicles globally. The technological breakthroughs in electric vehicles are driving the vehicle electrification market.
However, risk factors involved in this technological advancement could hinder its adoption leading to slow growth. Moreover, these risks need to be addressed and resolved for steady growth of the market. Some of the risk factors linked to electric components includes explosion, short circuit, and others.
According to Coherent Market Insights' analysis, the global Vehicle Electrification Market was valued at US$ 70.4 billion in 2021 and is projected to increase to US$ 157 billion by 2030, with a CAGR of 9.5% between 2022 and 2030.
Leading companies in the Vehicle Electrification Industry:
1. Robert Bosch GmbH
The Bosch Group established in November, 1886. It is headquartered at Gerlingen, Germany, and is a well-known provider of technology and services on a global scale. Its four business segments are Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. For its car computers, Bosch has received orders totaling 2.5 billion euros.
2. Continental AG.
Continental, headquartered at Hanover, Germany, provides a range of goods and services for the connected, environmentally friendly transportation. The technological business, which was established in 1871, provides safe, effective, and intelligent solutions for machines, traffic, and transportation. With emission-free mobility, including bicycle tires, air suspension systems for trains and trams, thermal management in electric vehicles, tires, or high-performance computers in electric vehicles including Volkswagen, Continental generated sales of more than 800 million euros in the fiscal year 2020.
3. Denso Corporation
Toyota, Honda, FCA, General Motors, Ford, Volvo, and Mercedes-Benz, are some of the global automakers, that use technology and components from DENSO. It is headquartered at Kariya, Aichi, Japan. The company was established in 1949 and has offices globally. In May 2022, Denso announced the launch of Subaru’s all-electric bZ4X and SOLTERRA and Toyota with fast charging battery, optimized battery usage and promising better performance.
4. Delphi Automotive PLC.
Delphi Automotive, once a division of General Motors, changed its name to Aptiv and spun off its power train and aftermarket-related operations to a stand-alone company, Delphi Technologies PLC. The company, Delphi Technologies, was created with headquarters at Grand Canal Dock, Dublin, Ireland in 2011.
5. Johnson Electric.
The company is leading organization in electric motors, actuators, motion subsystems, and related electro-mechanical components, and serves a variety of industries including garden equipment, automotive, smart metering, power tools, medical devices, and home automation. The Group has its headquarters in Hong Kong and was founded in 1885. The Stock Exchange of Hong Kong Limited has listed the company.
6. Mitsubishi Electric Corporation.
The corporate aim of the Mitsubishi Electric Group, is to continuously enhance its technology and services by bringing innovation to its operations. It headquarters at Chiyoda City, Tokyo, Japan, was established on January 15, 1921. Mitsubishi has announced, on May 2022, the sale of all new eK X EV, an electric car that gives driving range of 180km per charge at affordable price.
7. BorgWarner
For the automotive sector, BorgWarner with headquarters at Auburn Hills, Michigan, U.S., founded in 1987, offers state-of-the-art, ecologically responsible mobility solutions. In September 2022, at IAA Transportation 2022, Borg Warner unveiled its high-energy flat battery systems and complete range of products and technologies for electric car vehicles.
8. Magna International
Magna International, which is headquartered at Aurora, Canada, was founded in 1957. One of the biggest automotive suppliers in the world, it is a mobility technology firm with 347 production facilities and 94 product development, engineering, and sales centers spread over 27 countries.
9. Hitachi Automotive Systems,Ltd.
One of the top manufacturers and providers of services to the automotive industry is Hitachi Automotive Systems. It was established in 2009 and is headquartered at Chiyoda City, Tokyo, Japan. In September 2021, Hitachi, Ltd and Hitachi Astemo, Ltd. ("Hitachi Astemo”) jointly announced a compact, lightweight direct-drive system for the increasingly popular EV segment, which combines the motor, inverter, and brake into a single unit.
10. ZF Friedrichshafen
Established on August 1915, ZF, with headquaters at Friedrichshafen, Germany, offers complete product and software solutions for both established vehicle manufacturers and recently emerging transport and mobility service providers in the four technological domains of Electric Mobility, Vehicle Motion Control, Automated Driving, and Integrated Safety. In November 2021, ZF presented new e-drives for passenger cars and commercial vehicles. The new ZF e-drives supports automotive manufacturers in customizing the further electrification of their entire model range.
*Definition- Vehicle electrification is the process of powering the vehicle by electricity. This includes replacement of vehicle components that operate on conventional energy sources to components that operate on electricity.
