The Global Vehicle Electrification Market was valued at approximately USD 96.2 billion in the year 2021 and is projected to reach an estimated value of around USD 135.1 billion by the end of 2030. This reflects a compound annual growth rate (CAGR) of nearly 12.1% over the forecast period from 2022 to 2030.

This comprehensive global Vehicle Electrification Market research report provides a detailed analysis of the market’s overall size on a global scale. It further breaks down the market by regional and country-specific segmentation, covering the growth dynamics across different geographical zones. In addition to this, the report includes extensive evaluations of market share, sales trends, competitive landscape analysis, the influence of both domestic and international market players, trade regulations, optimization of value chains, significant recent developments, and strategies for market expansion. The analysis also includes a review of emerging opportunities, notable product launches, and the role of technological innovation in shaping market trends.

Vehicle Electrification Market: Overview

In the aftermath of the COVID-19 pandemic, the automotive industry is expected to recover and experience numerous transformations, particularly driven by the growing momentum in the electric vehicle sector. Several governments across the globe are expected to implement supportive policies aimed at simplifying the purchase process of electric vehicles, which may include financial subsidies and tax incentives. Furthermore, improvements in infrastructure are likely to significantly contribute to the sustained growth of this market in the post-pandemic landscape.

The process of vehicle electrification is incremental and heavily dependent on the availability of suitable infrastructure to ensure uninterrupted and efficient services. From a consumer standpoint, there has already been a noticeable shift in demand patterns and spending behavior in favor of electric vehicles. This is largely influenced by growing environmental concerns and the desire for sustainable mobility solutions.

Browse the full report titled “Vehicle Electrification Market Size, Trends and Insights By Product (Travel Agencies, Direct Booking), By Scope of Hybridization (Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery-Electric Vehicle (BEV), Internal Combustion and Micro-hybrid Vehicles), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” at https://www.custommarketinsights.com/report/vehicle-electrification-market/

Growth Factors

The expansion of the vehicle electrification market is largely driven by increasing environmental awareness and the pressing need for sustainable alternatives to conventional fossil fuel usage. As concerns over oil dependency continue to mount, the demand for clean and renewable energy sources is steadily increasing.

A significant transformation is also taking place in consumer behavior, with more people becoming aware of eco-friendly transportation options. Vehicle electrification is emerging as a viable alternative to reduce greenhouse gas emissions and fossil fuel consumption. Moreover, favorable government policies and initiatives supporting the adoption of electric vehicles are likely to further propel the growth of the market.

In addition to policy support, increased investment flows into the electric vehicle sector from both public and private entities are expected to accelerate technological advancements and overall market development. The growing demand for lightweight and fuel-efficient vehicles is particularly driving the popularity of micro-hybrid electric vehicles. Manufacturers are increasingly adopting the concept of mild hybridization, which involves the integration of internal combustion engines with electric motors typically producing up to 20kW of power. This shift is likely to boost the demand for electric motors in the automotive sector over the forecast period.

Segmental Overview

The vehicle electrification market is segmented based on product type and the scope of hybridization. Among these, the electric oil pump segment is anticipated to dominate the market in terms of size and is expected to maintain its leading position throughout the forecast period from 2022 to 2030. This is attributed to continuous advancements in electric vehicle technologies, including improvements in engine components and the broader electrical architecture of vehicles.

Within the hybridization segment, hybrid electric vehicles represent one of the most rapidly expanding categories. The rising popularity of hybrid vehicles among a diverse and growing consumer base is contributing significantly to the expansion of this segment.

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Regional Overview

The Asia Pacific region is forecasted to lead the global vehicle electrification market, driven by its robust automotive supply chain and proactive initiatives aimed at developing electric vehicle charging infrastructure. Countries such as India and China represent large markets for both original equipment manufacturers and automotive component suppliers. The substantial presence of end-user markets, coupled with strong governmental support and willingness to promote electric mobility on a large scale, is expected to drive the region’s market growth.

Europe ranks as the second-largest market for vehicle electrification and is projected to witness further expansion in the coming years. The region benefits from a well-established consumer base and continuous policy backing from regional governments aimed at reducing carbon emissions and promoting sustainable transport options. These supportive initiatives are likely to remain crucial in facilitating market development across Europe.

Key Players Insights

Our research report also dedicates a section to profiling major companies operating within the vehicle electrification market. This includes comprehensive insights into the financial performance of each player, an overview of their product offerings, and SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis. Additionally, the report features a competitive landscape overview that includes key strategic developments, comparative market share, and global rankings of leading companies.

Clients are also provided with the flexibility to customize the list of featured players in the report as part of our free customization services.

Some of the key companies operating in the global vehicle electrification market include:

Continental AG
Denso
BorgWarner
Mitsubishi Electric
Bosch

These market participants are actively investing in innovation, strategic alliances, and technological upgrades to expand their product portfolio and secure a competitive edge in the rapidly evolving vehicle electrification landscape.

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