Vehicle Electrification Market To Witness Massive Growth
Vehicle Electrification Industry
The global vehicle electrification market size is expected to reach USD 187.13 billion by 2030, registering a CAGR of 9.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is witnessing tremendous growth owing to several benefits such as reduced vehicle weight, higher fuel efficiency, improved driving comfort, and safety features in an electric vehicle.
The increasing conventional fossil fuel prices and rising electric vehicle sales are prompting the electrification of automobiles. The increasing customer demand for fuel-efficient automobiles, stringent emission rules, and growing environmental concerns are all expected to drive the growth of the market for vehicle electrification.
The vehicle generally uses diesel or electricity as its power source. However, due to the growing environmental concerns over carbon emissions and rising crude oil prices. Governments of the countries such as India, China, and the U.S. are pivoting toward complete vehicle electrification. It encourages heavy investments from the government and private entities that are used for the development of electric vehicles and their infrastructure. These factors are further driving the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Vehicle Electrification market
Vehicle Electrification Market Segments Highlights:
- The electric vacuum pump segment accounted for the largest revenue share of 13.3% in 2022 and is expected to grow at the fastest CAGR of 12.4% over the forecast period. Technological developments are being carried out in the automotive industry to save fuel, gaining prominence due to increased engine energy efficiency.
- The Internal Combustion Engine (ICE) and micro-hybrid vehicle segment accounted for the largest revenue share of around 58.5% in 2022. Technological advancements in the automotive industry have led to the introduction of battery electric vehicles.
- The EPS segment is chosen with a higher preference between end-users than other steering systems because of many advantages such as energy economy, decreased mechanical complications, and the ability to simply adjust and simpler interface
- The Asia Pacific dominated the market and accounted for the largest revenue share of 52.2% in 2022 owing to the growing large-scale adoption of vehicle electrification methods in the automobile sector.
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
- The global commercial vehicles market size was estimated at USD 1.35 trillion in 2022 and is projected to register a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030.
- The global electric vehicle market size was estimated at USD 1,070.77 billion in 2023 and is anticipated to grow at a CAGR of 33.6% from 2024 to 2030.
Segments Covered in the Report
Grand View Research has segmented the global vehicle electrification market report on the basis of product, hybridization, vehicle type, and region:
Vehicle Electrification Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Start/Stop System
- Electric Power Steering
- Liquid Heater Ptc
- Electric Air Conditioner Compressor
- Electric Vacuum Pump
- Electric Oil Pump
- Electric Water Pump
- Starter Motor & Alternator
- Integrated Starter Generator
- Actuators
Vehicle Electrification Hybridization Outlook (Revenue, USD Billion, 2018 - 2030)
- Internal Combustion Engine (ICE) & Micro-hybrid Vehicle
- HEV
- PHEV
- BEV
Vehicle Electrification Vehicle Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Passenger vehicle
- Commercial vehicle
Vehicle Electrification Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- RoW
- Latin America
- Middle East and Africa
Order a free sample PDF of the Vehicle Electrification Market Intelligence Study, published by Grand View Research.
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