Eaton has announced a $500 million investment over the next five years for a new eMobility business aimed at tapping into the growing demand for high-voltage electrified vehicle technologies.
The company said eMobility focuses on intelligent power electronics, power systems, and advanced power distribution and circuit protection.
The unit was formed by combining the company’s existing electrical and vehicle businesses. It currently has 20 manufacturing facilities and nine research and development centers in operation to support the growth of electrified vehicles.
Eaton said in a statement the global vehicle electrification market is projected to grow to 15 million pure battery-electric vehicles and another 30 million hybrids by 2030.
Besides being involved in electrification products for passenger car, commercial vehicle and off-highway customers, the company noted its electrical group has products installed in some of the world’s largest data centers, hospitals, and factories that consume large amounts of electricity and where uninterruptable power flow is critical.
“Our understanding of the unique needs of vehicle customers, along with our experience in transmissions and power electronics in the hybrid space, gives us a distinct advantage versus other suppliers,” said Jeff Lowinger, president of eMobility. “Customers using Eaton hybrid systems have collectively accumulated an estimated 2 billion miles of clean, reliable service.”
Eaton projects its current electrified portfolio will account for about $300 million in revenue in 2018, and forecasts revenues of $2 billion to $4 billion by 2030. The company said it has been monitoring the market and seeks feedback from manufacturers on their technology challenges in the event a partnership opportunity in this space would "offer greater value to our customers."