Vehicle Electrification Market by Product (Actuator, Electric Power Steering, Integrated Starter Generator), Hybridization (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle), Component Voltage, Vehicle Type - Global Forecast 2024-2030

[182 Pages Report] The Vehicle Electrification Market size was estimated at USD 93.65 billion in 2023 and expected to reach USD 103.43 billion in 2024, at a CAGR 10.53% to reach USD 188.84 billion by 2030.

Vehicle electrification is a broad term encompassing various technologies to reduce reliance on traditional internal combustion engines (ICE) for mobility. This initiative is primarily geared toward decreasing vehicle emissions, improving air quality, and reducing the environmental footprint associated with personal and commercial transportation. Electrification strategies include the incorporation of electric motors to either supplement or replace the ICE in vehicles. The stringent government regulations aiming to reduce carbon emissions, increased consumer awareness towards environmental sustainability, and advancements in battery technology propel the market growth. However, high initial costs and complexities associated with battery production and recycling may impede market growth. Nevertheless, advances in solid-state battery technology, wireless charging solutions, and integration of renewable energy systems with EV charging networks are expected to create potential growth opportunities for the market.

The high voltage (HV) range, typically between 400 and 800 volts, is crucial in electric vehicles (EVs). This voltage spectrum is primarily used to propel electric vehicles, engaging directly with the electric motor that drives the vehicle. Adopting HV systems enables significant improvements in charging speeds, allowing for faster charge times compared to lower voltage systems. Moreover, this voltage range supports improved electrical transmission efficiency, enhancing the vehicle's range and performance. High Voltage systems also necessitate advanced safety measures and insulation technologies to safeguard passengers against electric shocks. The infrastructure for HV is increasingly becoming widespread, with fast-charging stations being installed across various locations to support the growing EV market. The low voltage (LV) range, spanning from 12 to 48 volts, plays an essential role in vehicle electrification, particularly in supporting auxiliary functions apart from the primary propulsion system. This includes the operation of vehicle electronics such as infotainment systems, lighting, electric windows, and climate control systems. The integration of LV systems is pivotal in ensuring the overall efficiency and sustainability of electric vehicles, alongside providing a platform for advancing vehicle technologies.

The commercial vehicle includes light commercial vehicles, heavy trucks, buses, and coaches driven by the growing need to reduce carbon emissions, lower operating costs, and support government policies across the globe for adopting eco-friendly transportation solutions. Due to economic and environmental benefits, fleet operators are progressively looking into electric vehicles (EVs) as a feasible alternative to traditional internal combustion engine vehicles. Fleet operators prioritize total cost of ownership (TCO), reliability, and the availability of charging infrastructure. The rapid expansion of EV charging infrastructure and battery technology improvements make electric commercial vehicles more appealing. The passenger vehicle segment is currently the most dynamic area of the vehicle electrification market. It encompasses sedans, SUVs, hatchbacks, and other passenger cars. The demand for electric passenger vehicles is primarily propelled by consumer interest in reducing greenhouse gas emissions, attractive government incentives, and the falling costs of batteries. Consumers prioritize range, charging time, vehicle price, and availability of charging infrastructure. Growing environmental awareness and the desire for newer technologies, including autonomous driving features, influence buyer preferences toward electric passenger vehicles.

In the Americas, consumer interest in electric vehicles (EVs) continues to grow, driven by increasing environmental awareness, substantial investments in EV infrastructure, and federal incentives for consumers and manufacturers. Corporate commitments to electrification, especially from legacy automakers, bolster the market. Recent patents in the US focus on improving battery technology, enhancing charging infrastructure, and integrating renewable energy sources. Furthermore, consumer demand is rising, reflecting a preference for cleaner transportation options amidst increasing concerns over climate change. Investments in renewable energy sources and charging infrastructure complement the growth in EVs, with strides being made in cold-weather battery performance research. In the Asia-Pacific, the vehicle electrification market is propelled by robust government policies, substantial investments in technology and infrastructure, and a well-established supply chain. Consumers have rapidly adopted EVs, buoyed by a broad spectrum of offerings from local manufacturers and significant patents relating to battery technology, electric motors, and autonomous vehicle systems, spurring the market growth in Asia-Pacific. The European Union stands at the forefront of vehicle electrification, with comprehensive policies supporting EV adoption, ambitious emission reduction targets, and substantial research and infrastructure development funding. Consumer interest in EVs is high due to robust charging networks, manufacturer commitments to electrifying their fleets, and attractive government incentives. On the other hand, in the Middle East and Africa, efforts are focused on establishing EV infrastructure, with several countries offering incentives to encourage consumer uptake. Solar energy integration into charging networks is a crucial area of investment and research. Solar-powered charging stations and local assembly of electric vehicles mark critical steps forward.

