Learn about the global vehicle electrification market through The Business Research Company, which provides information on vehicle electrification market size, vehicle electrification market drivers and restraints, vehicle electrification market players, the COVID-19 impact on the vehicle electrification market, and more.

The global vehicle electrification market size is expected to grow from $67.47 billion in 2021 to $74.60 billion in 2022 at a compound annual growth rate (CAGR) of 10.56%. The global vehicle electrification market size is expected to grow to $114.25 billion in 2026 at a CAGR of 11.25%.

The increasing demand for hybrid vehicles is propelling the growth of the vehicle electrification market.

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The vehicle electrification market consists of sales of vehicle electrification products by entities (organizations, sole traders, and partnerships) that are used to power the vehicle by electricity. It is the process of replacing vehicle components that operate on a conventional energy source with those that operate on electricity. There are different types of vehicle electrification technologies such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and fuel cell electric vehicles (FCEVs). Vehicle electrification relies on collaboration from interdisciplinary teams responsible for areas such as electric machines, power electronics, thermal management, and others.

Global Vehicle Electrification Market Segments Include:

By Product Type: Starter Motor, Alternator, Electric Car Motors, Electric Water Pumps, Electric Oil Pump, Electric Vacuum Pump, Electric Fuel Pump, Electric Power Steering, Actuators, Start/Stop System

By Vehicle Type: Internal Combustion Engine Vehicle, Micro and Full Hybrid Vehicle, Plug-In Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)

By Sales Channel: Original Equipment Manufacturers (OEM), Aftermarket

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia-Pacific was the largest region in the vehicle electrification market in 2021.

Technological advancement is a key trend gaining popularity in the vehicle electrification market. Technological advancements are the discovery of knowledge that helps in developing products using advanced technology. Major companies operating in the vehicle electrification market are focused on developing new technological solutions to meet customer demand and make vehicle electrification more advanced. These new technological solutions may include the introduction of advanced electrification methods and components such as an advanced and fast charger.

TBRC’s Vehicle Electrification Market Report Covers:

Major Market Players: Continental AG, Delphi Technologies, Robert Bosch, Denso, Magna International, Johnson Electric, Mitsubishi Electric, Volkswagen, Toyota, Honda Motor Company, Johnson Controls and Aptiv.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)

The Vehicle Electrification Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides vehicle electrification market overviews, analyzes and forecasts market size, share, vehicle electrification market players, vehicle electrification market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s vehicle electrification market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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