The latest report by IMARC Group, titled “Vehicle Electrification Market Report by Product Type (Starter Motor, Alternator, Electric Car Motors, Electric Water Pump, Electric Oil Pump, Electric Vacuum Pump, Electric Fuel Pump, Electric Power Steering, Actuators, Start/Stop System), Vehicle Type (Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle, Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)), Sales Channel (Original Equipment Manufacturers (OEM), Aftermarket), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on size, share, trends, analysis, growth, demand, vehicle electrification market value and statistics. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
How big is the vehicle electrification market?
The global vehicle electrification market size reached US$ 91.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 162.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.
Factors Affecting the Growth of the Vehicle Electrification Industry:
- Consumer Awareness and Preferences:
Increasing consumer awareness about environmental issues and their preferences are significantly influencing the growth of the vehicle electrification industry. As awareness about the environmental impact of fossil fuels grows, consumers are increasingly opting for greener alternatives, such as EVs (electric vehicles). This shift is supported by the growing perception of EVs as environment-friendly and cost-effective in the long run due to lower maintenance and fuel costs. Moreover, the expanding range of EV models, including luxury and performance vehicles, caters to a broader consumer base. This change in consumer mindset and preference is a vital driver for the expanding vehicle electrification market.
- Government Policies and Incentives:
Government policies play a crucial role in the growth of the vehicle electrification industry. Many countries have implemented regulations and incentives to encourage the adoption of electric vehicles such as tax rebates, grants, and subsidies. For instance, the European Union's stringent emission targets and the United States' federal tax credits for EV purchases significantly boost market growth. Additionally, governments are investing in EV infrastructure, like charging stations, to alleviate range anxiety. These policies promote environmental sustainability and also stimulate demand and technological innovation in the vehicle electrification sector.
- Technological Advancements:
The progress in battery technology and charging infrastructure is a key factor driving the vehicle electrification industry. Batteries are the most critical component of EVs, and advancements in lithium-ion technology have led to longer ranges, reduced costs, and shorter charging times. Innovations in solid-state batteries promise even greater efficiency. Simultaneously, the development of fast-charging stations and wireless charging technology enhances the convenience of EVs, making them more appealing to consumers. These technological improvements are essential for overcoming previous limitations of EVs, such as limited range and long charging times, thus accelerating industry growth.
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Top 12 Vehicle Electrification Companies:
- Aisin Corporation
- BorgWarner Inc.
- Continental AG
- DENSO Corporation
- Ford Motor Company
- Hitachi Ltd.
- Johnson Electric Holdings Limited
- Magna International Inc.
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Valeo
- ZF Friedrichshafen AG
Vehicle Electrification Market Report Segmentation:
By Product Type:
- Starter Motor
- Alternator
- Electric Car Motors
- Electric Water Pump
- Electric Oil Pump
- Electric Vacuum Pump
- Electric Fuel Pump
- Electric Power Steering
- Actuators
- Start/Stop System
Electric power steering represents the largest segment due to its energy efficiency, enhanced driving experience, and the integration of technology in both traditional and electric vehicles, appealing to a broad market.
By Vehicle Type:
- Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle
- Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
Internal Combustion Engine (ICE) and Micro-Hybrid vehicles account for the largest market share as these vehicles offer a balance between traditional fuel-based technology and electrification, catering to a wide consumer base.
By Sales Channel:
- Original Equipment Manufacturers (OEM)
- Aftermarket
Original Equipment manufacturers (OEMs) represent the largest segment as they provide integrated and technologically advanced electrification solutions directly in new vehicles, ensuring reliability and compatibility with the latest vehicle models.
By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the vehicle electrification market is due to the presence of factors like significant investments in electric vehicle technology, supportive government policies, and the presence of major EV manufacturers and battery suppliers in the region.
Global Vehicle Electrification Market Trends:
The global vehicle electrification market is experiencing significant growth, driven by advancements in electric vehicle technology and increasing environmental concerns. This market encompasses a range of electric components, including fully electric vehicles, hybrid vehicles, and plug-in hybrids. Key trends include rising government incentives to promote EV adoption, technological advancements in battery efficiency and charging infrastructure, and growing consumer awareness of environmental issues. Automotive giants are investing heavily in EV production, signaling a shift toward sustainable transportation. The expansion of the market is further supported by stringent emission regulations globally, encouraging manufacturers to develop eco-friendly vehicles. This evolving landscape presents numerous opportunities for innovation and investment in the sector.
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