Transparency Market Research
Transportation electrification is process of incorporating the electric energy to power different modes of transportation. It comprise of adoption of electric vehicles, electrified ships and boats, electric airplanes, and electrified railway transportation. Electrification is marginally adopted by the transportation industry, in order to reduce the burden over fossil and non-conventional fuels.
Increase in pollution is primarily driving the global transportation electrification market. Increase in global pollution level have raised the concern of governing bodies, peoples, and auto manufacturers for transportation electrification, which produces a significantly lower amount of pollution. Accords and agreements are being signed at international level in order to reduce the emission level from the transportation field. In April 2016, 195 nations signed a global agreement at Paris, known as Paris Climate accord, is aimed at keeping the global temperature rise well below 2 degree Celsius. In order to meet the agreement, regulatory bodies of several nations have imposed stringent regulations of fuel powered vehicles, providing subsidies on electrified mobility and infrastructure, and promoting the electric mobility manufacturers, which in turn is propelling the global transportation electrification market. Decreasing prices of electrified mobility, ban announced by regulatory bodies of several nations on diesel powered vehicles, and shifted concern of consumers towards electrified mobility is fueling the demand for electrified transportation at global level.
The global transportation electrification market is primarily restrained by its cost and unavailability of infrastructure. Higher cost of high performance battery and electric motors has resulted in increased prices of electric mobility, which is restraining its demand across the globe. Electric mobility requires an electrified infrastructure for its proper functioning. Unavailability of such infrastructure across several nations is restraining the adoption of electrified mobility across the globe.
The global transportation electrification market can be segmented based on transportation mode, electrification type, source, application, and region. Based on transportation mode, the global transportation electrification market can be divided into four segments. Railway transportation has a great adoption to the electrification. A marginally higher number of trains across Europe, Asia Pacific, and North America are electrified. Road transportation motilities are witnessing a surging demand for electrification. Electric vehicles are prominently incorporated across the road transportation industry.
Based on electrification type, the global transportation electrification market can be classified into two segments. Completely electrified transportation modes accounts for majority of the market shares. Completely electrified motilities are considered as non-polluting and cost saving mode of transportation, owing to which consumers and governing bodies are well focused at incorporating the completely electrified motilities for transportation. In terms of source, the global transportation electrification market can be segregated into two segments. Railway are powered from the electric grids, owing to which the grid powered electric mobility segment accounted for major market share. Several nations, such as Sweden, are building grid lines for road transportation, which in turn is fueling the expansion of grid powered electrified transportation.
Based on application, the global transportation electrification market can be categorized into two segments. Majority of the electrified transportation is utilized for passenger transportation. Different electrified transportation modes such as trains, ships, and vehicles are utilized for passenger transportation and for personal use. Vehicles are widely utilized by consumers for personal applications and for transportation purpose. Government incentives, stringent regulations on fuel powered vehicles, and sifted tendency towards non-polluting modes of transportation is fueling the demand for transportation electrification for passenger transportation.
Geographically the global transportation electrification market can be segmented into five prominent regions. Europe accounts for a great number of train electrification as well the region is witnessing a boosted demand for electric vehicles. Government policies, decreased electric vehicle prices, and enhanced consumer preference for electric vehicles is propelling the expansion of transportation electrification market across the Europe region. China and India are emerging economies across Asia Pacific region. These rapidly developing nations have great adoption to electrification of different modes of transportation. The “Belt and Road” initiative, started by China is expected to offer lucrative opportunities for transportation electrification across the Asia region.
Key players operating in the global transportation electrification market are Thales Group, Bombardier, Siemens AG, Continental AG, Tesla, General Electric, Continental AG, Robert Bosch GmbH, General Motors, BMW AG, ZF Friedrichshafen AG, and Valeo.
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