Vehicle Electrification Market by Product, Hybridization, Component Voltage, Vehicle Type

Description

List of Tables

[182 Pages Report] The Vehicle Electrification Market size was estimated at USD 93.65 billion in 2023 and expected to reach USD 103.43 billion in 2024, at a CAGR 10.53% to reach USD 188.84 billion by 2030.

Vehicle electrification is a broad term encompassing various technologies to reduce reliance on traditional internal combustion engines (ICE) for mobility. This initiative is primarily geared toward decreasing vehicle emissions, improving air quality, and reducing the environmental footprint associated with personal and commercial transportation. Electrification strategies include the incorporation of electric motors to either supplement or replace the ICE in vehicles. The stringent government regulations aiming to reduce carbon emissions, increased consumer awareness towards environmental sustainability, and advancements in battery technology propel the market growth. However, high initial costs and complexities associated with battery production and recycling may impede market growth. Nevertheless, advances in solid-state battery technology, wireless charging solutions, and integration of renewable energy systems with EV charging networks are expected to create potential growth opportunities for the market.

KEY MARKET STATISTICS
Base Year [2023]	USD 93.65 billion
Estimated Year [2024]	USD 103.43 billion
Forecast Year [2030]	USD 188.84 billion
CAGR (%)	10.53%

Component Voltage: Burgeoning adoption of low voltage (LV) range that ensures overall efficiency and sustainability

The high voltage (HV) range, typically between 400 and 800 volts, is crucial in electric vehicles (EVs). This voltage spectrum is primarily used to propel electric vehicles, engaging directly with the electric motor that drives the vehicle. Adopting HV systems enables significant improvements in charging speeds, allowing for faster charge times compared to lower voltage systems. Moreover, this voltage range supports improved electrical transmission efficiency, enhancing the vehicle's range and performance. High Voltage systems also necessitate advanced safety measures and insulation technologies to safeguard passengers against electric shocks. The infrastructure for HV is increasingly becoming widespread, with fast-charging stations being installed across various locations to support the growing EV market. The low voltage (LV) range, spanning from 12 to 48 volts, plays an essential role in vehicle electrification, particularly in supporting auxiliary functions apart from the primary propulsion system. This includes the operation of vehicle electronics such as infotainment systems, lighting, electric windows, and climate control systems. The integration of LV systems is pivotal in ensuring the overall efficiency and sustainability of electric vehicles, alongside providing a platform for advancing vehicle technologies.

Vehicle Type: Evolving adoption vehicle electrification in commercial vehicles

The commercial vehicle includes light commercial vehicles, heavy trucks, buses, and coaches driven by the growing need to reduce carbon emissions, lower operating costs, and support government policies across the globe for adopting eco-friendly transportation solutions. Due to economic and environmental benefits, fleet operators are progressively looking into electric vehicles (EVs) as a feasible alternative to traditional internal combustion engine vehicles. Fleet operators prioritize total cost of ownership (TCO), reliability, and the availability of charging infrastructure. The rapid expansion of EV charging infrastructure and battery technology improvements make electric commercial vehicles more appealing. The passenger vehicle segment is currently the most dynamic area of the vehicle electrification market. It encompasses sedans, SUVs, hatchbacks, and other passenger cars. The demand for electric passenger vehicles is primarily propelled by consumer interest in reducing greenhouse gas emissions, attractive government incentives, and the falling costs of batteries. Consumers prioritize range, charging time, vehicle price, and availability of charging infrastructure. Growing environmental awareness and the desire for newer technologies, including autonomous driving features, influence buyer preferences toward electric passenger vehicles.

