Press release
Vehicle Electrification Market Research Report 2024-2033 | Size, Growth, Demand, Trends
Vehicle Electrification Market
The Business Research Company offers in-depth market insights through Vehicle Electrification Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The vehicle electrification market size has grown rapidly in recent years. It will grow from $84.04 billion in 2023 to $93.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to R&D and innovation, market entry of key players, improvements in charging infrastructure, reduction in battery costs, consumer awareness and demand.
The vehicle electrification market size is expected to see rapid growth in the next few years. It will grow to $143.56 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to stringent emission regulations, government support and incentives, cost reduction in battery production, expansion of charging infrastructure, automaker commitment and investments. Major trends in the forecast period include integration of smart and connected features, shift in consumer mindset, innovation in electric motors, rise in hybrid and plug-in hybrid vehicles, government targets and regulations.
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Market Segmentation:
The vehicle electrification market covered in this report is segmented -
1) 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
2) By Vehicle Type: Internal Combustion Engine Vehicle, Micro And Full Hybrid Vehicle, Plug-in Hybrid Electric Vehicle (PHEV) And Battery Electric Vehicle (BEV)
3) By Sales Channel: Original Equipment Manufacturers (OEM), Aftermarket
Major Driver - Growing Popularity Of Hybrid Vehicles And The Vehicle Electrification Boom
The increase in demand for hybrid vehicles is propelling the growth of the vehicle electrification market. 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. For instance, according to the data from a US-based analytics firm Wards Intelligence, the US sales of hybrid vehicle sales increased by 76% to 801,550 vehicles in 2021, representing 5% of US light vehicle sales. Sales of electric vehicles also increased by 83% to 434,879, representing 3% of the market. Therefore, the increasing demand for hybrid vehicles is expected to drive the growth of the vehicle electrification market.
Competitive Landscape:
Major companies operating in the vehicle electrification market report are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group AG, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Company, Honda Motor Co Ltd., Robert Bosch GmbH, Tesla Inc., Nissan Motor Co Ltd., Kia Corporation, BYD Company Limited, Audi AG, Volvo Group AB, Denso Corporation, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, Aisin Seiki Co Ltd., Jaguar Land Rover Automotive plc, BorgWarner Inc., Adient plc, NIO Inc., Li Auto Inc., XPeng Inc., Rivian Automotive Inc., Delphi Technologies, Polestar AB, Lucid Motors Inc., Fisker Inc., Lordstown Motors Corp, Canoo Inc., Arrival Ltd., Proterra Inc., Faraday Future Inc., Rimac Automobili d.o.o.
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Top Trend - Breakthrough In EV-Specific Tire Technology
Major companies operating in the vehicle electrification market are focused on developing innovative products such as tire to increase their profitability in the market. EV tires cater to the specific needs of electric vehicles, addressing their unique performance and efficiency requirements in the realm of vehicle electrification. For instance, in August 20232, Apollo Tires, an India-based tire manufacturer launched EV specific tires designed for both four-wheelers and two-wheelers. The Apollo Amperion series is tailored for electric passenger cars, targeting hatchbacks, compact SUVs, and sedans such as Tata Nexon, MG ZSE, and Hyundai Kona. Meanwhile, the Apollo WAV range is dedicated to electric two-wheelers. These tires incorporate innovative technologies like ""AQuT Tech"" for reduced noise and ""BEST Tech"" to enhance the battery range of EVs, utilizing advanced low RR technology.
The Table Of Content For The Market Report 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
…..
27. Vehicle Electrification Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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