Press release
Strong Growth Ahead: Vehicle Electrification Market Size To Grow At Arecord 11.4% Cagr By 2029
Vehicle Electrification Market Size
What Is the Vehicle Electrification Market Size and Projected Growth Rate?
The size of the vehicle electrification market has experienced accelerated expansion in the past few years. It's projected to enlarge from $92.61 billion in 2024 to $102.88 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.1%. This significant growth in the historical period is connected to factors such as R&D and innovation, the introduction of pivotal players to the market, advancements in charging infrastructure, a decline in battery expenses, as well as increased consumer knowledge and demand.
In the coming years, the vehicle electrification market is projected to experience significant growth. The market is expected to escalate to $158.45 billion by 2029, growing at a compound annual growth rate (CAGR) of 11.4%. The predicted expansion over the forecast period can be linked to strict emission rules, governmental assistance and incentives, decreased battery production costs, development of charging facilities, and automobile manufacturers' commitment and investments. Key trends to watch during the forecast timeline include the integration of intelligent and connected features, changes in consumer attitudes, advancements in electric motor technology, a surge in hybrid and plug-in hybrid vehicles, as well as government goals and regulations.
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What Are the Major Segments in the Vehicle Electrification Market?
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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What Are The Driving Vehicle Electrification Market Evolution?
The swelling need for hybrid cars is fueling the expansion of the vehicle electrification market. These vehicles possess not only an internal combustion engine but also one or more electric engines and can function using either source. With their ability to operate on electric battery power, they provide fuel efficiency and help cut down emissions, making them increasingly popular as the focus shifts toward reducing emissions with the use of electric cars. This demand surge is further fueled by increasing income levels and a younger demographic. As the popularity of hybrid vehicles grows, so does the necessity for vehicle electrification, as this is the process that modifies a regular vehicle into a hybrid one. For example, the largest annual surge in the number of registrations for electric vans was recorded in September 2023, according to a UK-based EV statistics report. Over 20,000 electric vans were registered, marking a 21% growth from 2022. Consequently, the growing need for hybrid vehicles is anticipated to spur on the expansion of the vehicle electrification market.
Which Firms Dominate The Vehicle Electrification Market Segments?
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.
What Trends Are Expected to Dominate the Vehicle Electrification Market in the Next 5 Years?
Central businesses in the vehicle electrification market are adopting innovative technological improvements such as medium-duty electric work trucks, leveraging Siemens software to improve design and engineering procedures. Medium-duty electric work trucks that utilize Siemens software are electrically powered commercial vehicles capable of undertaking moderate loads and assignments. For instance, Workhorse Group, a U.S. organization, introduced medium-duty electric work trucks in October 2024, with a focus on creating electric vehicles and sustainable transportation alternatives. Medium-duty electric work trucks employing Siemens software are commercial electric vehicles equipped with an electric drivetrain, heightened efficiency through refined designs, regenerative braking, real-time monitoring telematics, adjustable setups, and easy-to-use interfaces, all intended to improve performance and dependability in a variety of applications.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Vehicle Electrification Market?
2. What is the CAGR expected in the Vehicle Electrification Market?
3. What Are the Key Innovations Transforming the Vehicle Electrification Industry?
4. Which Region Is Leading the Vehicle Electrification Market?
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