Vehicle Electrification Market Size Worth Around USD 155.40 Bn by 2030

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The global Vehicle Electrification market size is expected to be worth around USD 155.40 billion by 2030 from USD  77.9 billion in 2021, growing at a CAGR of 9.4% from 2022 to 2030. Increasing usage of ethyl alcohol as befoul is major factor driving growth of the ethanol market.

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Growth Factors:

In an electric vehicle electricity plays a major role in the function of its components. Adoption of clean power sources in these vehicles impact positively on the environment by reducing the harmful emissions. The aforementioned factor significantly drives the demand for vehicle electrification. Further, the electrification process reduces the overall operating costs and requires low maintenance compared to other vehicles by eliminating the use of coolant and lubrication in the vehicle. Mechanical integration with the help of electrification augments the efficiency of the vehicle that predicted to enhance the market growth during years to come.

However, difficulty in achieving an optimum power to weight ratio for the electrically powered vehicles expected to hinder the market growth. Lesser is the weight of the vehicle power, efficiency, and range will improve. Advanced and light-weight components are efficient in achieving optimum power to weight ratio.

Report Scope of the Vehicle Electrification Market

Report Coverage

Report Scope Details
Market Size USD  155.40 billion by 2030
Growth Rate CAGR of 9.4% From 2022 to 2030
Base Year 2021
Forecast Period 2022 to 2030
Report coverage Growth Factors, Revenue Status, Competitive Landscape,  and Future Trends
Segments Covered Product Type, Hibridization Type, Region Type
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned Continental AG, Robert Bosch GmbH, Delphi Automotive PLC, Denso Corporation, Mitsubishi Electric Corporation, and Johnson Electric

Vehicle Electrification Market Dynamics
The concept of 48 V architecture or mild hybrids is rapidly gaining traction around the globe, which is consequently expected to drive the demand for vehicle electrification in the near future. Full hybrid vehicles offer a better fuel economy as compared to mild hybrids. According to the International Council on Clean Transportation, full hybrid vehicles reduce fuel consumption by 30–35%. However, factors such as the higher cost and weight of vehicles are major challenges for full hybrid vehicle manufacturers. Mild hybrid systems with a 48 V battery are not as efficient as full hybrid systems but are cost-effective. Hence, OEMs prefer the mild hybrid concept. This involves the use of a conventional ICE engine and the addition of an electric motor with a power of up to 15 kW. The only addition to the cost is that of the electric motor, which is balanced by the removal of the starter motor and alternator from the conventional ICE engine.

The power-to-weight ratio is a calculation commonly applied to engines and power sources to enable the comparison of one vehicle to another. The power-to-weight ratio applies to the vehicle power in kW divided by the weight of the vehicle in kilograms. The lesser the weight of the vehicle, it is observed to have more power, better efficiency, and high range. Advanced, lightweight components and materials are required to achieve optimum power-to-weight ratio. OEMs and Tier I companies are working hard to improve the power-to-weight ratio by implementing lightweight materials and different advanced products such as e-CVT and e-axles, albeit still on a developmental stage.

Globally, buses and trucks are used for public transportation and logistics purposes. In Europe and Asia Oceania, public transportation is used more than private transportation. While in North America, transportation is primarily through private vehicles. The demand for public transportation is triggered by the growing population in urban areas where the existing transportation infrastructure is proving to be insufficient. As each OEM is now focusing on reducing the global carbon footprint, they are promoting the use of electric vehicles. With the rising trend toward mobility on demand, taxis and passenger cars are focused more on greener technologies. Most of the efforts in the field of vehicle electrification are for passenger cars. There are very limited electrical systems and components for commercial vehicles that can replace conventional mechanical systems because of the higher loads. Developing electric powertrains for commercial vehicles is a costly affair as it involves a great amount of R&D.

Electric vehicles signify the introduction of advanced technologies along with electric power components in vehicles. There are several risks associated with these technologies, such as thermal runaway of battery bank and fire, which need to be cautiously assessed. Numerous safety aspects need to be considered regarding vehicle electrification, including electric system safety, functional system safety, battery charging safety, and vehicle maintenance, operation, and training. The current challenges that hinder the popularity of electric vehicles are high battery cost, overheating, the total energy storage capacity of the battery, and the development of batteries for vehicles. Additionally, it is essential to examine the vehicle behavior as these systems often fail, making them inefficient when compared to ICE vehicles.

Regional Insights:

The Asia Pacific emerged as the market leader with prominent revenue share of around 50% in the year 2019. High demand for vehicle supplements in China and India propels the market growth in the region. In addition, high per capita income along with rising population in the region stimulates the growth of vehicle electrification in the Asian countries. Rapid adoption of green transportation in Asian countries triggers the adoption of battery-powered vehicles such as BEV, HEV, and PHEV. This again contributes positively towards the market growth.

In terms of revenue, Europe holds second largest position in the global vehicle electrification market. The governments of France, Germany, UK, Italy, and other European countries focus on sustainable development in infrastructure growth, thisoffers significant opportunity for the market players to flourish their business.