Regional Insights

In the Americas, consumer interest in electric vehicles (EVs) continues to grow, driven by increasing environmental awareness, substantial investments in EV infrastructure, and federal incentives for consumers and manufacturers. Corporate commitments to electrification, especially from legacy automakers, bolster the market. Recent patents in the US focus on improving battery technology, enhancing charging infrastructure, and integrating renewable energy sources. Furthermore, consumer demand is rising, reflecting a preference for cleaner transportation options amidst increasing concerns over climate change. Investments in renewable energy sources and charging infrastructure complement the growth in EVs, with strides being made in cold-weather battery performance research. In the Asia-Pacific, the vehicle electrification market is propelled by robust government policies, substantial investments in technology and infrastructure, and a well-established supply chain. Consumers have rapidly adopted EVs, buoyed by a broad spectrum of offerings from local manufacturers and significant patents relating to battery technology, electric motors, and autonomous vehicle systems, spurring the market growth in Asia-Pacific. The European Union stands at the forefront of vehicle electrification, with comprehensive policies supporting EV adoption, ambitious emission reduction targets, and substantial research and infrastructure development funding. Consumer interest in EVs is high due to robust charging networks, manufacturer commitments to electrifying their fleets, and attractive government incentives. On the other hand, in the Middle East and Africa, efforts are focused on establishing EV infrastructure, with several countries offering incentives to encourage consumer uptake. Solar energy integration into charging networks is a crucial area of investment and research. Solar-powered charging stations and local assembly of electric vehicles mark critical steps forward.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Vehicle Electrification Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Vehicle Electrification Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Vehicle Electrification Market, highlighting leading vendors and their innovative profiles. These include AMETEK, Inc., Aptiv PLC, BAE Systems PLC, BorgWarner Inc., Ford Motor Company, General Motors Company, Hitachi, Ltd., Honda Motor Co.,Ltd., Honeywell International Inc., Jaguar Land Rover Automotive PLC by Tata Motors Limited, Johnson Electric Holdings Limited, JTEKT Corporation, Magna International Inc., Mercedes-Benz Group AG, Mitsubishi Electric Corporation, Poclain Hydraulics Industrie SA, Robert Bosch GmbH, Schaeffler AG, Textron Systems Corporation, Thales Group, Toyota Motors Corporation, Valeo SA, Volkswagen AG, Zero Nox Inc., and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Vehicle Electrification Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Actuator
- Electric Power Steering
- Integrated Starter Generator
- Liquid Heater PTC
- Start or Stop System
- Starter Motor & Alternator

Hybridization
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle

Component Voltage
- High Voltage
- Low Voltage

Vehicle Type
- Commercial Vehicle
- Passenger Vehicle

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Vehicle Electrification Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Vehicle Electrification Market?

3. What are the technology trends and regulatory frameworks in the Vehicle Electrification Market?

4. What is the market share of the leading vendors in the Vehicle Electrification Market?

5. Which modes and strategic moves are suitable for entering the Vehicle Electrification Market?

Product Code: MRR-034B50030385

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Surge in adoption of fuel-efficient mobility solutions worldwide
  - 5.1.1.2. Rising demand for clean roadmap and value-oriented solution with decreasing cost of EV production
  - 5.1.1.3. Increase consumer awareness towards environmental sustainability
- 5.1.2. Restraints
  - 5.1.2.1. High cost incurred in vehicle electrification
- 5.1.3. Opportunities
  - 5.1.3.1. Stringent government emission regulation in developed countries
  - 5.1.3.2. Technological advancements in solid-state battery coupled with evolution of power grid globally
- 5.1.4. Challenges
  - 5.1.4.1. Lack of infrastructure for charging facilities with complexities associated with battery production and recycling
5.2. Market Segmentation Analysis
- 5.2.1. Component Voltage: Burgeoning adoption of low voltage (LV) range that ensures overall efficiency and sustainability
- 5.2.2. Vehicle Type: Evolving adoption vehicle electrification in commercial vehicles
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Vehicle Electrification Market, by Product

6.1. Introduction
6.2. Actuator
6.3. Electric Power Steering
6.4. Integrated Starter Generator
6.5. Liquid Heater PTC
6.6. Start or Stop System
6.7. Starter Motor & Alternator

7. Vehicle Electrification Market, by Hybridization

7.1. Introduction
7.2. Battery Electric Vehicle
7.3. Hybrid Electric Vehicle
7.4. Plug-in Hybrid Electric Vehicle

8. Vehicle Electrification Market, by Component Voltage

8.1. Introduction
8.2. High Voltage
8.3. Low Voltage

9. Vehicle Electrification Market, by Vehicle Type

9.1. Introduction
9.2. Commercial Vehicle
9.3. Passenger Vehicle

10. Americas Vehicle Electrification Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Vehicle Electrification Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Vehicle Electrification Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Toyota Announces USD 1.3 billion Investment For Electrification Efforts At Kentucky Facility
- 13.3.2. Evtec Completes JVM Castings Acquisition
- 13.3.3. JLR Accelerates Electrification With New pound 250 million State-Of-The-Art Future Energy Lab
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio