Europe Vehicle Electrification Market by Product Type, End-Use, and Country-wise Insights: Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the Europe Vehicle Electrification Market. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the European vehicle electrification market from 2024 to 2031.

Key Insights:

Europe Vehicle Electrification Market Size (2024E): US$40.4 Bn
Projected Market Value (2031F): US$72.3 Bn
Global Market Growth Rate (CAGR 2024 to 2031): 8.6%

Vehicle Electrification Market - Report Scope:

Vehicle electrification encompasses a range of technologies aimed at reducing reliance on fossil fuels by integrating electric components in vehicles. This includes hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). The market caters to various segments, including passenger cars, commercial vehicles, and two-wheelers, highlighting the transition towards sustainable transportation. Key drivers of market growth include government regulations promoting low-emission vehicles, advancements in battery technology, and increasing consumer demand for eco-friendly transportation solutions.

Market Growth Drivers:

The European vehicle electrification market is propelled by several key factors, including stringent emissions regulations enforced by governments, which are pushing automakers to develop and promote electric vehicles (EVs). The growing awareness among consumers regarding environmental sustainability and the rising fuel prices further drive the demand for electrified vehicles. Technological advancements, such as improvements in battery efficiency and charging infrastructure, facilitate the adoption of EVs, making them more accessible to a broader audience. Additionally, increased investments from both public and private sectors in EV technology and infrastructure development foster market expansion.

Market Restraints:

Despite promising growth prospects, the vehicle electrification market faces challenges related to high initial costs associated with electric vehicles and inadequate charging infrastructure. Consumer apprehensions about the range and performance of electric vehicles, coupled with the limited availability of charging stations in some regions, hinder widespread adoption. Furthermore, regulatory changes and varying policies across different European countries can create uncertainty for manufacturers, affecting their market strategies. Addressing these challenges requires a concerted effort from stakeholders to enhance infrastructure and provide incentives to consumers.

Market Opportunities:

The vehicle electrification market presents significant growth opportunities driven by evolving consumer preferences and technological innovations. The increasing adoption of connected vehicle technologies, such as vehicle-to-grid (V2G) systems and smart charging solutions, can enhance the overall user experience and efficiency of EVs. Furthermore, the shift towards renewable energy sources for electricity generation can complement the growth of the electrification market, making EVs a more sustainable choice. Strategic partnerships between automakers and technology firms, along with investment in R&D for advanced battery technologies, will be essential to capitalize on emerging opportunities and maintain competitiveness in this dynamic market.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the vehicle electrification market in Europe?
Which vehicle types and applications are gaining traction in the European market?
How are technological advancements reshaping the competitive landscape of the vehicle electrification market?
Who are the key players contributing to the vehicle electrification market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the European vehicle electrification market?

Competitive Intelligence and Business Strategy:

Leading players in the European vehicle electrification market, including Tesla, BMW AG, and Volkswagen AG, focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest heavily in R&D to develop advanced electric vehicle technologies, including high-capacity batteries, improved powertrains, and efficient charging solutions. Collaborations with energy providers, tech companies, and government agencies facilitate market access and promote technology adoption. Moreover, an emphasis on sustainability practices, customer education, and market awareness drives growth and enhances consumer confidence in electric vehicles.

Key Companies Profiled:

Tesla, Inc.
BMW AG
Volkswagen AG
Nissan Motor Corporation
Ford Motor Company
Audi AG
Renault SA
Mercedes-Benz AG
BYD Company Limited
Hyundai Motor Company

Europe Vehicle Electrification Market Segmentation

By Product Type

Start/Stop System
Electric Power Steering (EPS)
Electric Air-Conditioner Compressor
Electric Vacuum Pump
Electric Oil Pump

By Degree of Hybridization

Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Battery Electric Vehicle (BEV)
48 V

