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The global vehicle electrification market size was USD 27.90 billion in 2018 and is projected to reach USD 96.3 billion by 2032, exhibiting a CAGR of 10.0% during the forecast period. The Asia Pacific led the market in 2018, with a value of USD 12.3 billion and a market share of 44.08%.
Vehicle electrification increases the efficiency of the vehicle and reduces dependency on conventional fuels and lowers carbon emissions. Vehicle electrification is the method of electrifying all components of the vehicle which are required for its propulsion; this is done by replacing conventional systems by electrical systems. For example, conventional starter motors and alternators are replaced with an integrated starter generator system (ISG). Additionally, vehicle electrification offers less operational cost and requires less maintenance as it eliminates the use of coolants in the vehicles.
Increasing Utility Programs to Support the Adoption of Electric Vehicles has led to Witnessed Significant Market Trend
As per Rocky Mountain Institute by 2022, 2.9 million electrified vehicles would be on the road, which would add over 11000 gig watts-hour of electricity demand. Governments and OEMs across the globe are trying to meet the rising demand for electric power for vehicles by building new charging infrastructure. The US and Europe have installed a smart-grid charging system, which allows managing charging loads of EVs remotely.
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The Increasing Use of Advanced Technologies Such as Engine Shut Down System is Likely to Drive the Market
The Increasing use of engine shut down system is one of the major market trends in the vehicle electrification market. During heavy traffic or at the signals, if the vehicle comes at a halt, the integrated starter generator system automatically shuts off the engine. For example, if the vehicle is running slower than the specified threshold, the driveline is opened, and the power supply system supports the electrical load when the vehicle is at a halt, the engine starts again when the accelerator is depressed. The electric motor offers additional power to the IC engine; the fuel consumption is reduced without affecting the power output.
Stringent Government Emission Regulations is expected to drive the growth of this market
Vehicle emission has caused a significant impact on the environment and human life; therefore, several governments’ bodies across the globe have imposed stringent emission norms for vehicles. This, in turn, has forced automotive manufacturers to produce cars that cause fewer emissions and stick to the regulations imposed by the government. Governments in developing countries are implementing new strategies such as tax exemptions; to attract consumers to purchase hybrid and electric vehicles.
The Increasing Demand for Hybrid Vehicles is expected to drive the market over the Forecast Period
Increasing demand for hybrid vehicles is expected to drive the market over the forecast period. Key manufacturers have heavily invested in R&D to produce hybrid vehicles that do not cause emission, have higher efficiency than conventional vehicles, and also meet the industry standards. Increasing awareness among the consumers regarding vehicular emissions is anticipated to fuel the demand for hybrid and electrified vehicles during the forecast period. All these factors are likely to drive the growth of the vehicle electrification market over the forecast period.
The Cost of Vehicle Electrifications is Anticipate to Restraint the Growth of the Market
The maintenance and replacement cost of vehicle electrifications is expensive; this factor is anticipated to restrain the growth of the vehicle electrification market over the forecast period. Key OEMs are focusing on developing cost-effective components that are sturdy and have a high life.
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Integrated Starter Generator (ISG) is estimated to dominate the market over the Forecast Period
By product type, the vehicle electrification market is segmented into the start/stop system, PTC Heater, starter motor and alternator, integrated starter generator, internal combustion engine, actuators, electric oil pump, electric vacuum pump, electric water pump, and electric air conditioner compressor. The integrated starter generator segment is anticipated to dominate the market over the forecast period. Increasing greenhouse gas emissions has from conventional vehicles have fuelled the demand for advanced vehicles integrated with the ISG system, which helps to curb the emissions from the vehicle. The integrated starter generator replaces the starter motor and alternator in the conventional vehicles bevs by automatically controlling its start/stop system and, in turn, offers better fuel efficiency and fuel economy. The integrated starter generator acts as a two-directional power converter by changing mechanical energy into electrical energy and vice versa. It also provides noiseless and vibration-less operation of the engine.
Passenger Car Segment is Likely to Experience Significant Growth during the Forecast Period
Based on the vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is anticipated to dominate the market over the forecast period. Rising sales of passenger cars are likely to drive the market over the forecast period. The light commercial vehicle segment is estimated to show good growth in the market. Increasing government initiatives to reduce emission levels caused by commercial vehicles is one of the significant reasons fuelling the growth of the LCV over the forecast period.
