announces the release of the report “Vehicle Electrification Market by Product, 48V, ICE, BEV, HEV, PHEV, Vehicle Type And Region – Global Forecast to 2027” –
1% to reach USD 142.1 billion by 2027 from USD 71.0 billion in 2019. OEMs are switching from conventional technology to advanced technology for complying with the norms and increasing vehicle efficiency. There are multiple engine, transmission, and hybrid technologies that can help in improving the fuel efficiency of a vehicle. For instance, according to the US Department of Energy (US DOE), the start-stop system can improve fuel efficiency by up to 5%, based on driving and traffic conditions. Also, components such as electric oil pump and electric vacuum pump consume lesser energy than their conventional counterparts. However, higher cost of electric vehicles can undermine the demand for vehicle electrification.

The market for BEVs is estimated to witness the fastest growth in the vehicle electrification market
BEVs are projected to lead the vehicle electrification market, in terms of value, during the next 10 years.Automakers are seeing BEVs as a gateway to achieving fuel emission and economy standards set by governments.