The global vehicle electrification market share is growing at a CAGR of 10.3% during the forecast period. In the future years, the market for vehicle electrification is expected to expand due to consumer desire for electrified vehicles and an increased focus on environmentally friendly options in autos.
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.
In addition to changing how people think about transportation, electrification of automobiles expands the electrification market. When combined with environmentally friendly transportation infrastructure, it is advantageous to both car manufacturers and end users.
Crucial Drivers Steering Vehicle Electrification Market Growth
The market for vehicle electrification might be stimulated by both an increase in the cost of conventional petrol and an increase in the number of electric car sales. The market for vehicle electrification is predicted to expand due to consumer desire for more fuel-efficient cars, stricter pollution regulations, and rising environmental consciousness. Through tax breaks and other financial incentives, many countries, most notably the US government, are actively promoting the electrification of autos.
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The increasing use of technology improvements in electric vehicles, such as e-axles, is the main reason fueling the market’s growth for vehicle electrification. The industry is also expanding as a result of the growing need for lightweight automobiles to increase fuel efficiency. Rising interest in hybrid vehicles is anticipated to fuel the demand for electric vehicles.
The Vehicle Electrification Industry’s Hardships
Electric vehicles use cutting-edge engineering and electric power systems. The risks posed by these technologies, such as fire and battery bank thermal runaway, must be appropriately considered. The current business problems with car electrification are limiting the appeal of electric automobiles. Exorbitant battery costs, overheating, a battery’s overall capability for storing energy, and the development of vehicle batteries are some of these challenges.
Asia Pacific
Asia Pacific has the largest market share for the electrification of vehicles. The numerous measures by the governments of China, South Korea, and India to promote the use of electric vehicles and offer tax benefits for such purchases may hasten the growth of the region’s market for vehicle electrification. The region’s technological and economic advancements, as well as rising levels of disposable income, all add to the area’s prosperity.
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The electric power steering sector is expected to dominate the market for vehicle electrification. EPS improves vehicle agility while consuming less gasoline. The market trend towards car electrification is expanding throughout Asia. Around 91% of countries in Asia have adopted EPS. Therefore, it is projected that over the projection period, the EPS sector will hold the largest market share for vehicle electrification.
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
Recent Developments:
- ARBOC Specialty Vehicles, LLC (USA) and XL Fleet Corp. (USA) worked together to electrify ARBOC Freedom low-floor buses.
- Ford (USA) has acquired Electriphi (California), a provider of charge management and fleet monitoring software.
- General Motors, a major American automaker, announced plans to introduce personal electric vehicles in 2021.
- CATL, a Chinese EV battery manufacturer, plans to expand its partnerships with Coach B.V. & VDL Bus in the Netherlands and Quantron AG in Germany in 2020 to accelerate commercial vehicle electrification in Europe by improving local services and product solutions.
- The company intends to release 30 electric vehicles worldwide by 2025, with roughly two-thirds of them available in North America.
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