The Global Vehicle Electrification Market was worth US$ 89.45 billion in 2022 and is anticipated to reach a valuation of US$ 159.42 billion by 2028 and is predicted to register a CAGR of 10.37% during 2023-2028.
Electric vehicles are designed to work on electricity, and the consumption of fossil fuels is decreased. Electric cars also are likely to assist in the aim of low carbon emissions from vehicles. OEMs across the planet are taking efforts to develop and introduce electric vehicles on roads at the earliest.
Adoption of unpolluted power generation sources in the such vehicle significantly impacts the environment with reduced harmful emissions of tailpipes also because of the power system. Additionally, the electrification process incurs less operating expense and requires low maintenance because it eliminates the utilization of lubricant or coolant within the vehicle. The mechanical integration through electrification improves the general working and efficiency, which is anticipated to spice up the market over the foreseen phase.
Market Drivers:
The global vehicle electrification market has seen a severe rate of growth due to the considerable shifting of the technologies of the automotive market from hydrocarbon energy to electricity. The need for sunshine-weighted automobiles to enhance fuel efficiency and reduced carbon emissions drives the expansion of this market. However, the efforts put in by the varied vital players of this marketplace for the event of this technology results in the exponential growth of the market.
Market Restraints:
However, it's hard to exchange an energy source like gasoline of the oil & gas sector with electricity thanks to the high power generation capacity of the previous, which limits the market growth.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
10.37% |
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Segments Covered |
By Product Type, Vehicle Type, Degree of Hybridization, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric Holdings Ltd., Volkswagen, Toyota Motor Corporation, Honda Motor Co. Ltd, Mitsubishi Electric Corporation, TRW Automotive Holdings Corp., and Others. |
Market Segmentation:
The electric power steering witnessed high interest in 2016 and is anticipated to grow at a CAGR of 6.3% over the foreseen phase. Electric power steering (EPS) demanding benefits include advanced technology displacing the hydraulic guide with a computer-controlled motor within the vehicle. EPS is smaller and lighter than HPS because it eliminates various conventional components and thus, ends in an energy-efficient solution for automobiles. The lack of reliability in hydraulic power steering further supports the growth of EPS in this market. However, the electric pump in the merchandise type segment is predicted to witness an enormous CAGR of 10.7% over the foreseen phase. Useful mechanical integration fuels electrical pump applications in the automotive. This results in oil lubrication being equally distributed amongst the required area of the engine also because of the different parts of the auto.
Plug-In Hybrid Electric Vehicle (PHEV) is anticipated to expand at a comparatively higher CAGR of 15.6 % than other hybridization types over the foreseen phase. The current technology and mechanical integration prospect within automobiles delivers the consumer with an optimum desired solution for efficiency. The rising demand for PHEVs is attributed to growing consumer preference for the benefits of fuel efficiency and low operational and maintenance cost of the vehicle.
Battery Electric Vehicle (BEV) is predicted to grow at a healthy CAGR of 14.2% over the foreseen phase. The expansion within the segment is owed to changing environmental standards across all nation's governments. The aim to attenuate the impact of worldwide carbon footprints is further anticipated to fuel the demand of the market within the industry.
Market Regional Analysis:
The Global Vehicle Electrification Market Report includes the segmentation of regions:
North America is predicted to be the fastest-growing marketplace for vehicle electrification. The expansion in this region is propelled by growing charging infrastructure and significant investments by OEMs in the development of auto electrification. The US is about to dominate the North American market, holding the very best market share in the future. Thus, North America is predicted to be the fastest-growing market during the foreseen phase.
Europe is projected to account for the second-largest marketplace for vehicle electrification. The government within the region is concentrated to practice sustainable development within the infrastructure growth which has led the OEM of auto electrification to expand their business in major countries like Germany, France, Italy, and the U.K.
The market in Asia Pacific was estimated at USD 31.71 billion in 2016. The rising automotive industry in countries like India and China due to the demand for vehicles supplements the expansion of the industry. However, the mixture of rising population in countries and increasing per capita income stimulates the demand for private transport automobile that is supportive of a sustainable environment.
Market Key Players:
Major players operating in the global Vehicle Electrification Market are
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