Press Release

As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

Global Vehicle Electrification Market is Expected to Grow at a CAGR of 9% in the Forecast Period of 2021-2026.

According to a new report by EMR titled, ‘Global Vehicle Electrification Market Report and Forecast 2021-2026’, the global vehicle electrification market was valued at nearly USD 70.84 billion in 2020. The vehicle electrification market is further projected to grow at a CAGR of 9% during the forecast period of 2021-2026 to reach USD 119 billion by 2026.

The global vehicle electrification market is being driven by the rising production of vehicles globally. Due to rising demand from the Asia Pacific region, the electric power steering (EPS) segment is projected to account for the majority of the share in the market between 2021 and 2026. Furthermore, over the forecast period, North America is projected to lead the global vehicle electrification industry, driven by growing investment in vehicle electrification by OEMs.

In January 2021, Aptiv (NYSE: APTV), one of the key players, announced Smart Vehicle Architecture (SVA) at CES. Aptiv's experience in the integration of software and devices, coupled with its capability to include automotive computing and signal processing, separates the organization from those that enable OEMs to solve the challenge of electric and electronic vehicles. SVA is a sustainable open platform that reduces total ownership costs and enables highly automated, feature-rich vehicles. It is also planned to meet the highest functional and safety requirements. Such developments are expected to aid the growth of the global vehicle electrification market.

Market Analysis by Vehicle Type, Product Type, Degree of Hybridization, and Regions:

  • The vehicle type in the market can be divided into passenger car, light commercial vehicle, heavy commercial vehicle, and two-wheeler product.
  • The product type in the market includes start/stop system, electric power steering (EPS), electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, integrated starter generator (ISG), starter motor and alternator, and actuators.
  • The degree of hybridization in the industry is segmented into internal combustion engine (ICE) and micro-hybrid vehicle, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), and 48V mild hybrid.
  • The regional markets for vehicle electrification include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rise in the implementation of government regulations to minimise pollution and other environmental damage is driving the market growth for vehicle electrification globally.
  • Multifunctional consumer advantages like functional efficiency as well as decreased dependence on fossil fuels drive the market growth.
  • Rapid technological advancements are aiding the growth of the market.
  • The global vehicle electrification market is being driven by the growing demand for lightweight vehicles with lower emission levels and the growing preference for 48V architecture.

Key Offerings of the Report:

  • The EMR report gives an overview of the global vehicle electrification market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the vehicle types, product types, degree of hybridization, and major regional markets of vehicle electrification.
  • It assesses the market based on the SWOT as well as Porter’s Five Forces models.

The major key players in the global vehicle electrification market include companies like Robert Bosch GmbH, Continental AG, Denso Corporation, Aptiv PLC, Johnson Electric Holdings Ltd., Toyota Motor Corporation, Honda Motor Co. Ltd, and Mitsubishi Electric Corporation, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

Why Expert Market Research?


We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.


We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.


We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.


Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

Similar Reports