The global Vehicle Electrification Market was estimated at USD 96.2 billion in 2021 and is anticipated to reach around USD 135.1 billion by 2030, growing at a CAGR of roughly 12.1% between 2022 and 2030.
The global Vehicle Electrification Market research report offers an in-depth analysis of the global market size, which is further segmented into the regional and country-level market size, and segmentation market growth. Also, it provides the market share, sales analysis, competitive Landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations.
Vehicle Electrification Market: Overview
Post-COVID-19 pandemic, the auto industry is expected to revive and witness several transformations owing to the boost in the electric vehicle category. Moreover, government policies are anticipated towards simplifying the buying process and offering subsidies. On the other hand, infrastructural developments are projected to have a significant impact on market growth in the post-pandemic world. Vehicle electrification is an intermittent process and requires a relevant infrastructure to continue providing a consistent service. In terms of consumers, the market is already witnessing a paradigm shift in demand and patterns of spending in the electric vehicle category.
Browse the full “Vehicle Electrification Market Size, Trends and Insights By Product (Travel Agencies, Direct Booking), By Scope of Hybridization (Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery-Electric Vehicle (BEV), Internal Combustion and Micro-hybrid Vehicles), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/vehicle-electrification-market/
Growth Factors
The Vehicle Electrification Market is propelled by the growing awareness of the environment and the increase in the need for viable alternatives to address and reduce oil dependency for fuel generation.
The market is also influenced by the shift in consumer mindset and exhibiting a huge awareness for eco-friendly alternatives. Since mobility is an essential need, electrification can be an alternate method to eliminate carbon generation and fuel emissions. Moreover, government support for electric vehicles is also expected to propel market growth in the coming years. In addition, an increase in investments in the electric vehicle category is projected to relay market growth by leaps and bounds.
Going forward, the demand for lightweight vehicles would remain higher owing to the cost-effectiveness and efficiency in fuel consumption obtained in micro-hybrid electric vehicles. OEM preference for a mild hybrid concept that is inclusive of a motor engine with a power of 20kW is expected to propel the demand for electric motors for automotive in the coming years.
Segmental Overview
The Vehicle Electrification market is categorized into service providers and the scope of hybridization. By product, the electric oil pump market is estimated to be the largest segment in the Vehicle Electrification market and is expected to be the largest segment throughout 2022-2030. The growing advancements in the electric vehicle category, such as improvements in the engine section and electrical network system, are projected to exert a positive influence on market growth. Additionally, hybrid electric vehicles are one of the largest growing segments since their popularity is growing widely with a huge consumer base.
Regional Overview
The Asia Pacific is estimated to be the leading region in the global vehicle electrification market. The region houses a number of auto suppliers with significant initiatives toward developing charging infrastructures. India and China are huge markets for OEM, and electric components, presence of high end-user markets and political willingness to implement the concept of electric vehicles to a larger extent.
Europe is one of the second leading markets in terms of vehicle electrification and is anticipated to enlarge in the coming years catering to a vast array of consumers. Moreover, government support in the Europe market is projected to remain crucial for market developments.
| Feature of the Report | Details |
| Market Size in 2021 | USD 96.2 Billion |
| Projected Market Size in 2030 | USD 135.1 Billion |
| CAGR Growth Rate | 12.1% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Continental AG, Denso, BorgWarner, Mitsubishi Electric, Bosch, and Others |
| Key Segment | By Product, Scope of Hybridization, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Players Insights
Competitive Landscape/ Key Players Insights
Our market analysis on Vehicle Electrification also involves a separate section dedicated to major players operating in the market. Our analysts offer an understanding of the financial statements of all the key participants, together with their product portfolio and SWOT analysis. Moreover, the report also offers a competitive landscape chapter, including strategic key development, market share, as well as global market ranking analysis of the players mentioned. Additionally, we offer our clients the leverage to modify the list of players mentioned in our report as a part of our free customization.
Some of the prominent players in the vehicle electrification market
- Continental AG
- Denso
- BorgWarner
- Mitsubishi Electric
- Bosch
The global Vehicle Electrification Market is segmented as follows:
By Product
- Electric Water Pump
- Electric Oil Pump
- Liquid Heater PTC
- Electric power steering
- Others
By Scope of Hybridization
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery-Electric Vehicle (BEV)
- Internal Combustion and Micro-hybrid Vehicles
By Region/Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America