Market overview:
The worldwide Vehicle Electrification Market was worth $70.14 billion in 2019 and is expected to grow to $250 Billion by 2028, at an 12.52% CAGR. Vehicle Electrification is the primary driving force behind the automotive industry's big shift. Factors such as increased adoption of fuel-efficient mobility solutions, effective performance requirements, and a decrease in battery price per KWH will likely boost the worldwide Vehicle Electrification industry.
The growth of the Vehicle Electrification Market, however, is anticipated to be constrained during the forecast period by a decline in automotive production and sales over the previous two years and a high reliance on mechanical and hydraulic systems in existing vehicles. On the other hand, over the course of the forecast period, it is anticipated that an increase in the demand for cost-effective solutions and a trend towards electrification of fleets and commercial vehicles will offer lucrative opportunities for global market advancement. An increase in automotive production and sales on a global scale is the main factor driving the need for vehicle electrification. The use of electric motors in vehicles is becoming more and more common as an alternative to conventional hydraulic and mechanical systems. Vehicle electrification reduces pollution and increases fuel efficiency. Due to the trend towards electrification of vehicles,
Recent developments:
GM announced the debut of its latest electric utility vehicle, the 2022 Chevrolet Bolt EUV, in 2021.
In 2021, XL Fleet Corp formed a partnership with ARBOC Specialty Vehicles LLC, a unit of the NFI Group Inc. This collaboration will aid in electrifying ARBOC's low-floor buses using the XL hybrid electric technology
Key Companies in the vehicle electrification market include
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- ZF Friedrichshafen AG (Germany)
- Denso Corporation (Japan)
- JTEKT Corporation (Japan)
- Nexteer Automotive (U.S.)
- Mitsubishi Electric Corporation (Japan).
- Mando Corp. (South Korea)
- Borgwarner Inc. (U.S.)
- Delphi Automotive PLC (U.K.)
- Johnson Electric (Hong Kong)
Vehicle Electrification Market Segmentation
Vehicle Electrification Voltage Outlook
- 14 V
- 12 V
- 48 V
- 24 V
Vehicle Electrification Product Type Outlook
- Electric Power Steering (EPS)
- Integrated Starter Generator (ISG)
- Stop/Start System
- Liquid Heater PTC
- Electric Oil Pump
- Electric Vacuum Pump
- Starter Motor
Vehicle Electrification Degree of Hybridization Outlook
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Battery Electric Vehicle ((BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- 48 Mild-Hybrid Market.
Regional analysis:
The Vehicle Electrification Market Size is divided into four regions: Asia-Pacific, North America, Europe, and the rest of the globe. The Asia-Pacific region is expected to have the biggest market share during the period investigated. The presence of multiple significant players and government initiatives encouraging the usage of electric cars is driving increased demand for EVs. Economic and technical developments will also help to accelerate growth.
Furthermore, North America will be the second-largest revenue contributor to the Vehicle Electrification Market. The availability of better infrastructure and the huge demand for electric vehicles significantly boost the sector. In addition, Europe's Vehicle Electrification Market will grow significantly in the next few years. The market will benefit from the increased demand for efficient transportation and environmentally friendly automobiles. Furthermore, Africa and the Middle East area will experience significant development.
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