Press release
Vehicle Electrification Market Size, Share, Trends, Growth, Drivers And Forecast 2023-2032
Vehicle Electrification Market Report
The Business Research Company's Vehicle Electrification Global Market Report 2023 identifies the increasing demand for hybrid vehicles as the major driver for the vehicle electrification market's growth in the forecast period. Hybrid vehicles have an internal combustion engine and one or more electric motors, any one source can be used to run the vehicle. Hybrid vehicles provide fuel economy and help in reducing emissions as they provide an option to run on an electric battery. The increasing demand for hybrid vehicles is due to the shift of focus to reducing emissions by opting for electric vehicles. The demand is also due to the rise in the income levels and the young population. As the demand increases for hybrid vehicles, there will be a significant need for electrification of vehicles as it is the way to make a normal vehicle a hybrid one.
The global vehicle electrification market size will grow from $75.87 billion in 2022 to $85.39 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global vehicle electrification is expected to grow to $139.26 billion in 2027 at a CAGR of 13.0%.
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Major competitors in the vehicle electrification market are Continental AG, Delphi Technologies, Robert Bosch, Denso, Magna International.
A key trend in the vehicle electrification market includes technological advancement. Technological advancements are the discovery of knowledge that helps in developing products using advanced technology. Major companies operating in the vehicle electrification market are focused on developing new technological solutions to meet customer demand and make vehicle electrification more advanced. These new technological solutions may include the introduction of advanced electrification methods and components such as an advanced and fast charger.
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The vehicle electrification market is segmented -
•By Product Type: Starter Motor, Alternator, Electric Car Motors, Electric Water Pumps, Electric Oil Pump, Electric Vacuum Pump, Electric Fuel Pump, Electric Power Steering, Actuators, Start/Stop System
•By Vehicle Type: Internal Combustion Engine Vehicle, Micro And Full Hybrid Vehicle, Plug-in Hybrid Electric Vehicle (PHEV) And Battery Electric Vehicle (BEV)
•By Sales Channel: Original Equipment Manufacturers (OEM), Aftermarket
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the vehicle electrification market.
The Business Research Company's "Global Vehicle Electrification Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Vehicle Electrification Market Include:
1. Executive Summary
2. Vehicle Electrification Market Characteristics
3. Vehicle Electrification Market Trends And Strategies
4. Vehicle Electrification Market - Macro Economic Scenario
5. Vehicle Electrification Market Size And Growth
……
26. Africa Vehicle Electrification Market
27. Vehicle Electrification Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Vehicle Electrification Market
29. Vehicle Electrification Market Future Outlook and Potential Analysis
30. Appendix
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