Global Vehicle Electrification Market, By Product Type (Start-Stop, EPS, Liquid Heater PTC, Electric Air Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Thermoelectric Generator, Electric Turbocharger, Starter Motor, Alternator, ISG, Actuator), Voltage (12V, 14V, 24V, 48V), Vehicle Type (Passenger Car (PC), Two-Wheeler, Light-Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV)), Degree of Hybridization (ICE & Micro Hybrid Vehicle, HEV, PHEV, BEV & FCEV, 48 V Vehicle), Channel Type (OEMs, Aftermarket), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Global vehicle electrification market is expected to reach USD 169.71 billion by 2028 and witnessing market growth at a rate of 12.6% in the forecast period of 2021 to 2028. Data Bridge Market Research report on global vehicle electrification market provides analysis and insights regarding the leading current market analysis scenario, upcoming as well as future opportunities and competitors.
Vehicle electrification means transforming the vehicle to use electric energy by integrating electric components and technological solutions for the operations in the vehicle. Vehicle electrification is considered to be the best to eliminate or reduce carbon emission and increase vehicle efficiency. Vehicle electrification is also helping the user to less dependent on oil and non-renewable resource.
The major factor which is driving the growth of the vehicle electrification market is the rapidly shifting of automobiles from hydrocarbon energy to electrical energy due to scarcity of resources such as oil for use in the future. Also, the electric vehicle is a zero-emission and reduces pollution which is also driving the market of vehicle electrification. Government regulations regarding vehicle emission norms are also one of the key factors for the growth of the market.
The high cost associated with electric vehicles is the major restrain for the vehicle electrification of the market. This high cost of vehicle electrification is due to the high costs of batteries that are used to run the vehicle. The unavailability of proper infrastructure for proper operations of electric vehicles is also restricting the growth of the vehicle electrification market. The reductions of vehicle efficiency, average, and range capability of the automotive vehicle are a major drawback for the growth of the market.
Higher costs of vehicles and high weight are a major challenge for the manufacturer to improvise for full hybrid vehicles, as fully hybrid vehicles decrease the fuel efficiency of the vehicle.
This vehicle electrification market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research global vehicle electrification market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Vehicle Electrification Market Scope and Market Size
Vehicle electrification market is segmented on the product type, voltage, vehicle type, degree of hybridization, channel type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- The vehicle electrification market on the basis of product type has been segmented into start-stop, EPS, liquid heater PTC, electric air conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, thermoelectric generator, electric turbocharger, starter motor, alternator, ISG and actuator. EPS (electric power steering) is emerging rapidly with highest growth rate as this system is powered by computers to enhance the overall driving performance by analysing the driver and road inputs for calculating and optimizing the vehicle output. This system helps in reducing or eliminating human error during driving.
- Based on voltage, global vehicle electrification market has been segmented into 12V, 14V, 24V, 48V. 48V is expected to capture the largest market in the forecast period due to its feature of operating parallelly with the other battery i.e. 12V and combustion engine.
- Based on vehicle type, global vehicle electrification market has been segmented into passenger car (PC), two-wheeler, light-commercial vehicle (LCV) and heavy commercial vehicle (HCV). Passenger vehicle segment is estimated to hold the maximum market throughout the forecast period due to the largest production of passenger cars with electrification comparatively to other segments.
- Based on degree of hybridization, global vehicle electrification market has been segmented into ICE & micro hybrid vehicle, HEV, PHEV, BEV & FCEV, 48 V Vehicle. Hybrid electric vehicle is estimated to grow fastest growth rate as it gave the ability to use the multiple power sources to run the vehicle and consists of combustible engine and electric motor with batteries.
- Based on channel type, global vehicle electrification market has been segmented into OEMs and aftermarket.
Vehicle Electrification Market Country Level Analysis
Vehicle electrification market is analysed and market size, volume information is provided by country, product type, voltage, vehicle type, degree of hybridization, channel type as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America region is anticipated to see the fastest growth and dominate the market for vehicle electrification market during the forecast period due to availability of the proper charging infrastructure and significant investments of automotive OEMs for the development of vehicle electrification in this region. The U.S is likely to dominate the market in North America region due to the presence of key players in the U.S which will propel the growth of the vehicle electrification market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Vehicle Electrification Market Share Analysis
Vehicle electrification market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to global vehicle electrification market.
The major players covered in the vehicle electrification market report are Ford Motor Company, Volkswagen AG, Continental AG, Robert Bosch GmbH, Magna International Inc., Westfalia-Automotive GmbH, TowGo, LLC, WABCO, Carit Automotive GmbH & Co. KG, Daimler AG, VALEO, Garmin Ltd., Cogent Embedded, Inc., DornerWorks, Ltd., Jaguar Land Rover Limited, POCLAIN HYDRAULICS, General Motors among some global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Vehicle Electrification Market
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