Global Vehicle Electrification Market by Product (Electric Water Pump, Liquid Heater Ptc, Starter Motor & Alternator, Start/Stop Systems, Electric Power Steering, Electric Oil Pump) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2016, the global vehicle electrification market was valued at USD 58.92 million. Due to a rising demand for EVs, and the replacement of traditional components with electric propulsion in automobiles, the industry saw significant growth. The market's growth is also aided by multi-functional benefits such as increased functionality and a reduced dependence on fossil fuels.

Vehicle electrification is a vehicle that has both electrical propulsion and electricity as a key component. It includes many aspects of electrification, such as start/stop systems and electric power steering.

Clean power generation is a key component of electrification. It reduces harmful emissions from tailpipes and the power grid. The electrification process is more cost-effective and requires less maintenance because it does not require the vehicle to use lubricant or coolant. The market is expected to grow over the forecast period due to the improved working and efficiency of mechanical integration via electrification.

Consumers will be able to enjoy higher efficiency and more power due to vehicle electrification. This process can be observed in many cars that use ICE. This is why ICE cars often have the engine shut down. The batteries are used to power the car with a "start/stop" system. Using an electric motor for start/stop systems reduces engine load and improves fuel economy.

Product Insights

In 2016, electric power steering was in high demand and is expected to continue growing at 6.3% CAGR over the forecast period. The primary benefit of electric power steering is the fuel economy. This is the reason why automakers are moving to it. It is also a key component of current automotive demand. The electric power steering's flexibility is another factor that could help it grow in its applications.

Electric power steering (EPS), which offers more benefits than hydraulic assist, is a combination of advanced technology and electric power steering. It uses a computer-controlled motor that controls the electric motor inside the vehicle. Because it eliminates many conventional components, EPS is lighter and more efficient than HPS. EPS is growing in this market due to a lack of reliability in hydraulic power steering.

The electric oil pump segment, in its product type segment, is also expected to see a 10.7% CAGR over the forecast period. Electric oil pumps are made possible by the efficient mechanical integration. This allows oil lubrication for the engine to be evenly distributed between the different parts of the vehicle.

Hybridization Insights

The Plug-In Hybrid Electric Vehicle will grow at a higher rate of 15.6 % CAGR than other hybridization types during the forecast period. Modern technology and mechanical integration in automobiles provide consumers with the best solution for efficiency. The growing demand for PHEV can be attributed to the increasing preference of consumers for fuel efficiency and lower operating and maintenance costs.

Substantial technological growth has led to features for PHEV like switching to standard mode while the battery is empty, and lowering tailpipe emissions. The government's emphasis on decarbonization has also positively impacted the demand for PHEV. The demand for plug-in hybrid electric cars is expected to rise due to the above factors as well as several exemptions by the government.

Battery Electric Vehicle (BEV), in terms of value, is expected to grow at an enviable CAGR of 14.2% during the forecast period. This is due to the changing environmental standards in all countries. Further, the goal to reduce global carbon footprints will drive demand for the automotive industry.

Regional Insights

In 2016, the market for Asia Pacific was worth USD 31.71 million. Due to growing demand for vehicles, the automotive industry in India and China is booming. The combination of rising populations and an increasing per capita income encourages the demand to personal transport vehicles that are sustainable.

China saw a dramatic drop in technology costs due to innovations in automobiles. The battery cost has dropped significantly in recent years, further supporting BEV's lower operational costs. BEVs are now being adopted in emerging markets. The market's growth is also attributed to the increasing infrastructure of charging stations located in China.

Europe is the second largest market for vehicle electrification in terms of value. The region's government is committed to sustainable infrastructure growth. This has allowed the OEM of vehicle electrification in Europe to expand in key countries like Germany, France and Italy.

The European government has also initiated progressive measures such as tax credit, subsidies, and other incentives to promote the sale of the market. Due to the growing demand for the market, there are also future investment opportunities.

Market Share Insights & Key Companies

This market is extremely competitive globally. The key industry competitors are Robert Bosch GmbH and Continental AG, Denso Corporations, Delphi Automotive PLCs, Johnson Electric, Mitsubishi Electric Corporations, and others. Companies are working hard to provide an affordable and efficient electrical drive solution for their customers. To expand their product range, vehicle electrification vendors use strategies like acquisition, partnership, research & development, and acquisition.

Robert Bosch GmbH will be expected to have a significant share of the global market, compared to key competitors. Through the Mobility solution segment, the company offers vehicle electrification solutions. The company also focuses on product innovation, product enhancement strategy and expansion to improve its market position within the industry.

The global vehicle electrification market is dominated by Denso Corporation and Continental AG. To replace the traditional ICE trends, the competitors encourage the adoption of technological growth in automotive industry. OEM have made significant efforts to improve the standard of EVs in order to provide the best result for users and have a competitive advantage over other players.

Scope of the Vehicle Electrification Market Report

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional and country levels. It also analyzes the industry trends for each sub-segment from 2014 through 2025. Grand View Research has divided the global vehicle electrification industry on the basis product, hybridization, region.

• Product Outlook (Revenue, USD Billion, 2014 - 2025)

  • Start/Stop System

  • Electric Power Steering (EPS).

  • Liquid Heater Ptc

  • Electric Air Conditioner Compressor

  • Pump for Electric Vacuum

  • Pump for Electric Oil

  • Water pump with electric motor

  • Starter Motor & Alternator

  • Integrated Starter Generator, (ISG).

  • Actuators

• Hybridization Outlook (Revenue, USD Billion, 2014 - 2025)

  • Internal Combustion Engine and Micro-Hybrid Vehicle

  • HEV

  • PHEV

  • BEV

• Regional Outlook (Revenue USD Billion, 2014-2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Rest of the World

    • Brazil

    • Mexico

These are the most frequently asked questions about this report

b. Global vehicle electrification market was valued at USD 71.9 billion in 2019, and is forecast to grow to USD 77.8 trillion in 2020.

b. Global vehicle electrification is expected to grow at a compound annual rate of 9.1% between 2017 and 2025, to reach USD 125.1 million by 2025.

b. Asia Pacific was the market leader in vehicle electrification with 52.8% of the total market share in 2019. This can be attributed to the expanding automotive industry in India and China.

b. Among the key players in the vehicle electrification industry are Robert Bosch GmbH and Continental AG, Denso Corporations, Delphi Automotive PLCs, Johnson Electric, Mitsubishi Electric Corporations.

b. The market is driven by a number of key factors, including a lower tailpipe emission standard, growing social influence & growing concern, as well as strengthening CO2 regulations.

Up Market Research published a new report titled “Vehicle Electrification Market research report which is segmented by Product (Electric Water Pump, Liquid Heater Ptc, Starter Motor & Alternator, Start/Stop Systems, Electric Power Steering, Electric Oil Pump), By Players/Companies Denso Corporation, Mitsubishi Electric Corporation, Delphi Automotive PLC, Robert Bosch GmbH, Johnson Electric, Continental AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Vehicle Electrification Market Report Segments:

The market is segmented by Product (Electric Water Pump, Liquid Heater Ptc, Starter Motor & Alternator, Start/Stop Systems, Electric Power Steering, Electric Oil Pump).

Vehicle Electrification Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Vehicle Electrification Market

Overview of the regional outlook of the Vehicle Electrification Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Vehicle Electrification Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Vehicle Electrification Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Electric Water Pump

                2. Liquid Heater Ptc

                3. Starter Motor & Alternator

                4. Start/Stop Systems

                5. Electric Power Steering

                6. Electric Oil Pump

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Vehicle Electrification Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Vehicle Electrification Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.