Vehicle Electrification Market Size & Share, By Product (Start/Stop Systems, Electric Power Steering, Liquid Heater Ptc, Electric Oil Pump), Hybridization, Vehicle Type, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Vehicle Electrification Market was over USD 98.4 Billion in 2023 and is anticipated to surpass USD 200.23 Billion by end of the year 2032, observing around 10.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 98.4 Billion
• CAGR (2024-2032): 10.1%
• Forecast Year Value (2032): USD 200.23 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One major growth driver for the Vehicle Electrification Market is the increasing focus on reducing carbon emissions and achieving sustainability goals. Governments around the world are implementing regulations and incentives to promote electric vehicles, driving the demand for electrification solutions in the automotive industry.

Another major growth driver for the Vehicle Electrification Market is the advancement in battery technology, which is enabling longer ranges and faster charging times for electric vehicles. This has been a significant factor in overcoming range anxiety and improving the overall consumer acceptance of electric vehicles.

The third major growth driver for the Vehicle Electrification Market is the increasing adoption of electric vehicles by fleet operators and transportation companies. The lower operating costs and reduced maintenance requirements of electric vehicles are driving fleet electrification, leading to a surge in demand for electrification solutions in the commercial vehicle segment.

Report Scope

Report Coverage	Details
Segments Covered	Product, Hybridization, Vehicle Type
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Robert Bosch, Continental AG, DENSO CORPORATION., Aptiv., Johnson Electric Holdings Limited., Mitsubishi Electric, BorgWarner, Magna International, AISIN CORPORATION, Johnson Controls., ZF Friedrichshafen AG, Valeo SA, JTEKT., Hitachi Astemo,., Wabco Holdings

Industry Restraints:

One major restraint for the Vehicle Electrification Market is the high upfront costs associated with electric vehicles and electrification solutions. The initial investment required for electric vehicles and charging infrastructure can be a barrier for consumers and businesses looking to adopt electrification, limiting the growth potential of the market.

Another major restraint for the Vehicle Electrification Market is the limited availability of charging infrastructure, especially in rural and remote areas. The lack of robust charging networks can hinder the adoption of electric vehicles, as consumers may be concerned about range limitations and the inconvenience of finding charging stations.

Regional Forecast:

North America is a key region in the vehicle electrification market, with the U.S. and Canada being major players. The U.S. has been witnessing a growing demand for electric vehicles, driven by government incentives, stricter emission regulations, and increasing consumer awareness about the environmental benefits of EVs. Canada has also been making strides in promoting electric vehicles, with initiatives such as incentives for EV buyers and investments in charging infrastructure.

In Asia Pacific, China, Japan, and South Korea are leading the way in vehicle electrification. China is the largest market for electric vehicles globally, thanks to government subsidies, stricter emission standards, and the promotion of EVs as a solution to air pollution in major cities. Japan and South Korea are also seeing significant growth in the electric vehicle market, with both countries being home to major automakers investing heavily in electric vehicle technology.

Europe, particularly the United Kingdom, Germany, and France, is another key region in the vehicle electrification market. The UK has set ambitious targets to phase out petrol and diesel vehicles by 2030, driving significant growth in the electric vehicle market. Germany is home to several major automakers focused on electric vehicle production, while France has been offering generous incentives for EV buyers and investing in charging infrastructure to promote electric vehicle adoption.

Segmentation Analysis:

In terms of segmentation, the global vehicle electrification market is analyzed on the basis of Product, Hybridization, Vehicle Type

Vehicle Electrification Market:

Start/Stop Systems:

The market for start/stop systems in vehicle electrification is experiencing steady growth, driven by the increasing demand for fuel-efficient and environmentally friendly vehicles. Start/stop systems help reduce emissions and improve fuel efficiency by automatically shutting off the engine when the vehicle comes to a stop, such as at a traffic light or in heavy traffic. As governments around the world implement stricter emissions regulations, the adoption of start/stop systems is expected to increase further.

Electric Power Steering:

The electric power steering segment in the vehicle electrification market is witnessing rapid growth due to the numerous advantages it offers over traditional hydraulic power steering systems. Electric power steering systems are more energy-efficient, lighter, and provide better feedback to the driver. With the increasing focus on reducing vehicle weight and improving fuel efficiency, the demand for electric power steering systems is expected to continue to rise.

Liquid Heater PTC:

The liquid heater PTC segment in the vehicle electrification market is gaining traction as automakers look for ways to improve cabin comfort and reduce emissions. Liquid heater PTC systems use positive temperature coefficient (PTC) technology to heat the coolant in the vehicle's heating system, providing instant warmth to the cabin. As consumer demand for comfortable and efficient heating systems grows, the liquid heater PTC segment is expected to witness significant growth.

Electric Oil Pump:

The electric oil pump segment in the vehicle electrification market is experiencing strong growth driven by the increasing adoption of electric vehicles (EVs) and hybrid vehicles. Electric oil pumps help improve fuel efficiency by reducing parasitic losses in the engine and improving lubrication efficiency. With the growing popularity of EVs and hybrid vehicles, the demand for electric oil pumps is expected to rise significantly in the coming years.

Hybridization:

The hybridization segment in the vehicle electrification market is a key driver of growth as automakers strive to meet stringent emissions regulations and improve fuel efficiency. Hybrid vehicles combine an internal combustion engine with an electric motor to reduce fuel consumption and emissions. With governments around the world offering incentives and subsidies for hybrid vehicles, the demand for hybridization is expected to increase further.

Vehicle Type:

The vehicle type segment in the vehicle electrification market includes passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars are leading the adoption of electrification technologies due to increasing consumer demand for fuel-efficient and eco-friendly vehicles. Light commercial vehicles are also witnessing significant growth as fleet operators look to reduce operating costs and emissions. With advancements in battery technology and charging infrastructure, the adoption of electrification technologies in heavy commercial vehicles is expected to accelerate in the coming years.

Competitive Landscape:

Top Market Players:

- Bosch

- Continental

- Delphi Technologies

- Denso

- Mitsubishi Electric

- BorgWarner

- Johnson Electric

- Mahle

- Nexteer Automotive

- Valeo

The competitive landscape in the Vehicle Electrification Market is highly competitive with leading players focusing on innovations, collaborations, and partnerships to gain a competitive edge. Technological advancements and the increasing demand for electric vehicles are driving the growth of the market.