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Global Vehicle Electrification Market Size, Share, Forecast: By Product Type: Electric Oil Pump, Alternator, Electric Car Motors, Electric Water Pumps, Electric Fuel Pump, Actuators, Electric Power Steering, Electric Vacuum Pump, Start/Stop System; By Sales Channel; By Vehicle Type; Regional Analysis; Competitive Landscape; 2024-2032
Global Vehicle Electrification Market Outlook
The global vehicle electrification market is expected to grow in the forecast period of 2024-2032 at a CAGR of 12.1% to reach USD 287.48 billion by 2032.
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Micro and Full Hybrid Vehicle Segment to Hold a Significant Share in the Global Vehicle Electrification Industry
Micro and full hybrid vehicles are anticipated to witness a high demand in the forecast period and are likely to take-over the conventional fossil fuel-driven vehicles. This can be attributed to the significant advantages offered by micro and full hybrid vehicles, which include affordability, environment-friendliness, regenerative braking system, lightweight, automatic start and stop systems, and higher resale value, among others. These benefits are expected to aid the growth of the segment in the forecast period.
The Asia Pacific Accounts for a Significant Share in the Market
The vehicle electrification industry in the Asia Pacific is driven by the thriving automotive industry in the region, owing to the rising demand for e-vehicles. The progress in product innovation in countries like China, India, South Korea, and Japan, among others is anticipated to boost the market growth in the forecast period. For instance, the latest models of electric vehicles are expected to hit the Indian markets in 2023.
Vehicle Electrification: Market Segmentation
Vehicle electrification is defined as a process in which a vehicle is powered through electricity. The conventional systems in a vehicle are replaced by electrical systems and all the components of the vehicle system are electrified, thereby propelling the engine. The use of vehicle electrification reduces the dependence on fossil fuels.
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Based on product type, the market can be segmented into:
- Electric Oil Pump
- Alternator
- Electric Car Motors
- Electric Water Pumps
- Electric Fuel Pump
- Actuators
- Electric Power Steering
- Electric Vacuum Pump
- Start/Stop System
On the basis of sales channel, the market has been bifurcated into:
- Aftermarket
- Original Equipment Manufacturers (OEM)
The segmentation of the market based on vehicle type is as follows:
- Micro and Full Hybrid Vehicle
- Internal Combustion Engine Vehicle
- Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for Electric Vehicles to Boost the Growth of the Vehicle Electrification Industry
The increasing sales of electric vehicles owing to the rising disposable income, rising number of options, growing efforts to reduce the dependence of customers on fossil fuels, and stringent government regulations aimed at reducing carbon emission levels are driving the market. The increasing inclination of the private transportation sector towards vehicle electrification due to economic and climate concerns is anticipated to bolster the market in the forecast period. Moreover, the rising demand for 48 V systems owing to their ability to enhance the power transmission to components is likely to be a key driving factor in the market growth.
Key Industry Players in the Global Vehicle Electrification Market
The report gives a detailed analysis of the following key players in the global vehicle electrification market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Continental AG
- Hitachi Automotive Systems, Ltd.
- Aisin Seiki Co., Ltd.
- Denso Corporation
- Delphi Technologies
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Johnson Electric Holdings Limited
- Magna International Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter’s five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Sales Channel |
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| Breakup by Vehicle Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Vehicle Electrification Market Analysis
8.1 Key Industry Highlights
8.2 Global Vehicle Electrification Historical Market (2018-2023)
8.3 Global Vehicle Electrification Market Forecast (2024-2032))
8.4 Global Vehicle Electrification Market by Product Type
8.4.1 Electric Oil Pump
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Alternator
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Electric Car Motors
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Electric Water Pumps
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Electric Fuel Pump
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Actuators
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Electric Power Steering
8.4.7.1 Historical Trend (2018-2023)
8.4.7.2 Forecast Trend (2024-2032)
8.4.8 Electric Vacuum Pump
8.4.8.1 Historical Trend (2018-2023)
8.4.8.2 Forecast Trend (2024-2032)
8.4.9 Start/Stop System
8.4.9.1 Historical Trend (2018-2023)
8.4.9.2 Forecast Trend (2024-2032)
8.5 Global Vehicle Electrification Market by Sales Channel
8.5.1 Aftermarket
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Original Equipment Manufacturers (OEM)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Vehicle Electrification Market by Vehicle Type
8.6.1 Micro and Full Hybrid Vehicle
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Internal Combustion Engine Vehicle
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Vehicle Electrification Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Vehicle Electrification Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Vehicle Electrification Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Vehicle Electrification Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Vehicle Electrification Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Vehicle Electrification Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Continental AG
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Hitachi Automotive Systems, Ltd.
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Aisin Seiki Co., Ltd.
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Denso Corporation
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Delphi Technologies
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Robert Bosch GmbH
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 ZF Friedrichshafen AG
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Johnson Electric Holdings Limited
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.85.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Magna International Inc.
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.3.10 Others
18 Key Trends and Developments in the Market
Additional Customisations Available
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirement and Cost Analysis
2.1 Land, Location and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investment
List of Key Figures and Tables
1. Global Vehicle Electrification Market: Key Industry Highlights, 2018 and 2032
2. Global Vehicle Electrification Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3. Global Vehicle Electrification Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4. Global Vehicle Electrification Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
5. Global Vehicle Electrification Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
6. Global Vehicle Electrification Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
7. Global Vehicle Electrification Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
8. Global Vehicle Electrification Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Vehicle Electrification Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Vehicle Electrification Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Vehicle Electrification Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Vehicle Electrification Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Vehicle Electrification Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Vehicle Electrification Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Vehicle Electrification Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Vehicle Electrification Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Vehicle Electrification Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Vehicle Electrification Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Vehicle Electrification Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Vehicle Electrification Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 12.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 287.48 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the industry, such as the thriving automotive industry in emerging economies, rapid technological advancements, and the stringent regulations by the government to reduce carbon emission levels, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing R&D activities by the major automotive players to provide efficient electrification solutions.
Electric oil pump, alternator, electric car motors, electric water pumps, electric fuel pump, actuators, electric power steering, electric vacuum pump, and start/stop system are the major product types included in the market report.
Aftermarket and original equipment manufacturers (OEM) are the different sales channels of the product.
Micro and full hybrid vehicle, internal combustion engine vehicle, and plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) are the significant vehicle types included in the market report.
The major players in the industry are Continental AG, Hitachi Automotive Systems, Ltd., Aisin Seiki Co., Ltd., Denso Corporation, Delphi Technologies, Robert Bosch GmbH, ZF Friedrichshafen AG, Johnson Electric Holdings Limited, and Magna International Inc., among others.
Analyst Review
The global vehicle electrification market is being driven by the rising demand for vehicle electrification in the automotive industry. Aided by the growing competition between the major electric vehicle manufacturers, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 12.1%. The market is projected to reach USD 287.48 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product type, the market is divided into electric oil pump, alternator, electric car motors, electric water pumps, electric fuel pump, actuators, electric power steering, electric vacuum pump, and start/stop system. On the basis of sales channel, the market is divided into aftermarket and original equipment manufacturers (OEM). The major regional markets for vehicle electrification are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Continental AG, Hitachi Automotive Systems, Ltd., Aisin Seiki Co., Ltd., Denso Corporation, Delphi Technologies, Robert Bosch GmbH, ZF Friedrichshafen AG, Johnson Electric Holdings Limited, and Magna International Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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