Vehicle Electrification Market Size to Reach USD 140.29 Billion by 2027 at a CAGR 11.3%

BANGALORE, India, March 23, 2021 /PRNewswire/ — The Vehicle Electrification Market is Segmented by Type (Starter Motor, Alternator, Electric Car Motors, Electric Water Pumps, Electric Oil Pump, Electric Vacuum Pump, Electric Fuel Pump, Electric Power Steering, Actuators, and Start/Stop System), by Sales Channel (Original Equipment manufacturers (OEMs) and Aftermarket), by Vehicle Type (Internal Combustion Engine Vehicle, Micro & Full Hybrid Vehicle, and Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV)). This report covers Global Opportunity Analysis and Industry Forecast from 2020 to 2027. This report is published on Valuates Reports in the Automotive Industry Category.

The global vehicle electrification market was valued at USD 70.14 Billion in 2019, and is projected to reach USD 140.29 Billion by 2027, registering a CAGR of 11.3%.

Major factors driving the growth of vehicle electrification market size are:

  • Electrical Vehicles outperform conventional Internal combustion vehicles in terms of carbon emission & maintenance, convenience of charging & refueling, smoother drive, reduced sound from engine, and fuel economy. Also upsurge in automotive production and an increase in sales of Electrical vehicles is increasing the growth of the electric car motors market.
  • Fewer parts , Increasing fuel efficiency, decline in the price of batteries and strict government regulations to reduce emission is helping vehicle electrification.

Global Vehicle Electrification Market Report

TRENDS INFLUENCING THE VEHICLE ELECTRIFICATION MARKET SIZE

The surge in the adoption of fuel-efficient mobility solutions due to strict vehicle emission norms is expected to drive vehicle electrification market size. Vehicle emissions are a critical factor that impacts greenhouse gas level, raising environmental and health issues. As a result, countries all over the world are enacting vehicle emission standards to reduce greenhouse gas emissions and maintain environmental balance. To keep emissions under control, manufacturers must adhere to these rules. This, in turn, is expected to force manufacturers to start implementing electrification of vehicles. 

The decline in the price of batteries per KWH is expected to further fuel the growth of vehicle electrification market size. Furthermore, an increase in the use of advanced technologies such as engine shut down system is likely to drive the vehicle electrification market size. 

However, the recent COVID-19 outbreak has increased the pressure on vehicle electrification technology manufacturers to transform their business models, as the industry is experiencing demand shock and an uncertain recovery timeline. The industry’s cash burn rate is currently less than two months. As operating cash flow declines as a result of the crisis, many original equipment manufacturers (OEMs) will likely face liquidity problems. Furthermore, consumer confidence was low in 2020, which is expected to have an impact on the vehicle electrification market’s sales.

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VEHICLE ELECTRIFICATION MARKET SHARE

Based on product type, the electric car motor is expected to be the most lucrative segment in the vehicle electrification market. 

Based on vehicle type, Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV) are projected as the most lucrative segments.

Based on the region, Asia Pacific is expected to exhibit the highest CAGR of 12.9% during 2020-2027.

Government programs in countries like China, India, and South Korea to promote the use of electric vehicles and provide consumers with tax breaks on the purchase of these vehicles are expected to propel the market in this region.

VEHICLE ELECTRIFICATION MARKET SEGMENTS

By Region

  • North America
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • ○Africa

Vehicle Electrification Market Regional Data

By Product Type

By Sales Channel

  • Original Equipment Manufacturers (OEMs)
  • Aftermarket

By Vehicle Type

  • Internal Combustion Engine Vehicle
  • Micro & Full Hybrid Vehicle
  • Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV)

Key Players

  • AISIN SEIKI Co., Ltd.
  • CONTINENTAL AG
  • Delphi Technologies
  • Hitachi Automotive Systems, Ltd.
  • Robert Bosch GmbH
  • ZF FRIEDRICHSHAFEN AG
  • Denso Corporation
  • BorgWarner Inc.
  • Magna International Inc.
  • Johnson Electric Holdings Limited

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SIMILAR REPORTS

–  Electric Vehicle (EV) and Plug-in Hybrid Electric Vehicles (PHEV) Market is Segmented by Type EV, PHEV, by Application Commercial Vehicle, Passenger Vehicle and by various regions.

–  Electric Vehicle Market Size was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027, registering a CAGR of 22.6%.

–  Electric Car Market Size is projected to reach USD 476730 Million by 2026, from USD 97260 Million in 2019, at a CAGR of 25.3% during 2021-2026.

–  Electric Vehicle Charger Market Size was valued at USD 3.8 Billion in 2019, and is projected to reach USD 25.5 Billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.

–  Electric Bike Market Size was valued at USD 8851 Million in 2019 and it is expected to reach USD 11370 Million by the end of 2026, growing at a CAGR of 3.6% during 2021-2026.

–  Electric Vehicle (EV) Charging Stations Market is Segmented by Type AC Charging Station, DC Charging Station, by Application Residential, Commercial and by various regions.

–  Hybrid Electric Vehicle Market is Segmented by Type Medium-Sized, Small-Sized, by Application Household, Commercial and by various regions.

–  Acoustic and Thermal Insulation for Electric Vehicles Market is Segmented by Type Fiber, Foam, Pad and Mat, by Application Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs) and by various regions.

–  Insulating Materials for Electric Vehicles Market is Segmented by Type Thermal Interface Materials, Foamed Plastics, Ceramics, Others, by Application BEV, HEV, PHEV and by various regions.

–  The Wireless Electric Vehicle Charging Market Size was valued at USD 7.6 Million in 2019, and is projected to reach USD 210.1 Million by 2030, registering a CAGR of 36.4% from 2020 to 2030.

–  Zero Emission Vehicle (ZEV) Market Size was valued at USD 62420 Million in 2019 and it is expected to reach USD 239670 Million by the end of 2026, growing at a CAGR of 21.8% during 2021-2026.

–  Electric Motorcycle and Scooter Market Size is projected to reach USD 7971.3 Million by 2027, from USD 6086.1 Million in 2020, at a CAGR of 4.6% during 2022-2027.

–  Electric Commercial Vehicle Market Size is projected to reach USD 178560 Million by 2026, from USD 101270 Million in 2019, at a CAGR of 8.3% during 2021-2026.

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