
Vehicle electrification market share can be segmented on the basis of products into Electric Power Steering (EPS), start-stop system, Electric Vacuum Pump (EVP), electric water pump, electric air-conditioner compressor, and electric oil pump. Intense competition among manufacturers to develop electric and self-driven automobiles is anticipated to fuel the global EPS market. EPS is expected to register a high growth owing to its characteristics such as improved fuel efficiency and better driving experience. Electric water pumps are a part of next-generation automobile technologies, which help in attaining high efficiency over the coming years. Along with standard engine cooling, these electric water pumps help in engine load reduction and can be controlled by sensors to provide the necessary amount of coolant at any time.