Industrial Electrification Market Size, Trends, and Insights By Product (Starter motor & alternator, Start/stop system, Electric oil pump, Electric power steering (EPS), Electric air conditioner compressor, Liquid heater PTC, Electric water pump, Electric vacuum pump, Actuators, Integrated starter generator (ISG)), By Hybridization (Hybrid Electric Vehicle, Internal Combustion Engine, Micro-Hybrid Vehicle, Plug-In Hybrid Electric Vehicle, Battery Electric Vehicle), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Aisin Seiki Co. Ltd.
- Continental Ag
- Borgwarner Inc.
- Wabco Holdings Inc.
- Delphi Automotive Plc
- Others
Reports Description
According to Custom Market Insights (CMI), the Global Industrial Electrification Market size was estimated at USD 82.9 Billion in 2021 and is expected to reach USD 88.02 billion in 2022 and is expected to hit around USD 129 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 10.6% from 2022 to 2030.
Electrification is one of the six key processes of energy decarbonization through which the waste energy can be transitioned into useful energy sources which are further used for multiple purposes. The energy transition refers to the reduction in the usage of fossil fuels for energy production and shifting towards cleaner energy sources like renewable energy.
The market for “electrification” in particular includes services based on a system for electricity supply, maintenance, and production. Vehicle electrification is one of the prominent examples that represent how vehicles are dependent on electrical powers which are derived from renewable sources. It encourages the replacement of conventional and critically depleted fossil fuel reserves by providing a better alternative to vehicle propulsion which was earlier run by conventional hydraulic and mechanical-based systems.
The electrification of vehicles is a major factor in the growth of the whole electrification industry since it widens possibilities for pollution minimization fuel efficiency.
Growth Factors
The rapid inclination towards electric vehicles along with the demand for renewable energy sources drive the market growth
The increase in the amount of charging outlets along with the government initiatives for the introduction of renewable sources of energy drives market growth across the developed regions. Over the coming years, the vehicle electrification market is likely to expand especially in developed countries.
The increased demand from the customers and investments from key players propel the market growth
The increased demand from the customers along with the emergence of investors has led manufacturers to accomplish the target for overall electrification by 2035, which is likely to propel the market growth for the industrial electrification market over the coming years. Almost 60% of the manufacturers mapped their plans and strategies to achieve the desired target over the coming years.
The rise in the adoption of mild hybrids or 48 V architecture fuels the market growth
The mild-hybrid system or 48 V architecture is likely to gain more prominence over the coming years due to its rapid adoption. As compared to the complete hybrid, the mild hybrid systems are more cost-effective and widely preferred by both manufacturers and customers which drives the market growth for industrial electrification.
The increased demand for green energy coupled with the initiatives for emission control boosts the market expansion
The rapid usage of fossil fuels has led to environmental problems including carbon emissions. Therefore the demand for green energy resources tends to increase for energy production in response to the depleted fossil fuels. Furthermore, various initiatives by the government have been implemented for the control of carbon emission and GHG emission that propels the market growth for electrification.
Industrial Electrification Market Segmentation
The market is segmented on the basis of process, hybridization, and region.
Market segmentation on the basis of Product
Based on product, the electrification market is segmented into Starter Motor & Alternator, Start/Stop System, Electric Oil Pump, Electric Power Steering, Electric Air Conditioner Compressor, Liquid Heater, Electric Water Pump, Electric Vacuum Pump, Actuators, & Integrated Starter Generator. As per the revenue, the electric power steering (EPS) segment has dominated the market which captured around 12.0% in 2021.
The market is further expected to remain in its position during the forecast period. The EPS segment is widely preferred across various end-user industries. The wide usage is often associated with multiple benefits that it offers, which include energy economy, reduced mechanical complication, etc. These beneficial factors contribute to the domination of this segment. Furthermore, the EPS-based systems are less dependent on the hydraulic system and are more efficient than the HPS system in terms of energy.
Market segmentation on the basis of Hybridization
Based on hybridization, the market is bifurcated into Hybrid Electric Vehicles, Internal Combustion Engines, Micro-Hybrid vehicles, Plug-In Hybrid Electric Vehicles, and Battery Electric Vehicles. The internal combustion engine (ICE) segment has occupied the major portion of the market with 60.1% of the market share in 2021 and is expected to further dominate with a significant economic rate during the forecast period.
