Vehicle Electrification Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The vehicle electrification market is expected to register a CAGR of 9.7% during 2023–2031. The growing adoption of electric vehicles is one of the major trends in the vehicle electrification market.

Vehicle Electrification Market Analysis

• The rising concern about environmental impacts of traditional internal combustion engine (ICE) vehicles is one key driver for the electrification of vehicles.
• EVs produce zero tailpipe emissions, hence they help to reduce air pollution and greenhouse gas emissions. Such action is an important part of international efforts to combat climate change, and it is in line with regulations that governments are enforcing to limit air pollution.
• Governments deploy two complementary methods to achieve electrification: stricter emission standards, and various incentives to boost public enthusiasm for EV adoption.

Vehicle Electrification Market Overview

• Digital technology has played a transformative role, especially the progress of battery technology, the key item that improved the capacity of energy storage and the range of driving.
• Meanwhile, the fast-charging infrastructure makes travel in plugin EVs less anxiety about distance compared with the traditional vehicles, which also improve the practicality of such EVs.
• Moreover, the progress in electrical motor technology enhances the power and efficiency of EVs, improve driving level that may become the alternative or rival of the fuel-powered cars.
• With greater vehicle electrification overall, the number of electric models from different automakers has grown. Many prominent manufacturers are making large investments in their battery technology and expanding their existing electric vehicle inventory.
• The competition is fierce, but with each new model release, companies are driving the evolution of electric vehicles forward.

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Vehicle Electrification Market: Strategic Insights

Vehicle Electrification Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• The increasing sales of passenger and commercial vehicles

FUTURE TRENDS

• The growing adoption of electric vehicles

OPPORTUNITIES

• Demand for Sustainable and Environmentally Friendly Transportation System

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product

• Electric Pumps
• Electric Power Steering
• Liquid Heater PTC
• Electric Air Conditioner Compressor
• Actuator
• Alternator

Degree of Hybridization

• Hybrid Electric Vehicle
• Battery Electric Vehicle
• ICE & Micro Hybrid Vehicle
• Plug-In Hybrid Electric Vehicle
• 48 V Vehicle

Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicle

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Vehicle Electrification Market Drivers and Opportunities

Growing Adoption of Passenger Cars and Commercial Vehicles

• Overall, the vehicle electrification market is increasing at a significant rate due to a higher rate of passenger cars and commercial vehicles. Moreover, the demand for lightweight vehicles as well as growth in manufacturing technologies is also supporting the growth of automotive leaf springs market.
• According to the OICA data, the global passenger vehicle sales was around 57.27 million units in 2021 that further reached to around 65.27 million units in 2023.
• Similarly, according to the OICA data, the global overall vehicle sales was around 83.64 million units in 2021 that further reached to around 92.72 million units in 2023. These figures include passenger as well as commercial vehicles in total.

Demand for Sustainable and Environmentally Friendly Transportation System

• The vehicle electrification sector is becoming a fast-moving sector as the whole transport is going towards sustainability and clean surface transport. The influence of climate change is raising the concern and awareness to reduce green-house gases emission to environment. The world is witnessing a fast movement towards electronic vehicles (EVs) along with charging infrastructures. An enormous number of opportunities are emerging in the electronic vehicle electrification sector.
• Automakers are investing billions of dollars into electric vehicles as national governments seek to phase out internal combustion vehicles and offer incentives to promote EV uptake. This creates an opening for jobs in manufacturing, as well as engineering and technical positions, while the increased production of batteries, electric motors and other components of electric vehicles also creates opportunities down the supply chain for new jobs.
• Another promising investment theme is the charging infrastructure, both in terms of the setup for electric vehicles as well as for power grids. With the rising number of electric vehicles on the road, the need for a comprehensive charging network is a watchword for both investors and policymakers alike. The rise of electric vehicles thus opens the door for businesses to explore areas such as building charging infrastructure in parking lots, public spaces or commercial and residential buildings, innovations in fast-charging technologies, and wireless charging systems.

Vehicle Electrification Market Report Segmentation Analysis

Key segments that contributed to the derivation of the vehicle electrification market analysis are product, degree of hybridization, and vehicle type.

• Based on product, the vehicle electrification market is divided into electric pumps, electric power steering, liquid heater PTC, electric air conditioner compressor, actuator, alternator, and others.
• On the basis of degree of hybridization, the market is divided into hybrid electric vehicle, battery electric vehicle, ICE & micro hybrid vehicle, plug-in hybrid electric vehicle (PHEV), and 48 V vehicle.
• On the basis of degree of hybridization, the market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicle.

Vehicle Electrification Market Share Analysis by Geography

• Vehicle Electrification Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering vehicle electrification market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the vehicle electrification market in these regions.

Vehicle Electrification Market Market Report Scope

Vehicle Electrification Market News and Recent Developments

The vehicle electrification market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the vehicle electrification market are listed below:

• JTMEC is proud to launch its new electrical Dual MineStarter. This product is commonly used in underground mines to start drills, fans, and pumps. It can now support two applications, together with improving efficiency of operations and reducing costs for mines. The Dual MineStarter has two outlets, a configurable design, combined with optional Wi-Fi routers and many other features that makes it unique. It is also ideal to help mines move forward in the electrification of underground infrastructure. (Source: Epiroc, Company Website, September 2023)
• Danfoss Power Solutions’ Editron division has significantly enhanced its portfolio by launching two new electrification products at this year’s Agritechnica trade fair. The game-changing products will increase value for original equipment manufacturers (OEMs) in the on- and off-highway industries and quicken the pace of heavy-duty electrification. (Source: Danfoss, Company Website, November 2023)

Vehicle Electrification Market Report Coverage and Deliverables

The “Vehicle Electrification Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Vehicle electrification market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Vehicle electrification market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST analysis
• Vehicle electrification market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the vehicle electrification market
• Detailed company profiles