Vehicle Electrification Market

GMI Research analysis indicates that the Vehicle Electrification Market estimated at USD 81.5 billion in 2021 and is slated to register a double digit CAGR 10.3% over the period, 2022-2029 and is projected to reach USD 178.6 billion in 2029.

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Market Dynamic

Key Drivers and Emerging Trends

The vehicle electrification market is anticipated to witness strong demand during the forecast period owing to the increasing consumer demand for greener transportation, the development of new intelligent transport systems, the lack of availability for finite fossil fuels, and the rising concern for the reduction of pollutants in the environment. In addition, the rapid adoption of electric vehicles primarily due to the increasing demand for longer range vehicles, improved functional safety, and decreased charge times and cost is further driving the growth of the market.

According to the International Energy Agency (IEA), in 2019, electric cars registered 2.1 million sales globally with 40% year-on-year increase and accounted for 2.6% of the global car sales. Furthermore, various organizations including, AVERE (The European Association for Electromobility), the World Electric Vehicle Association (WEVA), the Society Of Manufacturers Of Electric Vehicles (SMEV), Australian Electric Vehicle Association (AEVA), and the Electric Auto Association among others are focusing on promoting Electromobility and sustainable transport across the globe. This is likely to provide lucrative growth opportunities for the vehicle electrification market over the forecast period.

Restraint in the Vehicle Electrification Market

The outbreak of COVID 19 pandemic has disrupted the supply chains and manufacturing of vehicles across the globe, which is anticipated to slowdown the sales for electric vehicles in the market, thereby, restraining the growth of the vehicle electrification market. Additionally, higher cost of maintenance, replacement of electric vehicle systems, and the lack of charging infrastructure in developing countries such as India, Saudi Arabia, Bangladesh, and Indonesia, are further hampering the market growth.

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Product – Segment Analysis

Based on the product, electric power steering segment is expected to witness a faster CAGR over the forecast period owing to its several advantages over the hydraulic power steering system such as energy efficiency, environmental compatibility, simplified tuning, packaging flexibility, light weight, and improved safety. Moreover, various car models such as the Suzuki Swift, Toyota Fortuner, Porsche 911, Hyundai i20 have come up with equipped electric power steering.

Hybridization – Segment Analysis

Based on the hybridization, Plug-In Hybrid Electric Vehicle (PHEV) is anticipated to grow at a notable CAGR during the forecast period owing to the increasing consumer preference for greener transportation options, lower operational and maintenance cost of PHEVs, and various government initiatives to encourage the adoption of fuel efficient vehicles. For instance, The U.S. Department of Energy and the U.S. Department of Transportation support financing, federal, and technical assistance for plug-in electric vehicles and charging stations.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global vehicle electrification market during the forecast period primarily due to the increasing adoption of electric vehicles in the region. According to the U.S. Department of Energy, several states in U.S. have implemented incentives for the promotion and adoption of electric vehicles, including plug-in hybrid vehicles (PHEVs) and battery electric vehicles (BEVs). In addition to this, there are more than 27,000 public charging station locations in the U.S. and in 2019, 320,000 new EVs were sold in the U.S., which is likely to support the market growth during the forecast period.

On the other hand, Asia-Pacific region is projected to grow at a faster CAGR over the forecast period. This can be attributed to the increasing automotive production coupled with the rising manufacturing of electric buses, electric cars, and electric two-wheelers in India, China, and Japan in the region. Moreover, according to the International Energy Agency (IEA), China accounted for 47% of the global electric car sales in 2019. This is expected to boost the market growth in the Asia-Pacific region.

Top Market Players

Various notable players operating in the market include Robert Bosch GmbH, Continental AG, Denso Corporation, BorgWarner Inc., Mitsubishi Electric Corporation, Johnson Controls International Plc, Magna International Inc., AISIN SEIKI Co., Ltd., Mahindra & Mahindra Ltd., and Analog Devices, Inc., among others. 

Key Developments:

• • In 2020, Mahindra Electric Mobility Ltd, part of the Mahindra & Mahindra Ltd., launched MESMA (Mahindra Electric Scalable Modular Architecture) 48 platform for Light EVs, an Electrification Solution for Light Electric Vehicles. It can electrify a range of vehicles including three wheelers, quadricycles and compact cars.
  • In 2019, Robert Bosch GmbH and Contemporary Amperex Technology Co. Limited (CATL) collaborated to jointly design, develop, and manufacture high-performance battery cells. This battery will be the core element for 48-volt hybrid powertrain systems in vehicles.

Segments covered in the Report:

The global Vehicle Electrification Market has been segmented on the basis of Product, hybridization, and regions. Based on Product, the market is segmented into Start/Stop Systems, Electric Power Steering, Liquid Heater PTC, Electric Air Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Starter Motor & Alternator, Integrated Starter Generator, and Actuators. Based on Hybridization, the market is segmented into Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Battery Electric Vehicle. 

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Key questions answered in this research report:

• • At what pace is global Vehicle Electrification Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Vehicle Electrification Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Vehicle Electrification Market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What are the various hybridization areas of global Vehicle Electrification Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 81.5 Billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Product, By Hybridization, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Robert Bosch GmbH, Continental AG, Denso Corporation, BorgWarner Inc., Mitsubishi Electric Corporation, Johnson Controls International Plc, Magna International Inc., AISIN SEIKI Co., Ltd., Mahindra & Mahindra Ltd., and Analog Devices, Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Vehicle Electrification Market by Product

• • Start/Stop Systems
  • Electric Power Steering
  • Liquid Heater PTC
  • Electric Air Conditioner Compressor
  • Electric Vacuum Pump
  • Electric Oil Pump
  • Electric Water Pump
  • Starter Motor & Alternator
  • Integrated Starter Generator
  • Actuators

Global Vehicle Electrification Market by Hybridization

• • Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
  • Hybrid Electric Vehicle (HEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Battery Electric Vehicle (BEV)

Global Vehicle Electrification Market by Region

• • North America Vehicle Electrification Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Hybridization
    • US Market All-Up
    • Canada Market All-Up
  • Europe Vehicle Electrification Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Hybridization
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Vehicle Electrification Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Hybridization
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Vehicle Electrification Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Hybridization
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Vehicle Electrification Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Robert Bosch GmbH
  • Continental AG
  • Denso Corporation
  • BorgWarner Inc.
  • Mitsubishi Electric Corporation
  • Johnson Controls International Plc
  • Magna International Inc.
  • AISIN SEIKI Co., Ltd.
  • Mahindra & Mahindra Ltd.
  • Analog Devices, Inc.