Vehicle Electrification Market Size Worth USD 53.3 Billion, Globally, by 2026 at 8.5% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
The Vehicle Electrification Market size is expected to grow from USD 27.9 Billion in 2019 to USD 53.3 Billion by 2026; it is estimated to grow at a CAGR of 8.5% from 2019 to 2026.
Pune, India, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The global vehicle electrification market size is projected to reach USD 53.3 billion by the end of 2026. The rising concerns surrounding global warming and effect of fuel combustion on greenhouse emissions will aid the growth of the market. According to a report published by Fortune Business Insights, titled “Vehicle Electrification Market Size, Share and Global Trend by Product Type (Start/Stop System, Electric Air Conditioner Compressor, PTC Heater, Electric Vacuum Pump, Electric Water Pump, Electric Oil Pump, Starter Motor & Alternator, Integrated Starter Generator, Actuators. By Vehicle Type (Passenger Cars, Light Commercial Vehicles & Heavy Commercial Vehicles), and Geography Forecast till 2026,” the market size was USD 27.9 billion in 2018 and will exhibit a CAGR of 8.5% during the forecast period, 2019-2026.
Vehicle electrification is the process of electrifying the mechanical processes in an automobile. The growing demand for sustainable fuel alternatives has made a positive impact on the growth of the market in recent years. The increasing number of automobile users has led to a huge emphasis on the adoption of vehicles driven by environment-friendly alternatives. The increasing investments in the research and development of newer systems associated with vehicle electrification will emerge in favour of market growth. Moreover, strict government policies regarding greenhouse emissions and its contribution towards promoting the use of electric systems, will have a direct impact on the growth of the market in the forthcoming years.
December 2019: Bosch announced that it has signed a long term contract Contemporary Amperex Technology (CATL). This step is taken to develop an advanced 48V battery cell.
Report Scope & Segmentation:
Report Coverage
Details
Forecast Period
2019-2026
Forecast Period 2022 to 2029 CAGR
8.5%
2026 Value Projection
USD 53.3 Billion
Base Year
2018
Market Size in 2018
USD 27.9 Billion
Historical Data for
2015-2017
No. of Pages
200
Segments covered
By Product Type, By Vehicle Type
Growth Drivers
Asia Pacific to Emerge Dominant; Strict Government Regulations Will Favour Market Growth
Rising Demand for Hybrid Vehicles Will Aid Market Growth
Regional Insights
Asia Pacific to Emerge Dominant; Strict Government Regulations Will Favour Market Growth
The report analyses the ongoing vehicle electrification market trends across North America, Asia Pacific, Europe, and the Rest of the World. Among these regions, Asia Pacific is likely to emerge dominant in the coming years, accounting to the increasing concerns surrounding global warming and the need for advanced utilities. The efforts taken to maximize the use of solar energy by private as well as public organizations will contribute to the growth of the market. Driven by huge investments, the market in Asia Pacific will rise drastically from its 2018 value of USD 12.3 billion. Besides Asia Pacific, the market in Europe will witness considerable growth in the coming years.
Rising Demand for Hybrid Vehicles Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing demand for hybrid vehicles is consequential to their abilities to minimize fuel consumption, and subsequently minimize pollution. The increasing investment in solar-powered vehicles and the use of solar energy sources for powering automobiles will constitute an increase in the vehicle electrification market size. Additionally, recent advancements in product manufacturing, coupled with the launch of advanced products by major companies across the world will have a positive impact on the growth of the market.
Segmentation
By Product Type
Start/Stop System
PTC Heater
Electric Air Conditioner Compressor
Electric Vacuum Pump
Electric Oil Pump
Electric Water Pump
Starter motor & alternator
Integrated Starter Generator (ISG)
Actuators
By Vehicle Type
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
COVID-19 Impact
COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth
The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Vehicle Electrifications amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.
Companies Profiled in the Vehicle Electrification Market Research Report:
Robert Bosch GmbH (Gerlingen, Stuttgart, Germany)
Continental AG (Hanover, Lower Saxony, Germany)
Denso Corporation (Kariya, Aichi, Japan)
Delphi Technologies PLC (London, United Kingdom)
Johnson Electric Holding Limited (Hong Kong Science Park, Hong Kong)
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