The global vehicle electrification market is projected to grow at a prolific CAGR of 10.3% during the forecast period of 2022-2032. The market was valued at USD 72 Billion in 2021. Rising emphasis on environment-friendly alternatives for the automobile sector is driving the demand for vehicle electrification across the world.
Increasing fuel prices coupled with a rise in the sales of electric vehicles promotes market expansion of vehicle electrification. A general growth in environmental consciousness, strict emission standards, and rising consumer demand for fuel-efficient vehicles will bolster the sales of vehicle electrification. Additionally, governments across the globe are providing incentives like tax breaks and subsidies to promote vehicle electrification.
Furthermore, technological advancements like e-axels in electric vehicles drive market growth for vehicle electrification. Growing demand for lightweight and fuel-efficient vehicles also bodes well for the vehicle electrification market.
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Key Takeaways from the Vehicle Electrification Market Report:
- Demand for hybrid vehicles will propel market growth.
- The electric power steering sub-segment will dominate the Asia Pacific market.
- North America is anticipated to be the fastest-growing vehicle electrification market.
- The U.S. will lead the North America vehicle electrification market.
- Asia Pacific presents high growth opportunities for the vehicle electrification market.
- Governments in South Korea, India, and China to promote electric vehicles. This will boost market sales in the region.
- High battery costs, overheating, battery development, and total energy storage capacity of the battery are market challenges.
Competitive Landscape:
Bosch, Continental, Denso, BorgWarner, and Mitsubishi Electric are some of the key manufacturing organizations in the vehicle electrification market that are profiled in the full version of the report.
In a competitive market, these major organizations maintain extensive product portfolios and strong global distribution channels. These companies engage in strategic collaborations, contracts, and engagements; increase investments in new product development, and employ other expansion strategies to gain a competitive edge.
Major manufacturers in the vehicle electrification market include Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric (Japan). These companies have extensive product lines and strong global distribution networks. To maintain their market position, these companies employ strategies such as new product development, expansions, collaborations, and contracts and agreements.
- ARBOC Specialty Vehicles, LLC (United States) and XL Fleet Corp. (United States) collaborated to electrify ARBOC Freedom low-floor buses.
- Ford (United States) has acquired Electriphi (California), a company that provides charge management and fleet monitoring software.
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Electric power steering (ESP) installation provides reduced fuel consumption and improved vehicle maneuverability. ESP accounts for 91% of installation in the Asia Pacific vehicle electrification market. Thus the ESP sub-segment will own the highest market share in the forecast period.
Vehicle Electrification Market Segmentation:
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
More Insights into the Vehicle Electrification Market Report:
In its latest report, FMI offers an unbiased analysis of the global vehicle electrification market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented based on 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), and region.
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
