Press release
Growing Popularity Of Hybrid Vehicles And The Vehicle Electrification Boom: A Key Catalyst Accelerating Vehicle Electrification Market Growth in 2025
Vehicle Electrification
What Is the Expected CAGR for the Vehicle Electrification Market Through 2025?
In the recent years, there has been a significant increase in the size of the vehicle electrification market. Anticipations are that it will expand from a worth of $92.61 billion in 2024 to an impressive $102.88 billion in 2025, indicating a compound annual growth rate (CAGR) of 11.1%. Several factors contribute to this growth observed in the historical period, including developments in Research and Development and innovation, the entrance of influential market players, enhancements in charging infrastructure, decrease in battery expenses, and a surge in consumer consciousness and demand.
What's the Projected Size of the Global Vehicle Electrification Market by 2029?
In the coming years, the vehicle electrification market is projected to undergo swift expansion. The market is foreseen to accelerate to a value of $158.45 billion by 2029, with a compound annual growth rate (CAGR) of 11.4%. This predicted escalation during the forecast timeframe can be credited to factors such as rigid emission laws, government backing and incentives, a decrease in battery production costs, expansion of charging infrastructure, and the commitment and investment of automakers. Key trends to watch in this forecast period include the incorporation of intelligent and connected features, changes in consumer behaviour, advancements in electric motor technology, the increased presence of hybrid and plug-in hybrid vehicles, and government objectives and guidelines.
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Top Growth Drivers in the Vehicle Electrification Industry: What's Accelerating the Market?
The surge in hybrid vehicle demand is fuelling the expansion of the vehicle electrification market. These hybrid vehicles possess an internal combustion engine along with one or more electric motors, enabling the vehicle to function using either power source. The ability of these vehicles to run on an electric battery offers improved fuel efficiency and assists in emission reduction. The growing attraction towards hybrid vehicles can be attributed to a concentrated push towards reducing emissions through the adoption of electric vehicles. Factors like rising income levels and a youthful demographic also contribute to this growing demand. As the popularity of hybrid vehicles grows, there will be an intensification in the requirement for vehicle electrification, as this is how standard vehicles are converted into hybrids. For example, in September 2023, a report on EV statistics from the UK indicated the most substantial annual rise in the registration of electric vans, with over 20,000 electric vans registered, marking a 21% growth from 2022. Therefore, the escalating demand for hybrid vehicles is projected to steer the growth in the vehicle electrification market.
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What Trends Will Shape the Vehicle Electrification Market Through 2029 and Beyond?
Key players in the vehicle electrification market are prioritizing the development of technological enhancements like medium-duty electric work trucks powered by Siemens software to optimize design and engineering processes. These trucks are electric vehicles designed for commercial applications that can take on moderate loads and tasks. For example, the U.S-based Workhorse Group introduced medium-duty electric work trucks in October 2024, with a focus on creating electric vehicles and sustainable transportation solutions. Medium-duty electric work trucks leveraging Siemens software pertain to electrically powered vehicles purposed for commercial use. These vehicles feature an electric powertrain, enhanced efficiency due to optimized designs, regenerative braking, real-time monitoring via telematics, adjustable settings, and intuitive user interfaces, all of which are targeted at boosting performance and dependability across different uses.
What Are the Main 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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Which Top Companies are Driving Growth in the Vehicle Electrification Market?
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.
Which Regions Will Dominate the Vehicle Electrification Market Through 2029?
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.
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