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Vehicle Electrification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global vehicle electrification market reached a value of US$ 78.78 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 123.01 Billion by 2027, exhibiting a CAGR of 7.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor. 

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, along with forecasts at the global, regional and country level from 2022-2027. 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Product Type, Vehicle Type, Sales Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

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?

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
    9.2    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
    9.3    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
    9.4    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
    9.5    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

List of Figures

Figure 1: Global: Vehicle Electrification Market: Major Drivers and Challenges
Figure 2: Global: Vehicle Electrification Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Vehicle Electrification Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Vehicle Electrification Market: Breakup by Product Type (in %), 2021
Figure 5: Global: Vehicle Electrification Market: Breakup by Vehicle Type (in %), 2021
Figure 6: Global: Vehicle Electrification Market: Breakup by Sales Channel (in %), 2021
Figure 7: Global: Vehicle Electrification Market: Breakup by Region (in %), 2021
Figure 8: Global: Vehicle Electrification (Starter Motor) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Vehicle Electrification (Starter Motor) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Vehicle Electrification (Alternator) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Vehicle Electrification (Alternator) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Vehicle Electrification (Electric Car Motors) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Vehicle Electrification (Electric Car Motors) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Vehicle Electrification (Electric Water Pump) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Vehicle Electrification (Electric Water Pump) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Vehicle Electrification (Electric Oil Pump) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Vehicle Electrification (Electric Oil Pump) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Vehicle Electrification (Electric Vacuum Pump) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Vehicle Electrification (Electric Vacuum Pump) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Vehicle Electrification (Electric Fuel Pump) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Vehicle Electrification (Electric Fuel Pump) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Vehicle Electrification (Electric Power Steering) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Vehicle Electrification (Electric Power Steering) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Vehicle Electrification (Actuators) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Vehicle Electrification (Actuators) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Vehicle Electrification (Start/Stop System) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Vehicle Electrification (Start/Stop System) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Vehicle Electrification (Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Vehicle Electrification (Internal Combustion Engine (ICE) and Micro-Hybrid Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Vehicle Electrification (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Vehicle Electrification (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Vehicle Electrification (Hybrid Electric Vehicle (HEV)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Vehicle Electrification (Hybrid Electric Vehicle (HEV)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Vehicle Electrification (Original Equipment Manufacturers (OEM)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Vehicle Electrification (Original Equipment Manufacturers (OEM)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Vehicle Electrification (Aftermarket) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Vehicle Electrification (Aftermarket) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: North America: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: North America: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: United States: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: United States: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Canada: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Canada: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Asia-Pacific: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Asia-Pacific: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: China: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: China: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Japan: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Japan: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: India: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: India: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: South Korea: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: South Korea: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Australia: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Australia: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Indonesia: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Indonesia: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Others: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Others: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Europe: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Europe: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Germany: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Germany: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: France: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: France: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: United Kingdom: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: United Kingdom: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Italy: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Italy: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Spain: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Spain: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Russia: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Russia: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Others: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Others: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Latin America: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Latin America: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Brazil: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Brazil: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Mexico: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Mexico: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Others: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Others: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Middle East and Africa: Vehicle Electrification Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Middle East and Africa: Vehicle Electrification Market: Breakup by Country (in %), 2021
Figure 86: Middle East and Africa: Vehicle Electrification Market Forecast: Sales Value (in Million US$), 2022-2027
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, 2021 and 2027
Table 2: Global: Vehicle Electrification Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
Table 3: Global: Vehicle Electrification Market Forecast: Breakup by Vehicle Type (in Million US$), 2022-2027
Table 4: Global: Vehicle Electrification Market Forecast: Breakup by Sales Channel (in Million US$), 2022-2027
Table 5: Global: Vehicle Electrification Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Vehicle Electrification Market: Competitive Structure
Table 7: Global: Vehicle Electrification Market: Key Players


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