Market overview:
The worldwide Vehicle Electrification Market was worth $70.14 billion in 2019 and is expected to grow to $140.29 billion by 2027, at an 11.3% CAGR. Vehicle electrification is the primary driving force behind the automotive industry's big shift.
Factors such as increased adoption of fuel-efficient mobility solutions, effective performance requirements, and a decrease in battery price per KWH will likely boost the worldwide vehicle electrification industry. However, a decline in automotive production and sales over the last two years and a high reliance on mechanical and hydraulic systems in existing cars are projected to hinder the growth of the Vehicle Electrification Market during the forecast period. On the other, a surge in need for cost-effective solutions and an increase in the trend of electrification of commercial vehicles and fleets are expected to provide lucrative prospects for worldwide market advancement over the forecast period.
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The need for vehicle electrification is driven primarily by an expansion in automotive manufacturing and vehicle sales worldwide. Vehicle electrification is gaining popularity as an alternative to traditional hydraulic and mechanical systems. Vehicle electrification improves fuel efficiency and lowers pollution. Because of the increasing trend of vehicle electrification, OEMs have seen substantial weight reduction of automotive components, reducing fuel consumption and improving vehicle operating efficiency. The electrification of the IC engine is a game changer since it allows for reduced fuel usage.
Furthermore, electric cars outperform conventional vehicles in carbon emissions and maintenance, charging and refilling ease, smoother drive, less engine noise, and fuel efficiency. The COVID-19 virus had a significant influence on the car industry. Car sales globally fell by roughly 15% in 2020. Along with it, automobile demand dropped sharply, resulting in the temporary stoppage of production lines. The restrictions on movement during the lockdowns also impacted the supply chain. However, the vehicle industry is today seeing quick and significant expansion.
Market segmentation:
Sales Channel, Product Type, Voltage, and Degree of Hybridization are the sectors of the Vehicle Electrification Market.
- The market is segmented into two segments based on the sales channel: aftermarket and OEM.
- The Vehicle Electrification Market is further classified based on voltage into 12 V, 14 V, 24 V, and 48 V.
- Electric Power Steering (EPS), Stop/Start System, Integrated Starter Generator (ISG), Liquid Heater PTC, Electric Vacuum Pump, Electric Oil Pump, Starter Motor, Actuator, Electric Air-Conditioner Compressor, and Alternator are the product types in the Vehicle Electrification Market.
- The Vehicle Electrification Market is further classified into 48 V, Internal Combustion Engine (ICE) Micro-Hybrid Vehicle, Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and 48 Mild-Hybrid Market.
Regional analysis:
The Vehicle Electrification Market Size is divided into four regions: Asia-Pacific, North America, Europe, and the rest of the globe. The Asia-Pacific region is expected to have the biggest market share during the period investigated. The presence of multiple significant players and government initiatives encouraging the usage of electric cars is driving increased demand for EVs. Economic and technical developments will also help to accelerate growth.
Furthermore, North America will be the second-largest revenue contributor to the Vehicle Electrification Market. The availability of better infrastructure and the huge demand for electric vehicles significantly boost the sector. In addition, Europe's Vehicle Electrification Market will grow significantly in the next few years. The market will benefit from the increased demand for efficient transportation and environmentally friendly automobiles. Furthermore, Africa and the Middle East area will experience significant development.
Recent developments:
- GM announced the debut of its latest electric utility vehicle, the 2022 Chevrolet Bolt EUV, in 2021.
- In 2021, XL Fleet Corp formed a partnership with ARBOC Specialty Vehicles LLC, a unit of the NFI Group Inc. This collaboration will aid in electrifying ARBOC's low-floor buses using the XL hybrid electric technology.
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