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 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Continental AG
- Denso
- BorgWarner
- Mitsubishi Electric
- Others
Reports Description
The global Vehicle Electrification Market was estimated at USD 96.2 billion in 2021 and is anticipated to reach around USD 135.1 billion by 2030, growing at a CAGR of roughly 12.1% between 2022 and 2030.
The global Vehicle Electrification Market research report offers an in-depth analysis of the global market size, which is further segmented into the regional and country-level market size, and segmentation market growth. Also, it provides market share, sales analysis, competitive landscape, impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, novel product launches, and technological innovations.
Vehicle Electrification Market: Overview
Vehicle electrification in the auto sector is ongoing and leads to a positive impact on a global level. Auto manufacturers are positive about the market trends in the coming years and are hoping towards creating infrastructure for electrified vehicles on a massive scale.
The mass initiative toward building a sustainable environment and restoring climate change is gaining a lot of attention through electrified vehicle technology. From the commercial standpoint, achieving customer value in the vehicle electrification market is no longer a challenge as several players are already following and incorporating the change in trends in the automotive sector. Besides, the innovation in the electric vehicle segment is expected to contribute to a larger success.
Vehicle Electrification Market: COVID–19 Impact Analysis
The outbreak of COVID-19 has severely affected several industries globally, owing to travel restrictions and trade bans owing to the lockdown imposed by the majority of the governments during 2020. The auto industry was badly hit due to the disruption in sales driven by the pandemic. Several countries experienced an unprecedented drop in their auto sales owing to the lack of consumer demand and non-resilience in the conventional automobile industry. However, in contrast, the electric car industry witnessed a small drop showing resilience to the market forces.
It can be stated that the vendors witnessed a steady and sharp growth in the sales of electric vehicles owing to the government policies and priority service for advance bookings in 2020. For instance, in 2020 the electric car industry witnessed a two-digit growth in sales despite the market odds. With the reopening of markets, the demand for electric vehicles doubled in 2019 and surpassed the sales numbers for 2018 and 2019 combined. At present, the COVID-19 impact continues as it affects the petroleum industry to a vast extent therefore the trend for vehicle electrification has already gained immense traction and will continue in the coming years.
Vehicle Electrification Market: Growth Drivers
Need for a reduction in carbon emission to boost electrification infrastructure
Vehicle electrification is one of the significant drivers of industry growth. The upsurge in automotive production and rise in sales of electric vehicles offers viable alternatives to the conventional vehicle industry. Moreover, the demand for lightweight vehicles and fiber components has outgrown the need for conventional vehicles. Although the market for vehicle electrification reflects a favorable scenario, it is yet to achieve robust sustainability. On the other hand, innovation and novel concepts are emerging in the electric vehicle industry enabling better growth opportunities for the market.
Need for charging infrastructure at a remote location
Against the backdrop of a rise in sales of electric vehicles, the market for vehicle electrification is expected to grow manifolds in the coming years. As an example, as a huge population would prefer to buy an electric vehicle in the near future, the need for charging infrastructure is expected to add value to buyers. Remote buyers staying out of city limits will benefit from this, thereby expanding the reach of the electric car segment. In addition, designing a charging infrastructure at remote locations would definitely result in better adoption of electric vehicles in the coming years.
Vehicle Electrification Market: Segmentation Analysis
The Vehicle Electrification Market is categorized into mode and platform. By product, the electric oil pump market was estimated to be the largest segment in the Vehicle Electrification Market and is expected to be the largest segment throughout 2022-2030. By the scope of hybridization, the HEV segment is estimated to hold the largest market share throughout the forecast period.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 96.2 Billion |
| Projected Market Size in 2030 | USD 135.1 Billion |
| CAGR Growth Rate | 12.1% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Continental AG, Denso, BorgWarner, Mitsubishi Electric, Bosch, and Others |
| Key Segment | By Product, Scope of Hybridization, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Vehicle Electrification Market is estimated to grow annually at a CAGR of around 12.1% over the forecast period (2022-2030).
- In terms of revenue, the Vehicle Electrification Market size was valued at around USD 96.2 billion in 2021 and is anticipated to reach around USD 135.1 billion by 2030, growing at a CAGR of 12.1% till 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on the product, the electric oil pump segment was predicted to show maximum market share in the year 2021.
- Based on the scope of hybridization, the HEV segment was the leading revenue-generating category in 2021.
- On the basis of geography/region, the Asia Pacific region was the leading revenue generator in 2021.
Recent Developments
- July 2022: According to greencarreports.com, California reports to have a standard capacity of the charging infrastructure over San Francisco. In fact, the site reports Sacramento and San Diego to account in top-tier positions for home charger installations.
- July 2022: EVTECH 365 is now up for Vehicle Electrification suppliers that enable the buyers with an accessible platform to find the nearby EV charging infrastructure. Since the EV industry has expanded drastically in the past few years, simultaneously, there is a global initiative to reduce carbon emissions
Regional Landscape
The Vehicle Electrification Market is dominated by the Asia Pacific region, followed by Europe. The market for Vehicle Electrification in Europe is witnessing huge growth attributed to the high demand for electric vehicles and favorable market conditions for EVs.
The shift in consumer mindset and the need for environmental sustainability in Europe is expected to have a huge significance on the regional market growth.
Competitive Landscape
Leading players operating in Vehicle Electrification Market are focused on constant innovations to distinguish and personalize their offerings for potential users. Some of the key strategies expected to take place in the market during the forecast years include mergers and acquisitions, new offerings, and partnerships.
Our report offers both quantitative and qualitative insights into the Vehicle Electrification Market and major development initiatives adopted by the key players. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and recent developments of the players profiled.
