The global vehicle electrification market is growing at a CAGR of 10.3% during the forecast period. The vehicle electrification market is expected to grow significantly in the coming years as a result of the preference for electrified vehicles among automotive and automobile manufacturers, as well as the increasing emphasis on environmentally friendly alternatives in automobiles.
The Vehicle Electrification Market refers to the segment of the automotive industry focused on the electrification of vehicles, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and fuel cell electric vehicles (FCEVs). Here’s an overview:
Market Overview: The vehicle electrification market involves the transition from traditional internal combustion engine (ICE) vehicles to electrically powered vehicles. This transition aims to reduce greenhouse gas emissions, dependence on fossil fuels, and environmental impact while improving energy efficiency and vehicle performance.
Market Size and Growth: The market size of vehicle electrification is experiencing significant growth, driven by factors such as government regulations promoting cleaner transportation, advancements in battery technology, declining battery costs, increasing consumer interest in electric vehicles, and investments by automakers in electrified vehicle development. The market is expected to continue expanding as more countries set ambitious targets for electrification and as technology improves.
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Key Players: Major players in the vehicle electrification market include automotive manufacturers, technology companies, battery suppliers, and electric vehicle startups. Companies such as Tesla, Toyota, Volkswagen, General Motors, Nissan, BMW, and BYD are prominent players in this space, each offering a range of electrified vehicle models and technologies.
Types of Electrified Vehicles: The vehicle electrification market encompasses various types of electrified vehicles, including:
- Hybrid Electric Vehicles (HEVs): Vehicles that combine an internal combustion engine with an electric motor and battery to improve fuel efficiency.
- Plug-in Hybrid Electric Vehicles (PHEVs): Vehicles that can be charged from an external power source and have both an electric motor and an internal combustion engine.
- Battery Electric Vehicles (BEVs): Vehicles that are powered solely by an electric motor and battery, with no internal combustion engine.
- Fuel Cell Electric Vehicles (FCEVs): Vehicles that use hydrogen fuel cells to generate electricity to power an electric motor.
Infrastructure Development: The growth of the vehicle electrification market depends on the development of charging infrastructure to support electric vehicle adoption. Governments, utilities, and private companies are investing in the deployment of charging stations, both public and private, to address range anxiety and facilitate convenient charging for electric vehicle owners.
Technological Advancements: Advancements in battery technology, electric motors, power electronics, and vehicle connectivity are driving innovation in the vehicle electrification market. These advancements lead to improvements in battery range, charging times, vehicle performance, and overall driving experience.
The Vehicle Electrification Industry’s Hardships
Electric vehicles are vehicles that incorporate advanced technologies and electric power components. There are a number of risks associated with these technologies, such as thermal runaway of the battery bank and fire that must be carefully considered. The current vehicle electrification market challenges impeding the popularity of electric vehicles are high battery costs, overheating, the total energy storage capacity of the battery, and the development of vehicle batteries.
Asia Pacific
The Asia Pacific region has the largest vehicle electrification market share. The government’s numerous efforts in India, South Korea, and China to promote the use of electric vehicles and provide tax breaks for such purchases may boost vehicle electrification market growth in this region. Aside from that, technological and economic advancements in this region, as well as increased disposable income, are all contributing to regional prosperity.
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The electric power steering market is expected to be the largest in the vehicle electrification market. EPS reduces fuel consumption while increasing vehicle manoeuvrability. The vehicle electrification market trend is accelerating in Asia. EPS is installed at a rate of nearly 91% in Asia. As a result, the EPS segment is expected to have the largest vehicle electrification market share during the forecast period.
Key Takeaways:
- Due to rapid technological advancement and the expanding automobile industry, the vehicle electrification market is expected to grow at a double CAGR during the forecast period.
- North America is expected to be the fastest-growing market for vehicle electrification.
- The United States is on track to be the market leader in North American vehicle electrification.
- During the forecast period, the EPS segment is expected to have the largest market share.
- The plug-in hybrid electric vehicle (PHEV) market is expected to grow the fastest in the vehicle electrification market.
Competitive Landscape:
Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric are among the major manufacturers in the vehicle electrification market (Japan). These businesses have diverse product lines and extensive global distribution networks. These companies use strategies such as new product development, expansions, collaborations, and contracts and agreements to maintain their vehicle electrification market position.
Key Players
- Toyota is one of the key players in the automobile industry that is implementing vehicle electrification. Toyota is innovating in the vehicle electrification market, leveraging the benefits of electrification to support their sustainability initiatives, with the goal of increasing electrified vehicle sales over the next decade.
- Automobile manufacturers are expected to benefit from the initiatives taken by automotive players such as Renault Group and Bosch to implement vehicle electrification, transform public transportation with vehicle electrification, and add electrified vehicles to their product portfolio in the future.
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Key Segments Covered in the Vehicle Electrification Market Report
Product Type:
- Start/Stop System
- Electric Power Steering (EPS)
- Electric Air-Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Liquid Heater PTC
- Integrated Starter Generator (ISG)
- Starter Motor
- Alternator
- Actuator
Degree of Hybridization:
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- 48 V
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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