Asia Pacific Vehicle Electrification Market Size, 2018
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By region, further, the market has been segmented into Europe, North America, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to dominate the market over the forecast period. The government initiatives in countries such as China, India, and South Korea for the usage of the electrified vehicles and offering consumers tax exemption for the purchase of these vehicles is expected to drive the growth of the market in this region.
Europe is the second-largest market holder of the vehicle electrification market and is also estimated to show decent growth in the market over the forecast period. The Early adoption of advanced technologies and hybrid vehicles in this region is one of the major factors which is maintaining the second-largest position of Europe in this market.
North America is expected to show steady growth in the vehicle electrification market over the forecast period.
Robert Bosch GmbH is the dominant player in the vehicle electrification market.
Robert Bosch GmbH is expected to be the dominant player in the vehicle electrification market. Bosch has adopted various strategies for expansion, partnerships, and acquisition and new product development to maintain its leading position in the electrification market. Robert Bosch has a presence in emerging markets such as Brazil, India, and China. The presence of both emerging markets and building strategic customer relationships have strengthened its global position in the market.
An Infographic Representation of Vehicle Electrification Market
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The vehicle electrification market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.
ATTRIBUTE | DETAILS |
Study Period | 2015-2026 |
Base Year | 2018 |
Forecast Period | 2019-2026 |
Historical Period | 2015-2017 |
Unit | Value (USD billion) & Volume (Million Units) |
Segmentation | By Product Type
|
By Vehicle Type
| |
By Geography
|
Fortune Business Insights says that the global vehicle electrification market was worth USD 27.9 billion in 2018.
Vehicle electrification market size is projected to be worth USD 53.3 billion in 2026, globally.
The global vehicle electrification market will grow at a CAGR of 8.5% in the forecast period (2019-2026).
The market in Asia Pacific stood at USD 12.3 billion in 2018.
In terms of product type, the integrated starter generator segment will dominate the global market during the forecast period.
Stringent government emission regulations are the key market drivers. However, the high initial cost of vehicle electrification may hinder growth.
Delphi, Bosch & Denso are among the top companies in this market.
Figure 1: Global Vehicle Electrification Market Revenue Breakdown (USD Billion, %) by Region, 2018 & 2026
Figure 2: Global Size Share (%), by Product Type, 2018 & 2026
Figure 3: Global Size Share (%), by Vehicle Type, 2018 & 2026
Figure 4: Global Size (USD Billion), by Region, 2018 & 2026
Figure 5: North America Size (USD Billion), by Product Type, 2018 & 2026
Figure 6: North America Size (%), by Product Type, 2018 & 2026
Figure 7: North America Size (USD Billion), by Vehicle Type, 2018 & 2026
Figure 8: North America Size Share (%), by Vehicle Type, 2018
Figure 9: North America Size (USD Billion), By Country, 2018 & 2026
Figure 10: North America Size Share (%), By Country, 2018
Figure 11: Europe Size (USD Billion), by Product Type, 2018 & 2026
Figure 12: Europe Size (%), by Product Type, 2018 & 2026
Figure 13: Europe Size (USD Billion), by Vehicle Type, 2018 & 2026
Figure 14: Europe Size Share (%), by Vehicle Type, 2018
Figure 15: Europe Size (USD Billion), By Country, 2018 & 2026
Figure 16: Europe Size Share (%), By Country, 2018
Figure 17: Asia Pacific Size (USD Billion), by Product Type, 2018 & 2026
Figure 18: Asia Pacific Size (%), by Product Type, 2018 & 2026
Figure 19: Asia Pacific Size (USD Billion), by Vehicle Type, 2018 & 2026
Figure 20: Asia Pacific Size Share (%), by Vehicle Type, 2018
Figure 21: Asia Pacific Size (USD Billion), By Country, 2018 & 2026
Figure 22: Asia Pacific Size Share (%), By Country, 2018
Figure 23: Rest of the World Size (USD Billion), by Product Type, 2018 & 2026
Figure 24: Rest of the World Size (%), by Product Type, 2018 & 2026
Figure 25: Rest of the World Size (USD Billion), by Vehicle Type, 2018 & 2026
Figure 26: Rest of the World Size Share (%), by Vehicle Type, 2018
Figure 27: Global Share (%), By Company, 2018
Table 1: Global Vehicle Electrification Market Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 2: Global Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 3: Global Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 4: Global Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 5: Global Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 6: Global Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 7: Global Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 8: Global Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 9: Global Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 10: Global Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 11: Global Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 12: Global Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 13: Global Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 14: Global Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 15: Global Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 16: Global Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 17: Global Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 18: Global Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 19: Global Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 20: Global Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 21: Global Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 22: Global Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 23: Global Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 24: Global Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 25: Global Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 26: Global Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 27: Global Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 28: Global Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 29: North America Revenue (USD Billion) Forecast, by Region, 2015-2026
Table 30: North America Revenue (USD Billion) Forecast, by Region, 2015-2026
Table 31: North America Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 32: North America Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 33: North America Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 34: North America Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 35: North America Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 36: North America Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 37: North America Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 38: North America Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 39: North America Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 40: North America Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 41: North America Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 42: North America Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 43: North America Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 44: North America Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 45: North America Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 46: North America Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 47: North America Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 48: North America Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 49: North America Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 50: North America Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 51: North America Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 52: North America Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 53: North America Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 54: North America Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 55: North America Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 56: North America Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 57: North America Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 58: North America Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 59: North America Revenue (USD Billion) Forecast, by Country, 2015-2026
