PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1649548
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1649548
Vehicle Electrification Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)
The vehicle electrification market is experiencing significant growth, with revenues projected to reach $98.86 billion in 2024 and anticipated to expand at a compound annual growth rate (CAGR) of 7.19% from 2025 to 2032, ultimately reaching $170.73 billion by 2032. This growth is driven by the increasing demand for fuel-efficient, energy-efficient, and technologically advanced vehicles. Government regulations aimed at reducing carbon emissions are further propelling the adoption of vehicle electrification technologies.
Key Insights
The passenger vehicle segment is the larger and faster-growing category, driven by the rising consumer demand for fuel-efficient and environmentally friendly personal transportation options.
Battery electric vehicles (BEVs) are witnessing substantial growth due to advancements in battery technology, increased driving ranges, and expanding charging infrastructure. Government incentives and subsidies are also encouraging consumers to adopt BEVs over traditional internal combustion engine vehicles.
The Asia-Pacific region dominated the market, accounting for approximately 40% of the revenue in 2024. This is attributed to the rising population and per capita income, leading to an increased demand for personal vehicles that support economic growth and a sustainable environment. North America is expected to witness the fastest growth, with a CAGR of 8.02% during the forecast period, driven by the increasing number of charging stations and significant investments by original equipment manufacturers (OEMs) in technological development in electric vehicles.
The integration of advanced technologies such as regenerative braking, advanced driver assistance systems (ADAS), and enhanced thermal management systems is a major trend in the vehicle electrification market. These technologies improve vehicle efficiency, safety, and performance, making electric vehicles more appealing to consumers.
The market is fragmented, with major players including Robert Bosch GmbH, Continental AG, DENSO Corporation, BorgWarner Inc., Mitsubishi Electric Corporation, Magna International Inc., Aptiv PLC, ZF Friedrichshafen AG, JTEKT Corporation, Valeo SA, Hitachi Astemo Ltd., and Contemporary Amperex Technology Co. Ltd. These companies are focusing on strategic partnerships, research and development, and expansion into emerging markets to strengthen their positions.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Product Type
- 1.4.2. Market Size Breakdown, by Hybridization Type
- 1.4.3. Market Size Breakdown, by Vehicle Type
- 1.4.4. Market Size Breakdown, by Region
- 1.4.5. Market Size Breakdown, by Country
- 1.5. Market Data Reporting Unit
- 1.5.1. Revenue
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Industry Background
- 5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
- 5.3. Impact of COVID-19
- 5.4. Sociopolitical Impact
- 5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
- 5.6. Economic and Regulatory Impact
- 5.7. Market Entry Strategies
Chapter 6. Competitive Landscape
- 6.1. List of Market Players and their Offerings
- 6.2. Competitive Benchmarking of Key Players
- 6.3. Recent Strategic Developments by Key Players
- 6.4. Company Leadership Matrix
Chapter 7. Global Market
- 7.1. Overview
- 7.2. Market Revenue, by Product Type (2019-2032)
- 7.3. Market Revenue, by Hybridization Type (2019-2032)
- 7.4. Market Revenue, by Vehicle Type (2019-2032)
- 7.5. Market Revenue, by Region (2019-2032)
Chapter 8. North America Market
- 8.1. Overview
- 8.2. Market Revenue, by Product Type (2019-2032)
- 8.3. Market Revenue, by Hybridization Type (2019-2032)
- 8.4. Market Revenue, by Vehicle Type (2019-2032)
- 8.5. Market Revenue, by Country (2019-2032)
Chapter 9. Europe Market
- 9.1. Overview
- 9.2. Market Revenue, by Product Type (2019-2032)
- 9.3. Market Revenue, by Hybridization Type (2019-2032)
- 9.4. Market Revenue, by Vehicle Type (2019-2032)
- 9.5. Market Revenue, by Country (2019-2032)
Chapter 10. APAC Market
- 10.1. Overview
- 10.2. Market Revenue, by Product Type (2019-2032)
- 10.3. Market Revenue, by Hybridization Type (2019-2032)
- 10.4. Market Revenue, by Vehicle Type (2019-2032)
- 10.5. Market Revenue, by Country (2019-2032)
Chapter 11. LATAM Market
- 11.1. Overview
- 11.2. Market Revenue, by Product Type (2019-2032)
- 11.3. Market Revenue, by Hybridization Type (2019-2032)
- 11.4. Market Revenue, by Vehicle Type (2019-2032)
- 11.5. Market Revenue, by Country (2019-2032)
Chapter 12. MEA Market
- 12.1. Overview
- 12.2. Market Revenue, by Product Type (2019-2032)
- 12.3. Market Revenue, by Hybridization Type (2019-2032)
- 12.4. Market Revenue, by Vehicle Type (2019-2032)
- 12.5. Market Revenue, by Country (2019-2032)
Chapter 13. Company Profiles
Chapter 14. Appendix
- 14.1. Sources and References
- 14.2. Related Reports
