Press release
Vehicle Electrification Global Market: Growth Driven by Innovation and Stringent Regulations
Vehicle Electrification Market Size
• The vehicle electrification market size has grown rapidly in recent years from $92.61 billion in 2024 to $102.88 billion in 2025 at a compound annual growth rate (CAGR) of 11.1%.
• The market size is expected to see rapid growth to $158.45 billion in 2029 at a CAGR of 11.4%.
• The growth can be attributed to R&D and innovation, market entry of key players, improvements in charging infrastructure, reduction in battery costs, and increased consumer awareness and demand.
• Major drivers for the forecast period include stringent emission regulations, government support and incentives, cost reduction in battery production, expansion of charging infrastructure, automaker commitment and investments.
What Is Driving The Growth In The Vehicle Electrification Global Market?
The increase in demand for hybrid vehicles is propelling the growth of the vehicle electrification market. Hybrid vehicles integrate an internal combustion engine and one or more electric motors, providing an option to run on electric battery, aiding fuel economy, and reducing emissions. The rise in income levels and the young population are also contributing to the increasing demand for hybrid vehicles. As a result, there is a significant need for vehicle electrification, which is the process to transform a conventional vehicle into a hybrid one. For instance, in September 2023, according to a UK-based EV statistics report, there was a significant annual rise in the number of electric van registrations, showing a 21% growth over the previous year.
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Who Are the Key Players Driving Vehicle Electrification Global Market Report Growth?
• 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.
• 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.
What Are The Key Trends In The Vehicle Electrification Global Market Report?
• 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
What Are The Segments Of The Global Vehicle Electrification Market?
• 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 Or 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
Which Region Leads The Vehicle Electrification Global Market Report?
Asia-Pacific was the largest region in the vehicle electrification market in 2024. The areas covered in the vehicle electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Vehicle Electrification Global Market Report?
- Market Size Analysis: Analyze the Vehicle Electrification Global Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vehicle Electrification Global Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vehicle Electrification Global Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vehicle Electrification Global Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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