The global vehicle electrification market size 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.
Vehicle electrification, in line with sustainable transportation facilities, enables both vehicle manufacturers and end-users to benefit from it, transforming how transportation is perceived and contributing to vehicle electrification market growth.
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Crucial Drivers Steering Vehicle Electrification Market Growth
Increasing conventional fuel prices, as well as increased sales of electric vehicles, may accelerate vehicle electrification market growth. Consumer demand for more fuel-efficient vehicles, stricter emission standards, and increased environmental awareness are all expected to drive vehicle electrification market growth. Various governments, including the United States, are actively encouraging vehicle electrification through tax breaks and subsidies.
The primary factor driving the vehicle electrification market growth is the increasing use of technological advancements in electric vehicles, such as e-axles. Apart from that, rising demand for lightweight vehicle production to improve fuel efficiency is boosting market growth. Rising demand for hybrid vehicles is expected to drive the vehicle electrification market.
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
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.
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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