Vehicle electrification products such as starters, alternators, electric motors, hybrid systems, and battery-electric vehicles are equipped with advanced electronic control units for better performance and efficiency. They provide advantages such as lower operating costs, minimal emission levels, and enhanced torque and power delivery.
The global Vehicle Electrification Market is estimated to be valued at US$ 84.41 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of hybrid and electric vehicles is one of the major trends driving the growth of the Global Vehicle Electrification Market Size. With growing environmental concerns and stringent emission norms, automakers are focusing on developing fuel-efficient and low-emission vehicles. Hybrid vehicles combine a conventional internal combustion engine system with an electric propulsion system to improve fuel efficiency. Electric vehicles solely run on electric power and offer zero direct emissions. Both these vehicle types have observed increased acceptance among consumers in recent years due to their lower running costs and minimal environmental impact. Automakers are extensively investing in electric and hybrid technologies to cater to the growing demand. For instance, according to the International Energy Agency, the global stock of electric passenger vehicle increased to 10 million in 2021 from 2 million in 2018. This increasing shift towards sustainable mobility solutions is expected to boost the demand for vehicle electrification products during the forecast period.
Segment Analysis
Based on product type, the electric powertrain segment dominated the market in 2021 and accounted for over 30% share of the global market. The electric powertrain offers eco-friendly and cost-effective transportation solution, thereby witnessing higher adoption rate. By vehicles type, the passenger cars segment is expected to remain highly lucrative during the forecast period due to rising consumer preference for electric vehicles and availability of attractive incentives and subsidies on electric passenger cars.
Key Takeaways
The global vehicle electrification market is expected to witness high growth during the forecast period. Regional analysis shows that Asia Pacific region currently holds the major share of the global market and is expected to maintain its dominance during the forecast period. The countries like China and Japan are major electric vehicles producers as well as consumers, which is aiding the growth of vehicle electrification market in the region.
Regional analysis
Asia Pacific dominated the global vehicle electrification market in 2021 with over 40% share. China has emerged as the global leader in electric vehicles production and accounted for over 50% of the global electric vehicles sales in 2021. Besides being the largest electric vehicles producer, China also has a very strong focus on developing charging infrastructure as well as offering attractive incentives/subsidies to promote EVs adoption. These factors are expected to help China maintain its position as the largest vehicle electrification market during the forecast period. Europe is also expanding at a significant pace driven by stringent emission regulations and strong government push for electric mobility in countries like Germany, UK and France.
Key players related content comprises
Key players operating in the vehicle electrification market are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Denso Corporation, Valeo, BorgWarner Inc., Magna International Inc., Aisin Seiki Co., Ltd., Delphi Technologies, and Johnson Electric Holdings Limited. Robert Bosch GmbH is one of the leading automotive suppliers with strong focus and presence across vehicle electrification product categories.
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