NEWARK, Del, July 15, 2022 (GLOBE NEWSWIRE) -- The global vehicle electrification market is pojected to grow at a prolific CAGR of 10.3% during the forecast period of 2022-2032. The market was valued at US$72 Bn in 2021. Rising emphasis on environment-friendly alternatives for the automobiles sector is driving the demand for vehicle electrification across the world.
Increasing fuel prices coupled with a rise in the sales of electric vehicles promotes market expansion of vehicle electrification. A general growth in environment consciousness, strict emission standards, and rising consumer demand for fuel efficient vehicles will bolster the sales of vehicle electrification. Additionally, governments across the globe are providing incentives like tax break and subsidies to promote vehicle electrification.
Furthermore, technologically advancements like e-axels in electric vehicles drive market growth for vehicle electrification. Growing demand for lightweight and fuel-efficient vehicles also bodes well for the vehicle electrification market.
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“With sustainable transportation facilities, vehicle electrification is beneficial to both manufacturers and end-users and this will facilitate growth of the vehicle electrification market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Demand for hybrid vehicles will propel market growth.
- Electric power steering sub-segment will dominate the Asia Pacific market.
- North America is anticipated to be the fastest-growing vehicle electrification market.
- The U.S. will lead the North America vehicle electrification market.
- Asia Pacific presents high growth opportunities for vehicle electrification market.
- Governments in South Korea, India, and China to promote electric vehicles. This will boost market sales in the region.
- High battery costs, overheating, battery development, and total energy storage capacity of the battery are market challenges.
Competitive Landscape
Bosch, Continental, Denso, BorgWarner, and Mitsubishi Electric are some of the key manufacturing organizations in the vehicle electrification market that are profiled in the full version of the report.
In a competitive market, these major organization maintain extensive product portfolio and strong global distribution channels. These companies engage in strategic collaborations, contracts and engagements; increase investments in new product development, and employs other expansion strategies to gain a competitive edge.
Major manufacturers in the vehicle electrification market include Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric (Japan). These companies have extensive product lines and strong global distribution networks. To maintain their market position, these companies employ strategies such as new product development, expansions, collaborations, and contracts and agreements.
- ARBOC Specialty Vehicles, LLC (United States) and XL Fleet Corp. (United States) collaborated to electrify ARBOC Freedom low-floor buses.
- Ford (United States) has acquired Electriphi (California), a company that provides charge management and fleet monitoring software.
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More Insights into the Vehicle Electrification Market Report
In its latest report, FMI offers an unbiased analysis of the global vehicle electrification market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032.
To understand the global market potential, growth, and scope, the market is segmented based on product type (start/stop system, electric power steering (EPS), electric air-conditioner compressor, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, integrated starter generator (ISG), starter motor, alternator, actuator), degree of hybridization (internal combustion engine (ICE) & micro-hybrid vehicle, hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV) 48 v), and region.
Vehicle Electrification Market Regional Analysis
According to FMI reports, the Asia Pacific vehicle electrification market will continue to account for the largest market share during 2022-2032.Governments in South Korea, India, and China are providing various incentives like tax breaks to promote electric vehicles. This will bode well for vehicle electrification market in the region. Rising disposable incomes coupled with technological and economical advancements will also positively influence the market.
Owing to its reduced fuel consumption and enhanced vehicle maneuverability, electric power steering (EPS) accounts for almost 91% installation in the Asia Pacific market. Thus the vehicle electrification market in Asia Pacific will register notable growth and expansion.
North America is anticipated to be the fastest-growing vehicle electrification market in the world. This is primarily due to an extremely high rate of adoption of electric components in ICE vehicles, HEVs, BEVs, and PHEVs in the United States. Additionally, substantial investments by OEMs in the development of vehicle electrification sector along with growing charging infrastructures promote market expansion of vehicle electrification in this region.
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Vehicle Electrification Market Segmentation Analysis
Electric power steering (ESP) installation provides reduced fuel consumption and improved vehicle maneuverability. ESP accounts for 91% installation in the Asia Pacific vehicle electrification market. Thus the ESP sub-segment will own highest market shareduring the forecast period.
Key Segments Covered in the Vehicle Electrification Market Report
Product Type:
- Start/Stop System
- Electric Power Steering (EPS)
- Electric Air-Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Liquid Heater PTC
- Integrated Starter Generator (ISG)
- Starter Motor
- Alternator
- Actuator
Degree of Hybridization:
- Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
- 48 V
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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About FMI – Automotive
The Automotive division of FMI presents an explicit and factual analysis of the automotive industry. This exhaustive study covers commodity, bulk, specialty, trends, and supply-demand-trade assessment. Our research studies serve as reference market guidelines for automotive manufacturers, channel partners, and government bodies for developing – ‘The Way Forward’.
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