By Countries

Germany
Italy
France
U.K.
Spain
Turkiye
Russia
Rest of Europe

Product Code: PMRREP34866

1. Executive Summary

1.1. Europe Vehicle Electrification Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Macro-Economic Factors
- 2.3.1. Europe Sectorial Outlook
- 2.3.2. Europe GDP Growth Outlook
2.4. COVID-19 Impact Analysis
2.5. Forecast Factors - Relevance and Impact

3. Value Added Insights

3.1. Product Type Adoption Analysis
3.2. Disease Epidemiology
3.3. Regulatory Landscape
3.4. Value Chain Analysis
3.5. Key Deals and Mergers
3.6. PESTLE Analysis
3.7. Porter's Five Force Analysis

4. Price Analysis, 2024

4.1. Key Highlights
4.2. Key Factors Impacting Product Type Prices
4.3. Pricing Analysis, By Product Type
4.4. Regional Prices and Product Type Preferences

5. Europe Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Volume (Units) Projections
- 5.1.2. Market Size (US$ Bn) and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size (US$ Bn) Analysis, 2019-2023
- 5.2.2. Current Market Size (US$ Bn) Analysis and Forecast, 2024-2031
5.3. Europe Vehicle Electrification Market Outlook: Product Type
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Product Type, 2019-2023
- 5.3.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
  - 5.3.3.1. Start/Stop System
  - 5.3.3.2. Electric Power Steering (EPS)
  - 5.3.3.3. Electric Air-Conditioner Compressor
  - 5.3.3.4. Electric Vacuum Pump
  - 5.3.3.5. Electric Oil Pump
- 5.3.4. Market Attractiveness Analysis: Product Type
5.4. Europe Vehicle Electrification Market Outlook: Hybridization
- 5.4.1. Introduction / Key Findings
- 5.4.2. Historical Market Size (US$ Bn) Analysis, By Hybridization, 2019-2023
- 5.4.3. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
  - 5.4.3.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
  - 5.4.3.2. Hybrid Electric Vehicle (HEV)
  - 5.4.3.3. Plug-In Hybrid Electric Vehicle (PHEV)
  - 5.4.3.4. Battery Electric Vehicle (BEV)
  - 5.4.3.5. 48 V
- 5.4.4. Market Attractiveness Analysis: Hybridization

6. Europe Vehicle Electrification Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Region, 2024-2031
- 6.3.1. Germany
- 6.3.2. Italy
- 6.3.3. France
- 6.3.4. U.K.
- 6.3.5. Spain
- 6.3.6. Turkiye
- 6.3.7. Russia
- 6.3.8. Rest of Europe
6.4. Market Attractiveness Analysis: Region

7. Germany Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 7.2.1. By Product Type
- 7.2.2. By Hybridization
7.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 7.3.1. Start/Stop System
- 7.3.2. Electric Power Steering (EPS)
- 7.3.3. Electric Air-Conditioner Compressor
- 7.3.4. Electric Vacuum Pump
- 7.3.5. Electric Oil Pump
7.4. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
- 7.4.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- 7.4.2. Hybrid Electric Vehicle (HEV)
- 7.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 7.4.4. Battery Electric Vehicle (BEV)
- 7.4.5. 48 V
7.5. Market Attractiveness Analysis

8. Italy Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 8.2.1. By Product Type
- 8.2.2. By Hybridization
8.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 8.3.1. Start/Stop System
- 8.3.2. Electric Power Steering (EPS)
- 8.3.3. Electric Air-Conditioner Compressor
- 8.3.4. Electric Vacuum Pump
- 8.3.5. Electric Oil Pump
8.4. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
- 8.4.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- 8.4.2. Hybrid Electric Vehicle (HEV)
- 8.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 8.4.4. Battery Electric Vehicle (BEV)
- 8.4.5. 48 V
8.5. Market Attractiveness Analysis

9. France Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 9.2.1. By Product Type
- 9.2.2. By Hybridization
9.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 9.3.1. Start/Stop System
- 9.3.2. Electric Power Steering (EPS)
- 9.3.3. Electric Air-Conditioner Compressor
- 9.3.4. Electric Vacuum Pump
- 9.3.5. Electric Oil Pump
9.4. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
- 9.4.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- 9.4.2. Hybrid Electric Vehicle (HEV)
- 9.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 9.4.4. Battery Electric Vehicle (BEV)
- 9.4.5. 48 V
9.5. Market Attractiveness Analysis