The FPNV Positioning Matrix is pivotal in evaluating the Vehicle Electrification Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Vehicle Electrification Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

• Toyota Announces USD 1.3 billion Investment For Electrification Efforts At Kentucky Facility

  Toyota has announced a substantial investment of USD 1.3 billion in its premier Kentucky facility. This strategic injection of funds elevates the total investment in the site to nearly USD 10 billion, earmarking the assembly of a pioneering three-row, battery-electric SUV tailor-made for the U.S. market. Central to this initiative is the development of a battery pack assembly line at Toyota Kentucky, with the batteries sourced from Toyota Battery Manufacturing in North Carolina. [Published On: 2024-02-07]

• Evtec Completes JVM Castings Acquisition

  Evtec, a provider of assembled automotive products, has successfully acquired JVM Castings Limited, a significant move aimed at enhancing the UK automotive industry's supply chain and advancing the sector's shift towards vehicle electrification. This acquisition is a strategic step by Evtec to fortify its network and support the automotive industry's transition to zero-emission vehicles, underscoring a shared commitment to reducing carbon emissions and achieving net-zero targets. [Published On: 2024-01-25]

• JLR Accelerates Electrification With New pound 250 million State-Of-The-Art Future Energy Lab

  Jaguar Land Rover (JLR) is set to revolutionize the electric vehicle (EV) landscape with the unveiling of its new Future Energy Lab, a cutting-edge 250 million-pound electric vehicle testing facility located at its Whitley Engineering Centre in Coventry. Spanning 323,000 square feet, this state-of-the-art complex aims to drastically enhance JLR's EV testing capabilities through the introduction of over 40 million pounds in technological advancements, including high-tech electric test rigs, Electric Drive Unit (EDU) manufacturing, and comprehensive EV systems test cells. [Published On: 2023-10-23]

The report delves into recent significant developments in the Vehicle Electrification Market, highlighting leading vendors and their innovative profiles. These include AMETEK, Inc., Aptiv PLC, BAE Systems PLC, BorgWarner Inc., Ford Motor Company, General Motors Company, Hitachi, Ltd., Honda Motor Co.,Ltd., Honeywell International Inc., Jaguar Land Rover Automotive PLC by Tata Motors Limited, Johnson Electric Holdings Limited, JTEKT Corporation, Magna International Inc., Mercedes-Benz Group AG, Mitsubishi Electric Corporation, Poclain Hydraulics Industrie SA, Robert Bosch GmbH, Schaeffler AG, Textron Systems Corporation, Thales Group, Toyota Motors Corporation, Valeo SA, Volkswagen AG, Zero Nox Inc., and ZF Friedrichshafen AG.

This research report categorizes the Vehicle Electrification Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Product
  • Actuator
  • Electric Power Steering
  • Integrated Starter Generator
  • Liquid Heater PTC
  • Start or Stop System
  • Starter Motor & Alternator
• Hybridization
  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
• Component Voltage
  • High Voltage
  • Low Voltage
• Vehicle Type
  • Commercial Vehicle
  • Passenger Vehicle

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

1. What is the market size and forecast of the Vehicle Electrification Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Vehicle Electrification Market?
3. What are the technology trends and regulatory frameworks in the Vehicle Electrification Market?
4. What is the market share of the leading vendors in the Vehicle Electrification Market?
5. Which modes and strategic moves are suitable for entering the Vehicle Electrification Market?