This can be attributed to the rapid technological advancements along with the increase in demand for electric vehicles that utilize batteries. There have been huge demands for electrification-based products across different industries such as construction, mining, agriculture, and power generation. Apart from that, the increase in popularity of gasoline-based vehicles along with shale gas production also enhances the uptake of the ICE market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 82.9 Billion |
| Projected Market Size in 2030 | USD 129 Billion |
| Market Size in 2022 | USD 88.02 Billion |
| CAGR Growth Rate | 10.6% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Product, 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. |
Regional Analysis
As per the regional distribution, the industrial electrification market is segmented across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region dominated the market in 2021, which was estimated at USD 43.52. Over the forecast period, it is further expected to rise with a significant CAGR rate.
The rise in electrification across this region can be attributed to the initiatives by the government to promote the usage of electric vehicles as well as providing subsidies for purchases, which propels the market growth across such regions. Apart from that the rapid increase in population along with the per capita income fuels the market demand for automobiles for a sustainable environment. The countries like China, India, and South Korea, the demand for electric vehicles is likely to increase more in the coming years along with the tax exemptions which will fuel the market growth across such regions.
Key market players in the industrial electrification market
- Aisin Seiki Co. Ltd.
- Continental Ag
- Borgwarner Inc.
- Wabco Holdings Inc.
- Delphi Automotive Plc
- Hitachi Automotive Systems Ltd.
- Denso Corporation
- Johnson Controls Inc.
- Jtekt Corporation
- Johnson Electric
- Magna International Inc.
- Robert Bosch Gmbh
- Mitsubishi Electric Corporation
- Valeo Sa
- Zf Friedrichshafen Ag
- Others
Key Takeaways
- Region-wise, Asia-Pacific has dominated the industrial electrification market, which generated USD 43.52 billion alone in 2021, by dominating the market and is expected to witness further expansion during the assessment period of 2022-2031.
- Based on product, the EPS segment has occupied the major portion of the electrification market with a revenue percentage of 12.0% in 2021.
- On the basis of hybridization Internal Combustion Electrification (ICE) segment dominated the market in 2021 with a heavy market share of 60.1%.
Covid-19 Impact
The arrival of the pandemic brought multiple hurdles and challenges for the industrial electrification market, due to which the manufacturers felt pressurized for emerging design and technological developments. The restricted mobility led to a decrease in demand which affected the market. The liquidity flow gradually got disrupted which also impacted the market in a negative aspect.
Recent Developments
- One of the leading US-based companies named Ford acquired the California-based Electriphi which provides fleet monitoring software as well as a charge management system. The acquisition is likely to enhance the production level of the companies.
- In June 2022, Mitsubishi Electric Corporation of Japan announced the expenditure of 3.1 billion yen (2.2 billion Indian rupees) towards its subsidiary Mitsubishi Electric India PVT. Ltd. For the establishment new production line across India.
- ARBOC Speciality Vehicles, LLC (US) announced the collaboration with US-based XL Fleet Corp. For the production of electric-based buses. These are basically ARBOC Freedom low-floor buses that are being electrified.
- In February 2021, the Ford Motor Company announced the newly developed strategies for its European branch to prohibit the production of vehicles that utilize fossil fuels for their power, rather enhancing the production of electric vehicles by 2026, as well as battery-based vehicles by 2030.
- In July 2021 Suzuki Motor Corporation announced a partnership alliance with the Daihatsu Motor Corporation to promote the adoption of mini-electrified vehicles. The alliance is to accomplish a commercial project which refers to the electrification of mini vehicles.
- TRW True Original items including the electric park brakes (EPB), brake callipers, as well as carriers are available in the form of new product delivery in a variety of colors that could match with the OE.
