Exactitude Consultancy Press Release: Global vehicle electrification market

Stringent government emission regulations are expected to drive the Vehicle Electrification Market growth.

Governments around the world are implementing stricter regulations to curb greenhouse gas emissions and combat climate change. These regulations impose lower emissions standards for automakers, incentivize the adoption of Electric vehicles, and penalize high-emission vehicles. By setting stringent emission targets and deadlines, governments create a sense of urgency for automakers to develop and produce electric vehicles. To avoid hefty fines and maintain compliance, automakers are compelled to invest in electric Vehicle research and development, improve battery technology, and expand their electric vehicle offerings. In addition to emission regulations, governments are providing various incentives to promote electric vehicle adoption. These incentives may include financial incentives like tax credits, grants, or subsidies, which reduce the purchase cost of electric vehicles and make them more affordable for consumers.

The growing demand for hybrid vehicles is expected to drive the vehicle electrification market over the forecast period.

Hybrid vehicles, which combine an internal combustion engine with an electric motor, offer a transitional solution for consumers who are not yet ready to fully switch to fully electric vehicles but still want to reduce their carbon footprint. Hybrid vehicles provide several advantages, including improved fuel efficiency and reduced emissions compared to conventional internal combustion engine vehicles. They offer a smooth transition from traditional vehicles to electric-powered options, addressing concerns such as range anxiety and limited charging infrastructure. The rising demand for hybrid vehicles is driven by factors such as increasing environmental consciousness, fluctuating fuel prices, and government regulations promoting fuel economy and emissions reduction. Consumers are drawn to the hybrid technology’s ability to enhance fuel efficiency, reduce operating costs, and contribute to a greener environment.

Explore 136 market data Tables spread through nearly 98 Pages and in-depth analysis on “Vehicle Electrification Market by Product Type (Start/Stop System, Electric Power Steering (EPS), Electric Air-Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Liquid Heater PTC, Integrated Starter Generator (ISG), Starter Motor, Alternator, Actuator), Degree of Hybridization (Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), 48 V) and by Region Global Trends and Forecast from 2022 to 2029” with Table of Content

High purchase and maintenance cost of electric vehicles can hamper vehicle electrification market growth.

Compared to conventional internal combustion engine vehicles, EVs often come with a higher price tag due to the cost of advanced battery technology. This upfront cost can deter some consumers from considering electric vehicles as a viable option. Additionally, the maintenance and repair costs of EVs can be relatively higher compared to traditional vehicles. The specialized components and systems in EVs, such as batteries and electric drivetrains, may require specialized training and equipment for servicing, leading to increased maintenance expenses. However, as technology advances and production volumes increase, the cost of electric vehicles is expected to gradually decrease, making them more accessible and affordable for a wider range of consumers.

The presence of large industry players carrying out strategic initiatives will drive vehicle electrification market share.

The major players operating in the global vehicle electrification include Robert Bosch GmbH, Continental AG, Denso Corporation, Delphi Automotive PLC, Johnson Electric Holdings Ltd., Volkswagen, Toyota Motor Corporation, Honda Motor Co. Ltd, Mitsubishi Electric Corporation, TRW Automotive Holdings Corp., Hitachi Automotive Systems, BorgWarner Inc., Magna International Inc.

The Asia-Pacific region dominated the vehicle electrification market.

Asia Pacific held dominant position in the global vehicle electrification market in 2021, accounting for 42.0% share in terms of volume. the Asia-Pacific region has a large population and a rapidly growing middle class, leading to increased demand for transportation. This high demand, coupled with rising environmental concerns and government initiatives, has propelled the adoption of electric vehicles. In addition, countries in the region, including China, Japan, and South Korea, have heavily invested in electric vehicle research and development, manufacturing capabilities, and charging infrastructure. They have implemented supportive policies and incentives to promote electric vehicle adoption, such as subsidies, tax breaks, and preferential license plate regulations. Furthermore, Asia-Pacific is home to major electric vehicle manufacturers and battery suppliers.

The Asia-Pacific region benefits from a well-established supply chain for electric vehicle components, including batteries, motors, and power electronics. This strong supply chain ecosystem enables efficient production and cost optimization.

Key Market Segments: Vehicle Electrification Market

Vehicle Electrification Market by Product Type 2022-2029, (USD Billion) (Million Units)

• Start/Stop System
• Electric Power Steering (EPS)
• Electric Air-Conditioner Compressor
• Electric Vacuum Pump
• Electric Oil Pump
• Electric Water Pump
• Liquid Heater PTC
• Integrated Starter Generator (ISG)
• Starter Motor
• Alternator
• Actuator

Vehicle Electrification Market by Degree of Hybridization, 2022-2029, (USD Billion) (Million Units)

• Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• 48 V

Vehicle Electrification Market by Regions, 2022-2029, (USD Billion) (Million Units)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Important Countries in All Regions Are Covered

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