The global vehicle electrification market was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%. Asia-Pacific and North America are expected to witness considerable CAGRs of 12.9% and 11.2%, respectively. Vehicle electrification is the new era of automotive industry as majority of the industry players are changing the manufacturing outlook. The changing automotive manufacturing outlook is expected to support the growth of vehicle electrification market in the recent years. Moreover, electrical vehicles are witnessing popularity across the globe, owing to their operational efficiency and superior fuel economy. Vehicle electrification outperforms the conventional vehicle providing higher fuel economy, low carbon emission & maintenance, convenience of charging and refueling, smoother drive, and reduced sound from engine. Asia Pacific is expected to be witness as leading revenue contributor in the global market owing to wide spread of the OEM facilities in the said region
The growth of the global vehicle electrification market is driven by rise in adoption of fuel-efficient mobility solutions along with effective performance requirements and fall in price of batteries per KWH. However, decline in production and sale of automotive from last two year and high dependence on mechanical & hydraulic systems in existing vehicles are expected to act as the key restraints of the global market. Conversely, surge in need for cost-effective solutions and increase in electrification of commercial vehicles and fleet are anticipated to be provide potential growth opportunities for the global market in the near future.
The report segments the global vehicle electrification market based on product type, sales channel, vehicle type, and region. On the basis of product type, the market is segregated into starter motor, alternator, electric car motors, electric water pumps, electric oil pump, electric vacuum pump, electric fuel pump, electric power steering, actuators, and start/stop system. By sales channel, it is categorized into original equipment manufacturers (OEM) and aftermarket. Depending on vehicle type, it is differentiated into internal combustion engine vehicle, micro & full hybrid vehicle, and plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV). Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in global vehicle electrification market include AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, and Johnson Electric Holdings Limited.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents analytical depiction of the global vehicle electrification market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the financial competency of the market.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers.
KEY MARKET SEGMENTS
By Product Type
o Starter Motor
o Alternator
o Electric Car Motors
o Electric Water Pumps
o Electric Oil Pump
o Electric Vacuum Pump
o Electric Fuel Pump
o Electric Power Steering
o Actuators
o Start/Stop System
By Sales Channel
o Original Equipment Manufacturers (OEMs)
o Aftermarket
By Vehicle Type
o Internal Combustion Engine Vehicle
o Micro & Full Hybrid Vehicle
o Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV)
By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? France
? UK
? Italy
? Rest of Europe
o Asia-Pacific
? China
? Japan
? India
? South Korea
? Rest of Asia-Pacific
o LAMEA
? Latin America
? Middle East
? Africa
KEY PLAYERS
o AISIN SEIKI Co., Ltd.
o CONTINENTAL AG
o Delphi Technologies
o Hitachi Automotive Systems, Ltd.
o Robert Bosch GmbH
o ZF FRIEDRICHSHAFEN AG
o Denso Corporation
o BorgWarner Inc.
o Magna International Inc.
o Johnson Electric Holdings Limited
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