The global Vehicle Electrification Market is segmented as follows:
By Product
- Electric Water Pump
- Electric Oil Pump
- Liquid Heater PTC
- Electric power steering
- Others
By Scope of Hybridization
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery-Electric Vehicle (BEV)
- Internal Combustion and Micro-hybrid Vehicles
By Region/Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Vehicle Electrification Market, (2022 – 2030) (USD Billion)
- 2.2 Global Vehicle Electrification Market: snapshot
- Chapter 3. Global Vehicle Electrification Market – Industry Analysis
- 3.1 Vehicle Electrification Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Need for a reduction in carbon emission to boost electrification infrastructure
- 3.2.2 Driver 2
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Product
- 3.7.2 Market attractiveness analysis By Scope of Hybridization
- Chapter 4. Global Vehicle Electrification Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Vehicle Electrification Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Vehicle Electrification Market – Product Analysis
- 5.1 Global Vehicle Electrification Market overview: By Product
- 5.1.1 Global Vehicle Electrification Market share, By Product, 2021 and 2030
- 5.2 Travel Agencies
- 5.2.1 Global Vehicle Electrification Market by Travel Agencies, 2022 – 2030 (USD Billion)
- 5.3 Direct Booking
- 5.3.1 Global Vehicle Electrification Market by Direct Booking, 2022 – 2030 (USD Billion)
- 5.1 Global Vehicle Electrification Market overview: By Product
- Chapter 6. Global Vehicle Electrification Market – Scope of Hybridization Analysis
- 6.1 Global Vehicle Electrification Market overview: By Scope of Hybridization
- 6.1.1 Global Vehicle Electrification Market share, By Scope of Hybridization, 2021 and 2030
- 6.2 Hybrid Electric Vehicle (HEV)
- 6.2.1 Global Vehicle Electrification Market by Hybrid Electric Vehicle (HEV), 2022 – 2030 (USD Billion)
- 6.3 Plug-in Hybrid Electric Vehicle (PHEV)
- 6.3.1 Global Vehicle Electrification Market by Plug-in Hybrid Electric Vehicle (PHEV), 2022 – 2030 (USD Billion)
- 6.4 Battery-Electric Vehicle (BEV)
- 6.4.1 Global Vehicle Electrification Market by Battery-Electric Vehicle (BEV), 2022 – 2030 (USD Billion)
- 6.5 Internal Combustion and Micro-hybrid Vehicles
- 6.5.1 Global Vehicle Electrification Market by Internal Combustion and Micro-hybrid Vehicles, 2022 – 2030 (USD Billion)
- 6.1 Global Vehicle Electrification Market overview: By Scope of Hybridization
- Chapter 7. Vehicle Electrification Market – Regional Analysis
- 7.1 Global Vehicle Electrification Market Regional Overview
- 7.2 Global Vehicle Electrification Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Vehicle Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.4 North America Vehicle Electrification Market, by Product, 2022 – 2030
- 7.4.1 North America Vehicle Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.5 North America Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030
- 7.5.1 North America Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030 (USD Billion)
- 7.4. Europe
- 7.4.2 Europe Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.4.2.1 Europe Vehicle Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.4.2 Europe Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.4 Europe Vehicle Electrification Market, by Product, 2022 – 2030
- 7.4.1 Europe Vehicle Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.5 Europe Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030
- 7.5.1 Europe Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030 (USD Billion)
- 7.5. Asia Pacific
- 7.5.3 Asia Pacific Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.5.3.1 Asia Pacific Vehicle Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.5.3 Asia Pacific Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.4 Asia Pacific Vehicle Electrification Market, by Product, 2022 – 2030
- 7.4.1 Asia Pacific Vehicle Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.5 Asia Pacific Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030
- 7.5.1 Asia Pacific Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030 (USD Billion)
- 7.6. Latin America
- 7.6.4 Latin America Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.6.4.1 Latin America Vehicle Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.4 Latin America Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.4 Latin America Vehicle Electrification Market, by Product, 2022 – 2030
- 7.4.1 Latin America Vehicle Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.5 Latin America Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030
- 7.5.1 Latin America Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030 (USD Billion)
- 7.7. The Middle-East and Africa
- 7.7.5 The Middle-East and Africa Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.7.5.1 The Middle-East and Africa Vehicle Electrification Market, by Country, 2022 – 2030 (USD Billion)
- 7.7.5 The Middle-East and Africa Vehicle Electrification Market, 2022 – 2030 (USD Billion)
- 7.4 The Middle-East and Africa Vehicle Electrification Market, by Product, 2022 – 2030
- 7.4.1 The Middle-East and Africa Vehicle Electrification Market, by Product, 2022 – 2030 (USD Billion)
- 7.5 The Middle-East and Africa Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030
- 7.5.1 The Middle-East and Africa Vehicle Electrification Market, by Scope of Hybridization, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 Continental AG
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Denso
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 BorgWarner
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Mitsubishi Electric
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Bosch
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.1 Continental AG
List Of Figures
Figures No 1 to 20
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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List of the prominent players in the global Vehicle Electrification Market:
- Continental AG
- Denso
- BorgWarner
- Mitsubishi Electric
- Bosch
- Denso
- Others
FAQs
“Asia Pacific” region will lead the global Vehicle Electrification market during the forecast period 2022 to 2030.
Vehicle Electrification is one of the significant drivers of industry growth. The upsurge in the production of automobiles, and rise in sales of electric vehicles offer viable alternatives to the conventional vehicle industry.
The key players operating in the Vehicle Electrification market are Continental AG, Denso, BorgWarner, Mitsubishi Electric, Bosch, and Others.
The global Vehicle Electrification market is expanding growth with a CAGR of approximately 12.1% during the forecast period (2022 to 2030).
The global Vehicle Electrification market size was valued at USD 96.2 billion in 2021 and it is projected to reach around USD 135.1 billion by 2030.