North America is expected to be the fastest growing market

North America is expected to be the fastest growing market for vehicle electrification. The growth in this region is propelled by growing charging infrastructure and significant investments by OEMs in the development of vehicle electrification. Federal tax credits and rebate incentives are accelerating the growth of vehicle electrification market, especially in the US. The US is set to dominate the North American vehicle electrification market, holding the highest market share in 2020. As the country has the presence of major OEMs and Tier I players, adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. Hence, North America is expected to be the fastest growing market during the forecast period.

COVID-19 Impact on Vehicle Electrification Sales

  • Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Vehicle Electrification market.
  • Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
  • Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
  • Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Vehicle Electrification market 2022 onwards. This trend will however continue through the course of the report’s assessment period

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Recent report on the Vehicle Electrification market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Vehicle Electrification market analyzes the scenario for the period of 2017 to 2030, wherein, 2022 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Vehicle Electrification market for the forecast period of 2022–2030. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global Vehicle Electrification market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Vehicle Electrification market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.

The report delves into the competition landscape of the global Vehicle Electrification market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Vehicle Electrification market that are profiled in this report.

Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Vehicle Electrification market is analyzed at both regional and country levels.

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Vehicle Electrification market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Vehicle Electrification market include:

Research Methodology

A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Vehicle Electrification market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Vehicle Electrification market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.

Key Questions are

  • What are the key factors influencing the Vehicle Electrification market in each region?
  • How much value will the global market generate by the end of the forecast period?
  • What will be the CAGR of the global market between 2022 and 2030?
  • What would be the Y-o-Y growth trend of the global market between 2022 and 2030?
  • What is the future scope and current trends in technologies of the global market?
  • What is the revenue of the global market based on segments?
  • Which key strategies are used by top players of the global market?
  • Which are the leading companies in the global market?
  • What are the essential strategies by key stakeholders in the market to expand their geographic presence?
  • What are the major advancements witnessed in the global market?

Why should you invest in this report?

If you are aiming to enter the global Vehicle Electrification market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Vehicle Electrification are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.


Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape List of Suppliers List of Buyers

Chapter 7. Global Vehicle Electrification Market, By Product

7.1. Vehicle Electrification Market, by Product Type, 2022-2030
7.1.1. Electric Power Steering (EPS) Market Revenue and Forecast (2019-2030)
7.1.2. Integrated Starter Generator (ISG) Market Revenue and Forecast (2019-2030)
7.1.3. Start/Stop System Market Revenue and Forecast (2019-2030)
7.1.4. Electric Air Conditioner Compressor Market Revenue and Forecast (2019-2030)
7.1.5. Liquid Heater Ptc Market Revenue and Forecast (2019-2030)
7.1.6. Electric Oil Pump Market Revenue and Forecast (2019-2030)
7.1.7. Electric Vacuum Pump Market Revenue and Forecast (2019-2030)
7.1.8. Starter Motor & Alternator Market Revenue and Forecast (2019-2030)
7.1.9. Electric Water Pump Market Revenue and Forecast (2019-2030)
7.1.10. Actuators Market Revenue and Forecast (2019-2030)

Chapter 8. Global Vehicle Electrification Market, By Hybridization

8.1. Vehicle Electrification Market, by Hybridization, 2022-2030
8.1.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle Market Revenue and Forecast (2019-2030)
8.1.2. Battery Electric Vehicle (BEV) Market Revenue and Forecast (2019-2030)
8.1.3. Plug-in Hybrid Electric Vehicle (PHEV) Market Revenue and Forecast (2019-2030)
8.1.4. Hybrid Electric Vehicle (HEV) Market Revenue and Forecast (2019-2030)

Chapter 9. Global Vehicle Electrification Market, Regional Estimates and Trend Forecast

9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2019-2030)
9.1.2. Market Revenue and Forecast, by Hybridization (2019-2030)
9.1.3. U.S. Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.1.4. Rest of North America Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2019-2030)
9.2.2. Market Revenue and Forecast, by Hybridization (2019-2030)
9.2.3. UK Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.2.4. Germany Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.2.5. France Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.2.6. Rest of Europe Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2019-2030)
9.3.2. Market Revenue and Forecast, by Hybridization (2019-2030)
9.3.3. India Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.3.4. China Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.3.5. Japan Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.3.6. Rest of APAC Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2019-2030)
9.4.2. Market Revenue and Forecast, by Hybridization (2019-2030)
9.4.3. GCC Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.4.4. North Africa Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.4.5. South Africa Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.4.6. Rest of MEA Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2019-2030)
9.5.2. Market Revenue and Forecast, by Hybridization (2019-2030)
9.5.3. Brazil Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)
9.5.4. Rest of LATAM Market Revenue and Forecast, by Product (2019-2030) Market Revenue and Forecast, by Hybridization (2019-2030)

Chapter 10. Company Profiles

10.1. Continental
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. Valeo
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Robert Bosch GmbH
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Denso
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Mitsubishi Electric Corporation
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Johnson Electric
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Delphi Automotive PLC
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Hitachi, Ltd.
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Nexteer Automotive
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. JTEKT Corporation
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions

Chapter 12. Appendix

12.1. About Us
12.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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