Vehicle Electrification Market Outlook
According to the report by Expert Market Research (EMR), the global vehicle electrification market share is projected to grow at a CAGR of 12.10% between 2023 and 2028. Aided by the increasing sales of electric vehicles and growing efforts to reduce the dependence of customers on fossil fuels, the market is expected to grow significantly by 2028.
Vehicle electrification entails replacing conventional mechanical components of a vehicle with electric systems. These components, including electric power steering, electric air conditioner compressors, and electric vacuum pumps, play a crucial role in enhancing the performance, fuel efficiency, and emission control of vehicles. Apart from their primary functions, electric components also exhibit superior characteristics such as compactness, quiet operation, and fewer moving parts, rendering them integral to modern automotive design.
The growing consumer preference for fuel-efficient and low-emission vehicles is propelling the global vehicle electrification market growth. With increasing awareness of the environmental implications associated with internal combustion engine (ICE) vehicles, there has been a significant shift towards electric and hybrid vehicles, leading to a rise in demand for electrified components. Additionally, the intensifying regulations on vehicle emissions have further contributed to the popularity of vehicle electrification, as it is a key strategy to comply with stringent emission norms.
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The expanding application of electric components in different types of vehicles is also contributing to the vehicle electrification market. In the realm of passenger cars, electric systems are used extensively for power steering, start-stop systems, and electric turbochargers. The commercial vehicle sector is increasingly leveraging electrification for improving efficiency and reducing operating costs. Moreover, electric propulsion systems are becoming an essential component in the emerging sector of electric and autonomous vehicles.
Furthermore, the growing demand for advanced, high-performance vehicles in the automotive industry has led to an increased focus on vehicle electrification as a viable solution for sustainable transportation. With the rise of autonomous driving technology and the growing popularity of shared mobility services, vehicle electrification has emerged as a critical component in the evolving landscape of mobility, thereby boosting the vehicle electrification market expansion.
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Vehicle Electrification Market Segmentation
The market can be divided based on product type, sales channel, vehicle type, and region.
Market Breakup by Product Type
- Electric Oil Pump
- Alternator
- Electric Car Motors
- Electric Water Pumps
- Electric Fuel Pump
- Actuators
- Electric Power Steering
- Electric Vacuum Pump
- Start/Stop System
Market Breakup by Sales Channel
- Aftermarket
- Original Equipment Manufacturers (OEM)
Market Breakup by Vehicle Type
- Micro and Full Hybrid Vehicle
- Internal Combustion Engine Vehicle
- Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global vehicle electrification companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Continental AG
- Hitachi Automotive Systems, Ltd.
- Aisin Seiki Co., Ltd.
- Denso Corporation
- Delphi Technologies
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Johnson Electric Holdings Limited
- Magna International Inc.
- Others
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