Table 60: North America Revenue (USD Billion) Forecast, by Country, 2015-2026
Table 61: Europe Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 62: Europe Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 63: Europe Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 64: Europe Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 65: Europe Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 66: Europe Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 67: Europe Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 68: Europe Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 69: Europe Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 70: Europe Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 71: Europe Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 72: Europe Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 73: Europe Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 74: Europe Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 75: Europe Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 76: Europe Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 77: Europe Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 78: Europe Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 79: Europe Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 80: Europe Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 81: Europe Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 82: Europe Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 83: Europe Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 84: Europe Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 85: Europe Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 86: Europe Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 87: Europe Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 88: Europe Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 89: Europe Revenue (USD Billion) Forecast, by Country, 2015-2026
Table 90: Europe Revenue (USD Billion) Forecast, by Country, 2015-2026
Table 91: Asia Pacific Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 92: Asia Pacific Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 93: Asia Pacific Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 94: Asia Pacific Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 95: Asia Pacific Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 96: Asia Pacific Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 97: Asia Pacific Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 98: Asia Pacific Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 99: Asia Pacific Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 100: Asia Pacific Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 101: Asia Pacific Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 102: Asia Pacific Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 103: Asia Pacific Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 104: Asia Pacific Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 105: Asia Pacific Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 106: Asia Pacific Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 107: Asia Pacific Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 108: Asia Pacific Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 109: Asia Pacific Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 110: Asia Pacific Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 111: Asia Pacific Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 112: Asia Pacific Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 113: Asia Pacific Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 114: Asia Pacific Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 115: Asia Pacific Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 116: Asia Pacific Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 117: Asia Pacific Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 118: Asia Pacific Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 119: Asia Pacific Revenue (USD Billion) Forecast, by Country, 2015-2026
Table 120: Asia Pacific Revenue (USD Billion) Forecast, by Country, 2015-2026
Table 121: Rest of the World Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 122: Rest of the World Revenue (USD Billion) Forecast, by Product Type, 2015-2026
Table 123: Rest of the World Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 124: Rest of the World Revenue (USD Billion) Forecast, by Start/Stop System, 2015-2026
Table 125: Rest of the World Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 126: Rest of the World Revenue (USD Billion) Forecast, by PTC Heater, 2015-2026
Table 127: Rest of the World Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 128: Rest of the World Revenue (USD Billion) Forecast, by Electric Air Conditioner Compressor Type, 2015-2026
Table 129: Rest of the World Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 130: Rest of the World Revenue (USD Billion) Forecast, by Electric Vacuum Pump, 2015-2026
Table 131: Rest of the World Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 132: Rest of the World Revenue (USD Billion) Forecast, by Electric Oil Pump, 2015-2026
Table 133: Rest of the World Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 134: Rest of the World Revenue (USD Billion) Forecast, by Electric Water Pump System, 2015-2026
Table 135: Rest of the World Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 136: Rest of the World Revenue (USD Billion) Forecast, by Starter Motor & Alternator, 2015-2026
Table 137: Rest of the World Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 138: Rest of the World Revenue (USD Billion) Forecast, by Integrated Starter Generator (ISG), 2015-2026
Table 139: Rest of the World Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 140: Rest of the World Revenue (USD Billion) Forecast, by Actuators, 2015-2026
Table 141: Rest of the World Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 142: Rest of the World Revenue (USD Billion) Forecast, by Vehicle Type, 2015-2026
Table 143: Rest of the World Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 144: Rest of the World Revenue (USD Billion) Forecast, by Passenger Car, 2015-2026
Table 145: Rest of the World Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 146: Rest of the World Revenue (USD Billion) Forecast, by Light Commercial Vehicles, 2015-2026
Table 147: Rest of the World Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
Table 148: Rest of the World Revenue (USD Billion) Forecast, by Heavy Commercial Vehicles, 2015-2026
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