Market segments covered in the report
By Product
- Starter motor & alternator
- Start/stop system
- Electric oil pump
- Electric power steering (EPS)
- Electric air conditioner compressor
- Liquid heater PTC
- Electric water pump
- Electric vacuum pump
- Actuators
- Integrated starter generator (ISG)
By Hybridization
- Hybrid Electric Vehicle
- Internal Combustion Engine
- Micro-Hybrid Vehicle
- Plug-In Hybrid Electric Vehicle
- Battery Electric Vehicle
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- 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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Industrial Electrification Market, (2022 – 2030) (USD Billion)
- 2.2 Global Industrial Electrification Market : snapshot
- Chapter 3. Global Industrial Electrification Market – Industry Analysis
- 3.1 Industrial Electrification Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 The demand for renewable energy sources
- 3.2.2 The rise in the adoption of mild hybrids or 48 V architecture fuels
- 3.2.3 The increased demand for green energy coupled with the initiatives for emission control boosts.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Product
- 3.7.2 Market attractiveness analysis By Hybridization
- Chapter 4. Global Industrial Electrification Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Industrial Electrification Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Industrial Electrification Market – Product Analysis
- 5.1 Global Industrial Electrification Market overview: By Product
- 5.1.1 Global Industrial Electrification Market share, By Product, 2021 and 2030
- 5.2 Starter motor & alternator
- 5.2.1 Global Industrial Electrification Market by Starter motor & alternator, 2022 – 2030 (USD Billion)
- 5.3 Start/stop system
- 5.3.1 Global Industrial Electrification Market by Start/stop system, 2022 – 2030 (USD Billion)
- 5.4 Electric oil pump
- 5.4.1 Global Industrial Electrification Market by Electric oil pump, 2022 – 2030 (USD Billion)
- 5.5 Electric power steering (EPS)
- 5.5.1 Global Industrial Electrification Market by Electric power steering (EPS), 2022 – 2030 (USD Billion)
- 5.6 Electric air conditioner compressor
- 5.6.1 Global Industrial Electrification Market by Electric air conditioner compressor, 2022 – 2030 (USD Billion)
- 5.7 Liquid heater PTC
- 5.7.1 Global Industrial Electrification Market by Liquid heater PTC, 2022 – 2030 (USD Billion)
- 5.8 Electric water pump
- 5.8.1 Global Industrial Electrification Market by Electric water pump, 2022 – 2030 (USD Billion)
- 5.9 Electric vacuum pump
- 5.9.1 Global Industrial Electrification Market by Electric vacuum pump, 2022 – 2030 (USD Billion)
- 5.10 Actuators
- 5.10.1 Global Industrial Electrification Market by Actuators, 2022 – 2030 (USD Billion)
- 5.11 Integrated starter generator (ISG)
- 5.11.1 Global Industrial Electrification Market by Integrated starter generator (ISG), 2022 – 2030 (USD Billion)
- 5.1 Global Industrial Electrification Market overview: By Product
- Chapter 6. Global Industrial Electrification Market – Hybridization Analysis
- 6.1 Global Industrial Electrification Market overview: By Hybridization
- 6.1.1 Global Industrial Electrification Market share, By Hybridization, 2021 and 2030
- 6.2 Hybrid Electric Vehicle
- 6.2.1 Global Industrial Electrification Market by Hybrid Electric Vehicle, 2022 – 2030 (USD Billion)
- 6.3 Internal Combustion Engine
- 6.3.1 Global Industrial Electrification Market by Internal Combustion Engine, 2022 – 2030 (USD Billion)
- 6.4 Micro-Hybrid Vehicle
- 6.4.1 Global Industrial Electrification Market by Micro-Hybrid Vehicle, 2022 – 2030 (USD Billion)
- 6.5 Plug-In Hybrid Electric Vehicle
- 6.5.1 Global Industrial Electrification Market by Plug-In Hybrid Electric Vehicle, 2022 – 2030 (USD Billion)
- 6.6 Battery Electric Vehicle
- 6.6.1 Global Industrial Electrification Market by Battery Electric Vehicle, 2022 – 2030 (USD Billion)
- 6.1 Global Industrial Electrification Market overview: By Hybridization
- Chapter 7. Industrial Electrification Market – Regional Analysis
- 7.1 Global Industrial Electrification Market Regional Overview
- 7.2 Global Industrial Electrification Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Industrial Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.4 North America Industrial Electrification Market, by Product, 2022 – 2030
- 7.4.1 North America Industrial Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.5 North America Industrial Electrification Market, by Hybridization, 2022 – 2030
- 7.5.1 North America Industrial Electrification Market, by Hybridization, 2022 – 2030 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.6.1.1 Europe Industrial Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.1 Europe Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.7 Europe Industrial Electrification Market, by Product, 2022 – 2030
- 7.7.1 Europe Industrial Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.8 Europe Industrial Electrification Market, by Hybridization, 2022 – 2030
