Global Vehicle Electrification Market to Grow at a CAGR of 12.1% in the Forecast Period of 2024-2032, Aided by the Thriving Automotive Industry

The automotive sector is one of the most significant contributors to the GDP across emerging countries. This could be attributed to the increasing demand for commercial and passenger vehicles to carry out daily commutation. Furthermore, the increasing demand for vehicles with no dependence on fossil fuel and stringent government regulations against the emission of carbon dioxide is anticipated to augment the market in the forecast period. In addition to this, the growing competition between the major vehicle manufacturers to develop affordable and economic e-vehicles is likely to provide impetus to the market in the forecast period.

North America is likely to witness significant growth in the forecast period owing to the advanced automotive infrastructure in the United States of America and Canada. In addition, the increasing inclination of the population in the region towards 48 V e-vehicles owing to enhanced driving experience and facilitate cost-saving is anticipated to augment the market growth in the region in the forecast period. Furthermore, the growing popularity of plug-in electric vehicles in the United States of America is anticipated to boost the vehicle electrification industry.

In June 2021, XL Fleet Corp. (NYSE: XL) announced the collaboration with Rubicon Technology, Inc. (NASDAQ: RBCN). This collaboration has been aimed at bringing XL Fleet’s fleet electrification offerings to Rubicon’s network of waste and recycling hauler partners and has been aiding the demand for the product.

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Market Breakup by Product Type, Sales Channel, Vehicle Type, and Region:

• The product type can be divided into electric oil pumps, alternators, electric car motors, electric water pumps, electric fuel pumps, actuators, electric power steering, electric vacuum pumps, and start/stop systems.
• The bifurcation of the market, based on sales channel, includes aftermarket and original equipment manufacturers (OEM).
• Different vehicle types include micro and full hybrid vehicles, internal combustion engine vehicles, plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEVs).
• The regional markets for vehicle electrification can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

• The growing competition between major automotive players in emerging economies drives the global market for vehicle electrification.
• The market growth is expected to be driven by stringent government regulations to curb carbon emissions.
• The increasing inclination of the private transport sector towards electrified vehicles is likely to provide impetus to the market.
• The industry is anticipated to be aided by the growing popularity of e-vehicles with 48 V battery systems.

Key Offerings of the Report:

• The EMR report gives an overview of the global vehicle electrification market for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product types, sales channels, vehicle types, and regions of vehicle electrification.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the vehicle electrification industry are Continental AG, Hitachi Automotive Systems, Ltd., Aisin Seiki Co., Ltd., Denso Corporation, Delphi Technologies, Robert Bosch GmbH, ZF Friedrichshafen AG, Johnson Electric Holdings Limited, and Magna International Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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