10. U.K. Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 10.2.1. By Product Type
- 10.2.2. By Hybridization
10.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 10.3.1. Start/Stop System
- 10.3.2. Electric Power Steering (EPS)
- 10.3.3. Electric Air-Conditioner Compressor
- 10.3.4. Electric Vacuum Pump
- 10.3.5. Electric Oil Pump
10.4. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
- 10.4.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- 10.4.2. Hybrid Electric Vehicle (HEV)
- 10.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 10.4.4. Battery Electric Vehicle (BEV)
- 10.4.5. 48 V
10.5. Market Attractiveness Analysis

11. Spain Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

11.1. Key Highlights
11.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 11.2.1. By Product Type
- 11.2.2. By Hybridization
11.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 11.3.1. Start/Stop System
- 11.3.2. Electric Power Steering (EPS)
- 11.3.3. Electric Air-Conditioner Compressor
- 11.3.4. Electric Vacuum Pump
- 11.3.5. Electric Oil Pump
11.4. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
- 11.4.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- 11.4.2. Hybrid Electric Vehicle (HEV)
- 11.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 11.4.4. Battery Electric Vehicle (BEV)
- 11.4.5. 48 V
11.5. Market Attractiveness Analysis

12. Turkiye Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

12.1. Key Highlights
12.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 12.2.1. By Product Type
- 12.2.2. By Hybridization
12.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 12.3.1. Start/Stop System
- 12.3.2. Electric Power Steering (EPS)
- 12.3.3. Electric Air-Conditioner Compressor
- 12.3.4. Electric Vacuum Pump
- 12.3.5. Electric Oil Pump
12.4. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
- 12.4.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- 12.4.2. Hybrid Electric Vehicle (HEV)
- 12.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 12.4.4. Battery Electric Vehicle (BEV)
- 12.4.5. 48 V
12.5. Market Attractiveness Analysis

13. Russia Vehicle Electrification Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

13.1. Key Highlights
13.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 13.2.1. By Product Type
- 13.2.2. By Hybridization
13.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Product Type, 2024-2031
- 13.3.1. Start/Stop System
- 13.3.2. Electric Power Steering (EPS)
- 13.3.3. Electric Air-Conditioner Compressor
- 13.3.4. Electric Vacuum Pump
- 13.3.5. Electric Oil Pump
13.4. Current Market Size (US$ Bn) Analysis and Forecast, By Hybridization, 2024-2031
- 13.4.1. Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
- 13.4.2. Hybrid Electric Vehicle (HEV)
- 13.4.3. Plug-In Hybrid Electric Vehicle (PHEV)
- 13.4.4. Battery Electric Vehicle (BEV)
- 13.4.5. 48 V
13.5. Market Attractiveness Analysis

14. Competition Landscape

14.1. Market Share Analysis, 2024
14.2. Market Structure
- 14.2.1. Competition Intensity Mapping By Product Type
- 14.2.2. Competition Dashboard
14.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 14.3.1. Volkswagen
  - 14.3.1.1. Overview
  - 14.3.1.2. Segments and Product Types
  - 14.3.1.3. Key Financials
  - 14.3.1.4. Market Developments
  - 14.3.1.5. Market Strategy
- 14.3.2. Tesla
- 14.3.3. Toyota
- 14.3.4. Continental AG
- 14.3.5. Daimler AG
- 14.3.6. Ford
- 14.3.7. Renault
- 14.3.8. DENSO CORPORATION
- 14.3.9. Johnson Electric
- 14.3.10. Robert Bosch GmbH
- 14.3.11. Stellantis
- 14.3.12. Volvo Cars
- 14.3.13. Other Players

15. Appendix

15.1. Research Methodology
15.2. Research Assumptions
15.3. Acronyms and Abbreviations