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 Forec

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

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.

Regional Insights

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.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Vehicle Electrification Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Surge in adoption of fuel-efficient mobility solutions worldwide
• Rising demand for clean roadmap and value-oriented solution with decreasing cost of EV production
• Increase consumer awareness towards environmental sustainability

Market Restraints

• High cost incurred in vehicle electrification

Market Opportunities

• Stringent government emission regulation in developed countries
• Technological advancements in solid-state battery coupled with evolution of power grid globally

Market Challenges

• Lack of infrastructure for charging facilities with complexities associated with battery production and recycling

Market Segmentation Analysis

• Component Voltage: Burgeoning adoption of low voltage (LV) range that ensures overall efficiency and sustainability
• Vehicle Type: Evolving adoption vehicle electrification in commercial vehicles

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Vehicle Electrification Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Vehicle Electrification Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

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.

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.

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.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Vehicle Electrification Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

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.

Market Segmentation & Coverage

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

Please Note: PDF & Excel + Online Access - 1 Year