Vehicle Electrification Market to 2025 | Industry Statistics, Emerging Demands, Forecast to 2031 | Federal-Mogul Corporation First Brands Group LLC. General Motors---

Vehicle electrification market is anticipated to grow at a significant CAGR of 12.2% during the forecast period (2023-2030). The growing incentives and policies promoting electric vehicle adoption is the key factor supporting the growth of the market globally. According to the International Energy Agency (IEA), in May 2022, public spending on subsidies and incentives for EVs nearly doubled in 2021 to nearly $30 billion. A growing number of countries have pledged to phase out internal combustion engines or have ambitious vehicle electrification targets for the coming decades. The market players are also focusing on introducing vehicle electrification solutions that further bolster the market growth. For instance, in February 2023, Nissan Motor Corp. announced to accelerated electrification strategy, a plan to 23 electrified vehicles, including 15 EVs, by 2030. In response to changes in customer needs and the business environment, Nissan has revised its plan to further accelerate electrification.

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Among the vehicle types, the commercial vehicle sub-segment is expected to hold a considerable share of the global vehicle electrification market. The segmental growth is attributed to the growing vehicle electrification technology and supporting infrastructure for commercial vehicles globally. To meet the requirements of the commercial vehicle market. Modularity enables manufacturers to use full e-powertrain systems, or 'mix and match' their components. For instance, in May 2022, ZF launched AxTrax 2, a next-generation e-powertrain system for commercial vehicles. The integrated and modular e-powertrain system for light, medium and heavy-duty vehicles is ZF's latest e-mobility solution to help support the industry's transformation toward a more sustainable future.

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o Market Coverage
o Market number available for - 2025-2031
o Base year- 2025
o Forecast period- 2025-2031
o Segment Covered- By Source, By Product Type, By Applications
o Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
o Inc., and others

Global Vehicle Electrification Market Report Segment
By Product
• Electric Power Steering
• Electric Air Conditioner Compressor
• Electric Vacuum Pump
• Electric Oil Pump
• Electric Water Pump
• Integrated Starter Generator
• Actuators
• Others (Liquid Heater PTC, Starter Motor)

By Hybridization
• Internal Combustion Engine (ICE) & Micro-hybrid Vehicle
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)

By Vehicle Type
• Passenger vehicle
• Commercial vehicle

Global Vehicle Electrification Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa

The Report Covers
• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global vehicle electrificationmarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.

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