- 7.8.1 Europe Industrial Electrification Market, by Hybridization, 2022 – 2030 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.9.1.1 Asia Pacific Industrial Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.9.1 Asia Pacific Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.10 Asia Pacific Industrial Electrification Market, by Product, 2022 – 2030
- 7.10.1 Asia Pacific Industrial Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.11 Asia Pacific Industrial Electrification Market, by Hybridization, 2022 – 2030
- 7.11.1 Asia Pacific Industrial Electrification Market, by Hybridization, 2022 – 2030 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.12.1.1 Latin America Industrial Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.12.1 Latin America Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.13 Latin America Industrial Electrification Market, by Product, 2022 – 2030
- 7.13.1 Latin America Industrial Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.14 Latin America Industrial Electrification Market, by Hybridization, 2022 – 2030
- 7.14.1 Latin America Industrial Electrification Market, by Hybridization, 2022 – 2030 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Industrial Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.15.1 The Middle-East and Africa Industrial Electrification Market, 2022 – 2030 (USD Billion)
- 7.16 The Middle-East and Africa Industrial Electrification Market, by Product, 2022 – 2030
- 7.16.1 The Middle-East and Africa Industrial Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.17 The Middle-East and Africa Industrial Electrification Market, by Hybridization, 2022 – 2030
- 7.17.1 The Middle-East and Africa Industrial Electrification Market, by Hybridization, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 Aisin Seiki Co. Ltd.
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Continental Ag
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Borgwarner Inc.
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Wabco Holdings Inc.
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Delphi Automotive Plc
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Hitachi Automotive Systems Ltd.
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Denso Corporation
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Johnson Controls Inc.
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Jtekt Corporation
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Johnson Electric
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Magna International Inc.
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.12 Robert Bosch Gmbh
- 8.12.1 Overview
- 8.12.2 Financials
- 8.12.3 Product Portfolio
- 8.12.4 Business Strategy
- 8.12.5 Recent Developments
- 8.13 Mitsubishi Electric Corporation
- 8.13.1 Overview
- 8.13.2 Financials
- 8.13.3 Product Portfolio
- 8.13.4 Business Strategy
- 8.13.5 Recent Developments
- 8.14 Valeo Sa
- 8.14.1 Overview
- 8.14.2 Financials
- 8.14.3 Product Portfolio
- 8.14.4 Business Strategy
- 8.14.5 Recent Developments
- 8.15 Zf Friedrichshafen Ag.
- 8.15.1 Overview
- 8.15.2 Financials
- 8.15.3 Product Portfolio
- 8.15.4 Business Strategy
- 8.15.5 Recent Developments
- 8.1 Aisin Seiki Co. Ltd.
List Of Figures
Figures No 1 to 29
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
|
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| Demand-side |
|
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|
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Prominent Players
- Aisin Seiki Co. Ltd.
- Continental Ag
- Borgwarner Inc.
- Wabco Holdings Inc.
- Delphi Automotive Plc
- Hitachi Automotive Systems Ltd.
- Denso Corporation
- Johnson Controls Inc.
- Jtekt Corporation
- Johnson Electric
- Magna International Inc.
- Robert Bosch Gmbh
- Mitsubishi Electric Corporation
- Valeo Sa
- Zf Friedrichshafen Ag
- Others
FAQs
“Asia-Pacific” region will lead the global Industrial Electrification market during the forecast period 2022 to 2030.
The key factors driving the market are the demand for renewable energy sources, the rise in the adoption of mild hybrids or 48 V architecture fuels, and the increased demand for green energy coupled with the initiatives for emission control boosts.
The key players operating in the Industrial Electrification market are Aisin Seiki Co. Ltd., Continental Ag, Borgwarner Inc., Wabco Holdings Inc., Delphi Automotive Plc, Hitachi Automotive Systems Ltd., Denso Corporation, Johnson Controls Inc., Jtekt Corporation, Johnson Electric, Magna International Inc., Robert Bosch Gmbh, Mitsubishi Electric Corporation, Valeo Sa, Zf Friedrichshafen Ag.
The global Industrial Electrification market is expanding growth with a CAGR of approximately 10.6% during the forecast period (2022 to 2030).
The global Industrial Electrification market size was valued at USD 82.9 Billion in 2021 and it is projected to reach around USD 129 Billion by 2030.
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