Overview and Scope
Vehicle electrification is the process of replacing vehicle components that operate on a conventional energy source with those that operate on electricity. The vehicle electrification is used to power the vehicle by electricity.
Sizing and Forecast
The vehicle electrification market size has grown rapidly in recent years. It will grow from $84.04 billion in 2023 to $93.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to R&D and innovation, market entry of key players, improvements in charging infrastructure, reduction in battery costs, consumer awareness and demand.
The vehicle electrification market size is expected to see rapid growth in the next few years. It will grow to $143.56 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to stringent emission regulations, government support and incentives, cost reduction in battery production, expansion of charging infrastructure, automaker commitment and investments. Major trends in the forecast period include integration of smart and connected features, shift in consumer mindset, innovation in electric motors, rise in hybrid and plug-in hybrid vehicles, government targets and regulations.
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Segmentation & Regional Insights
The vehicle electrification market covered in this report is segmented –
1) By Product Type: Starter Motor, Alternator, Electric Car Motors, Electric Water Pumps, Electric Oil Pump, Electric Vacuum Pump, Electric Fuel Pump, Electric Power Steering, Actuators, Start/Stop System
2) By Vehicle Type: Internal Combustion Engine Vehicle, Micro And Full Hybrid Vehicle, Plug-in Hybrid Electric Vehicle (PHEV) And Battery Electric Vehicle (BEV)
3) By Sales Channel: Original Equipment Manufacturers (OEM), Aftermarket
Asia-Pacific was the largest region in the vehicle electrification market in 2023. The regions covered in the vehicle electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in demand for hybrid vehicles is propelling the growth of the vehicle electrification market. Hybrid vehicles have an internal combustion engine and one or more electric motors, any one source can be used to run the vehicle. Hybrid vehicles provide fuel economy and help in reducing emissions as they provide an option to run on an electric battery. The increasing demand for hybrid vehicles is due to the shift of focus to reducing emissions by opting for electric vehicles. The demand is also due to the rise in the income levels and the young population. As the demand increases for hybrid vehicles, there will be a significant need for electrification of vehicles as it is the way to make a normal vehicle a hybrid one. For instance, according to the data from a US-based analytics firm Wards Intelligence, the US sales of hybrid vehicle sales increased by 76% to 801,550 vehicles in 2021, representing 5% of US light vehicle sales. Sales of electric vehicles also increased by 83% to 434,879, representing 3% of the market. Therefore, the increasing demand for hybrid vehicles is expected to drive the growth of the vehicle electrification market.
Key Industry Players
Major companies operating in the vehicle electrification market report are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group AG, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Company, Honda Motor Co Ltd., Robert Bosch GmbH, Tesla Inc., Nissan Motor Co Ltd., Kia Corporation, BYD Company Limited, Audi AG, Volvo Group AB, Denso Corporation, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, Aisin Seiki Co Ltd., Jaguar Land Rover Automotive plc, BorgWarner Inc., Adient plc, NIO Inc., Li Auto Inc., XPeng Inc., Rivian Automotive Inc., Delphi Technologies, Polestar AB, Lucid Motors Inc., Fisker Inc., Lordstown Motors Corp, Canoo Inc., Arrival Ltd., Proterra Inc., Faraday Future Inc., Rimac Automobili d.o.o.
The vehicle electrification market report table of contents includes:
1. Executive Summary
2. Vehicle Electrification Market Characteristics
3. Vehicle Electrification Market Trends And Strategies
4. Vehicle Electrification Market – Macro Economic Scenario
5. Global Vehicle Electrification Market Size and Growth
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32. Global Vehicle Electrification Market Competitive Benchmarking
33. Global Vehicle Electrification Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vehicle Electrification Market
35. Vehicle Electrification Market Future Outlook and Potential Analysis
36. Appendix
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