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PUBLISHER: IMARC | PRODUCT CODE: 1347576
PUBLISHER: IMARC | PRODUCT CODE: 1347576
Vehicle Electrification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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Market Overview:
The global vehicle electrification market size reached US$ 85.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 131.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.29% during 2023-2028.
Vehicle electrification is the process of using electricity to power a vehicle and replace components that operate on a conventional energy source. It relies on a powertrain driven by electricity and auxiliary systems, such as on-board and off-board charging systems and wireless power transfer, to offer electronic power-assisted steering. It also provides an electronic stability program, electronic traction control, intelligent light system, smart electromagnetic suspension, all-wheel drive, and airbag deployment system. As a result, it finds extensive applications in distribution and field services and long-haul transportation across the globe.
Vehicle Electrification Market Trends:
At present, there is a rise in the demand for electric vehicles (EV) across the globe. This, along with the burgeoning automotive industry, represents one of the key factors driving the market. Moreover, the increasing need for a substitute of conventional hydraulic and mechanical systems. This, coupled with the growing environmental concerns among individuals due to rising carbon dioxide emissions (CO2), is catalyzing the demand for vehicle electrification. In addition, there is a significant focus on weight reduction in automotive components to reduce fuel consumption and enhance the operational efficiency of vehicles. This, in confluence with initiatives undertaken by governments of several countries to promote the use of fuel-efficient vehicles, is propelling the demand for vehicle electrification. Furthermore, declining prices of batteries around the world is offering lucrative growth opportunities to investors and end-users. Additionally, the rising utilization of advanced technologies like e-axle in EVs is positively influencing the market. Furthermore, key market players are extensively investing in research and development (R&D) activities to introduce cost-effective solutions. These players are also focusing on product launches and mergers and acquisitions (M&A), which is projected to increase their overall profitability.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global vehicle electrification market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, vehicle type and sales channel.
Breakup by Product Type:
Starter Motor
Alternator
Electric Car Motors
Electric Water Pump
Electric Oil Pump
Electric Vacuum Pump
Electric Fuel Pump
Electric Power Steering
Actuators
Start/Stop System
Breakup by Vehicle Type:
Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle
Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Breakup by Sales Channel:
Original Equipment Manufacturers (OEM)
Aftermarket
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Aisin Corporation, BorgWarner Inc., Continental AG, DENSO Corporation, Ford Motor Company, Hitachi Ltd., Johnson Electric Holdings Limited, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo and ZF Friedrichshafen AG.
Key Questions Answered in This Report:
- How has the global vehicle electrification market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global vehicle electrification market?
- What are the key regional markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the sales channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global vehicle electrification market and who are the key players?
- What is the degree of competition in the industry?
Product Code: SR112023A5787
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Vehicle Electrification Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Product Type
- 6.1 Starter Motor
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Alternator
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Electric Car Motors
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Electric Water Pump
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Electric Oil Pump
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
- 6.6 Electric Vacuum Pump
- 6.6.1 Market Trends
- 6.6.2 Market Forecast
- 6.7 Electric Fuel Pump
- 6.7.1 Market Trends
- 6.7.2 Market Forecast
- 6.8 Electric Power Steering
- 6.8.1 Market Trends
- 6.8.2 Market Forecast
- 6.9 Actuators
- 6.9.1 Market Trends
- 6.9.2 Market Forecast
- 6.10 Start/Stop System
- 6.10.1 Market Trends
- 6.10.2 Market Forecast
7 Market Breakup by Vehicle Type
- 7.1 Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Hybrid Electric Vehicle (HEV)
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
8 Market Breakup by Sales Channel
- 8.1 Original Equipment Manufacturers (OEM)
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Aftermarket
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Aisin Corporation
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 BorgWarner Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Continental AG
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 DENSO Corporation
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 Ford Motor Company
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Hitachi Ltd.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.6.4 SWOT Analysis
- 14.3.7 Johnson Electric Holdings Limited
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Magna International Inc.
