Vehicle Electrification Market Size, Share and Growth Analysis By Product (Electric Power Steering (EPS), Integrated Starter Generator (ISG), Start/Stop System, Electric Air Conditioner Compressor, Liquid Heater Ptc, Electric Oil Pump, Electric Vacuum Pump, Starter Motor & Alternator, Electric Water Pump, and Actuators), By Hybridization (Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, BEV, PHEV, and HEV)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030
The global vehicle electrification market gathered revenue around USD 77.9 billion in 2021 and market is set to grow USD 155.40 billion by the end of 2030 and is estimated to expand at a modest CAGR of 9.4% during the prediction period 2022 to 2030.
In an electric vehicle electricity plays a major role in the function of its components. Adoption of clean power sources in these vehicles impact positively on the environment by reducing the harmful emissions. The aforementioned factor significantly drives the demand for vehicle electrification. Further, the electrification process reduces the overall operating costs and requires low maintenance compared to other vehicles by eliminating the use of coolant and lubrication in the vehicle. Mechanical integration with the help of electrification augments the efficiency of the vehicle that predicted to enhance the market growth during years to come.
However, difficulty in achieving an optimum power to weight ratio for the electrically powered vehicles expected to hinder the market growth. Lesser is the weight of the vehicle power, efficiency, and range will improve. Advanced and light-weight components are efficient in achieving optimum power to weight ratio.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Vehicle Electrification market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Vehicle Electrification market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 155.40 billion by 2030|
|Growth Rate||CAGR of 9.4% From 2022 to 2030|
|Forecast Period||2022 to 2030|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Product Type, Hibridization Type, Region Type
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Continental AG, Robert Bosch GmbH, Delphi Automotive PLC, Denso Corporation, Mitsubishi Electric Corporation, and Johnson Electric|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Vehicle Electrification market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America is expected to be the fastest growing market
North America is expected to be the fastest growing market for vehicle electrification. The growth in this region is propelled by growing charging infrastructure and significant investments by OEMs in the development of vehicle electrification. Federal tax credits and rebate incentives are accelerating the growth of vehicle electrification market, especially in the US. The US is set to dominate the North American vehicle electrification market, holding the highest market share in 2020. As the country has the presence of major OEMs and Tier I players, adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. Hence, North America is expected to be the fastest growing market during the forecast period.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Vehicle Electrification Market include:
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- Johnson Electric
- Delphi Automotive PLC
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
- Electric Power Steering (EPS)
- Integrated Starter Generator (ISG)
- Start/Stop System
- Electric Air Conditioner Compressor
- Liquid Heater Ptc
- Electric Oil Pump
- Electric Vacuum Pump
- Starter Motor & Alternator
- Electric Water Pump
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Vehicle Electrification market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Vehicle Electrification market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Vehicle Electrification markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Vehicle Electrification Market Study:
- Growth of Vehicle Electrification in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Vehicle Electrification and How to Navigate
- Key Product Innovations and Regulatory Climate
- Vehicle Electrification Consumption Analysis
- Vehicle Electrification Production Analysis
- Vehicle Electrification and Management