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Vehicle Electrification Market to Surpass $152.47 Billion by 2029 | Key Trends & Insights
Vehicle Electrification Market
How Will the Vehicle Electrification Market Grow by 2025 in Terms of Size and Growth?
The market size of vehicle electrification has been consistently expanding over the past few years. Forecasts predict an increase from $92.61 billion in 2024 to $101.59 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.7%. Factors such as enhanced research and development, innovation, the introduction of main players into the market, advancements in charging infrastructure, decreased battery expenses, and increasing consumer awareness and demand are responsible for the previously observed growth.
What Are the Estimated Growth Rates for the Vehicle Electrification Industry Through 2029?
Expectations are for the vehicle electrification market to undergo rapid expansion in the coming years, reaching a value of $152.47 billion in 2029 with a compound annual growth rate (CAGR) of 10.7%. This forecasted growth can be related to several factors such as stringent emission rules, government backing and incentives, reduced costs in battery manufacturing, and the broadening of charging facilities. Major automakers' commitments and investments also contribute to this growth. Key trends within this period encompass the integration of smart and connected features into vehicles, a shift in consumer attitudes, advancements in electric motor technology, increase of hybrid and plug-in hybrid vehicles, and specific targets and rules set by governments.
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What Are the Strategic Drivers Boosting Vehicle Electrification Market Performance?
The surge in interest for hybrid vehicles is a significant factor in driving the expansion of the vehicle electrification market. Hybrid cars, which feature an internal combustion engine and one or several electric motors, can be operated using either energy source. They offer the benefit of fuel economy and contribute to lower emissions due to their ability to run on an electric battery. The growing preference for these vehicles is attributed to a increased consciousness on reducing emissions through electric vehicle adoption. The appeal of hybrid vehicles is also amplified by growing income levels and a younger demographic. As more and more people desire hybrid vehicles, vehicle electrification will become significantly necessary, as it is the path to transform a regular car into a hybrid. For example, in September 2023, a UK-based EV statistics report revealed that electric van registrations experienced their greatest annual surge, with over 20,000 electric vans registered, marking a 21% increase from 2022. Hence, the burgeoning demand for hybrid vehicles is predicted to steer the expansion of the vehicle electrification market.
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What Are the 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
What Are the Key Adoption Trends in the Vehicle Electrification Market?
Major companies in the vehicle electrification market are concentrating on technological improvements such as mid-weight electric work vehicles, using Siemens software to improve design and engineering methods. Mid-weight electric work vehicles utilizing Siemens software are electrically propelled vehicles designed for commercial purposes, able to perform moderate tasks and handle moderate loads. Take for example, the US-based Workhorse Group, which in October 2024 launched mid-weight electric work vehicles, concentrating on developing electric vehicles and sustainable transport solutions. Mid-weight electric work vehicles that make use of Siemens software represent commercially built electric vehicles that boast an electric powertrain, enhanced efficiency courtesy of optimized designs, regenerative braking, telematics for immediate monitoring, customizable setups, and an easily navigable interface, all aimed at boosting performance and reliability in a range of uses.
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Which Companies Lead the Competitive Landscape of the Vehicle Electrification Industry?
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.
Where Are the Key Vehicle Electrification Market Opportunities by Region?
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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