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Mitsubishi Electric Corporation
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 Robert Bosch GmbH
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 SWOT Analysis
- 14.3.11 Valeo
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 ZF Friedrichshafen AG
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 SWOT Analysis
- 14.3.1 Aisin Corporation
Product Code: SR112023A5787
List of Figures
- Figure 1: Global: Vehicle Electrification Market: Major Drivers and Challenges
- Figure 2: Global: Vehicle Electrification Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Vehicle Electrification Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Vehicle Electrification Market: Breakup by Product Type (in %), 2022
- Figure 5: Global: Vehicle Electrification Market: Breakup by Vehicle Type (in %), 2022
- Figure 6: Global: Vehicle Electrification Market: Breakup by Sales Channel (in %), 2022
- Figure 7: Global: Vehicle Electrification Market: Breakup by Region (in %), 2022
- Figure 8: Global: Vehicle Electrification (Starter Motor) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 9: Global: Vehicle Electrification (Starter Motor) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 10: Global: Vehicle Electrification (Alternator) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Vehicle Electrification (Alternator) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Vehicle Electrification (Electric Car Motors) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Vehicle Electrification (Electric Car Motors) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Vehicle Electrification (Electric Water Pump) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Vehicle Electrification (Electric Water Pump) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Vehicle Electrification (Electric Oil Pump) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Vehicle Electrification (Electric Oil Pump) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Vehicle Electrification (Electric Vacuum Pump) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Vehicle Electrification (Electric Vacuum Pump) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Vehicle Electrification (Electric Fuel Pump) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Vehicle Electrification (Electric Fuel Pump) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Vehicle Electrification (Electric Power Steering) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Vehicle Electrification (Electric Power Steering) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Vehicle Electrification (Actuators) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Vehicle Electrification (Actuators) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Vehicle Electrification (Start/Stop System) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Vehicle Electrification (Start/Stop System) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: Global: Vehicle Electrification (Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: Global: Vehicle Electrification (Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: Global: Vehicle Electrification (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: Global: Vehicle Electrification (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Global: Vehicle Electrification (Hybrid Electric Vehicle (HEV)) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Global: Vehicle Electrification (Hybrid Electric Vehicle (HEV)) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Global: Vehicle Electrification (Original Equipment Manufacturers (OEM)) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Global: Vehicle Electrification (Original Equipment Manufacturers (OEM)) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: Global: Vehicle Electrification (Aftermarket) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: Global: Vehicle Electrification (Aftermarket) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: North America: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: North America: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: United States: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: United States: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: Canada: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: Canada: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: Asia-Pacific: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: Asia-Pacific: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: China: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: China: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Japan: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Japan: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: India: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: India: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: South Korea: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: South Korea: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: Australia: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: Australia: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: Indonesia: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: Indonesia: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: Others: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: Others: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Europe: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Europe: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Germany: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Germany: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: France: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: France: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: United Kingdom: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: United Kingdom: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Italy: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Italy: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Spain: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Spain: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: Russia: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: Russia: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Others: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Others: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Latin America: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 77: Latin America: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 78: Brazil: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 79: Brazil: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 80: Mexico: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 81: Mexico: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 82: Others: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 83: Others: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 84: Middle East and Africa: Vehicle Electrification Market: Sales Value (in Million US$), 2017 & 2022
- Figure 85: Middle East and Africa: Vehicle Electrification Market: Breakup by Country (in %), 2022
- Figure 86: Middle East and Africa: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 87: Global: Vehicle Electrification Industry: SWOT Analysis
- Figure 88: Global: Vehicle Electrification Industry: Value Chain Analysis
- Figure 89: Global: Vehicle Electrification Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Vehicle Electrification Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Vehicle Electrification Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
- Table 3: Global: Vehicle Electrification Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
- Table 4: Global: Vehicle Electrification Market Forecast: Breakup by Sales Channel (in Million US$), 2023-2028
- Table 5: Global: Vehicle Electrification Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Vehicle Electrification Market: Competitive Structure
- Table 7: Global: Vehicle Electrification Market: Key Players
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