Press release
Vehicle Electrification Market Poised for 11.4 % Growth, Set to Hit $20.79 Billion by 2029
Vehicle Electrification
The surge in hybrid vehicle popularity is driving the vehicle electrification market's expansion. As these types of vehicles combine an internal combustion engine and one or more electric motors, they offer both fuel efficiency and the ability to lower emissions by choosing to operate on an electric battery. This growth in hybrid vehicle demand stems from a movement towards emission reduction through opting for electric vehicles, as well as increased income levels and a budding young demographic. With the augmentation in demand for hybrid vehicles, the need for vehicle electrification will simultaneously increase, considering it's the approach to turn a regular vehicle into a hybrid one. For example, according to a UK-based EV statistics report from September 2023, there was an all-time high annual rise in electric van registrations, with over 20,000 electric vans being registered, indicating a 21% growth from 2022. Hence, the escalating demand for hybrid vehicles is anticipated to spur the vehicle electrification market's growth.
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How will the growth rate of the vehicle electrification market shape industry trends by 2034?
The magnitude of the vehicle electrification market has amplified swiftly over the past few years. The market that is projected to surge from $92.61 billion in 2024 to $102.88 billion in 2025, presents a compound annual growth rate (CAGR) of 11.1%. Factors contributing to the notable growth during the historical period include research and development, the introduction of significant market players, enhancements in the charging facilities, a decrease in battery expenses, as well as increased consumer knowledge and demand.
Anticipated rapid expansion is on the horizon for the vehicle electrification market, projected to reach a market size of $158.45 billion in 2029, maintaining a compound annual growth rate (CAGR) of 11.4%. This upsurge during the forecast period can be ascribed to strict emission rules, support and incentives from the government, a decrease in battery production costs, growth of charging infrastructure, and heavy investment and commitment from automakers. Key future trends include the implementation of intelligent, interconnected features, changing consumer perspectives, innovation in electric motor technology, an increase in hybrid and plug-in hybrid vehicles, and government-led targets and regulations.
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What trends are poised to drive the future success of the vehicle electrification market?
Major corporations working in the field of vehicle electrification are prioritizing technological development like medium-duty electric work trucks, using Siemens software to improve their design and engineering methods. These medium-duty trucks, empowered by Siemens software, are electric vehicles meant for commercial usage that can manage moderate load and duties. For example, Workhorse Group, a U.S-based firm, launched such trucks in October 2024. This company is actively invested in creating electric vehicles and solutions for sustainable transportation. Medium-duty electric work trucks supported by Siemens software signify commercial electric vehicles boasting an electric powertrain, amplified efficiency with sophisticated designs, regenerative braking, real-time monitoring telematics, customizable settings, and easy-to-use interfaces. These features aim to boost performance and reliability across various applications.
Which primary segments of the vehicle electrification market are driving growth and industry transformations?
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 Or 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), After market
Subsegments:
1) By Starter Motor: Conventional Starter Motors, Brushless Starter Motors
2) By Alternator: Conventional Alternators, Smart Alternators
3) By Electric Car Motors: Ac Motors, Dc Motors, Permanent Magnet Motors
4) By Electric Water Pumps: Circulation Pumps, Cooling Pumps
5) By Electric Oil Pump: Engine Oil Pumps, Transmission Oil Pumps
6) By Electric Vacuum Pump: Diaphragm Vacuum Pumps, Piston Vacuum Pumps
7) By Electric Fuel Pump: In-Tank Fuel Pumps, Inline Fuel Pumps
8) By Electric Power Steering: Column-Mounted Electric Power Steering, Rack-Mounted Electric Power Steering
9) By Actuators: Electric Throttle Actuators, Electric Brake Actuators
10) By By Start Or Stop System: Automatic Start Or Stop Systems, Manual Start Or Stop Systems
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Which geographical regions are pioneering growth in the vehicle electrification market?
Asia-Pacific was the largest region in the vehicle electrification market in 2024. The regions covered in the vehicle electrification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the vehicle electrification market landscape?
Major companies operating in the vehicle electrification market include 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.
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What Is Covered In The Vehicle Electrification Global Market Report?
•Market Size Forecast: Examine the vehicle electrification market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the vehicle electrification market for a structured understanding.
•Key Players Overview: Analyze major players in the vehicle electrification market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vehicle electrification market.
•Segment Contributions: Evaluate how different segments drive overall growth in the vehicle electrification market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vehicle electrification market.
•Industry Challenges: Identify potential risks and obstacles affecting the vehicle electrification market.
•Competitive Landscape: Review strategic developments in the vehicle electrification market, including expansions, agreements, and new product launches.
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