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Vehicle Electrification Market

Vehicle Electrification Market Forecasts to 2028 – Global Analysis By System (Cooling Systems, Energy Storage, Power Conversions) , Voltage (48V, 24V, 14V, 12V), Product Type, Vehicle Type, Degree of Hybridization, Sales Channel, and By Geography

4.6 (92 reviews)
Published: February 2022 ID: SMRC20387
4.6 (92 reviews)
Published: February 2022 ID: SMRC20387

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Vehicle Electrification Market is accounted for $87.98 billion in 2021 and is expected to reach $194.50 billion by 2028 growing at a CAGR of 12.0% during the forecast period. Vehicle Electrification refers to a vehicle with electrical means of propulsion as well as electricity paying a major role in components functionality. It covers many aspects of electrification in the such as start/stop systems, electric power steering, electric vacuum pump, electric oil pump, and many other accessories which utilize mode of electric propulsion as well as help user to gain improved fuel economy when installing in conventional ICE vehicles.

Market Dynamics:

Driver:

Growing demand for mild hybrids


The idea of or mild hybrids is gaining rapid traction around the globe, which is consequently expected to drive the demand for vehicle electrification in the near future. Full hybrid vehicles offer a better fuel economy as compared to mild hybrids. According to the International Moreover, factors such as the higher cost and weight of vehicles are major challenges for full hybrid vehicle manufacturers. The only addition to the cost is that of the electric motor, which is balanced by the removal of the starter motor and alternator from the conventional ICE engine. Mild hybrid systems with a 48 V battery are not as efficient as full hybrid systems but are cost-effective. Hence, OEMs prefer the mild hybrid concept. This involves the use of a conventional ICE engine and the addition of an electric motor with a power of up to 15 kW.

Restraint:

Problems in maintaining optimum power to weight ratio


The power to weight ratio is a calculation commonly applied to engines and power sources to enable the comparison of one vehicle to another. The power-to-weight ratio applies to the vehicle power in kW divided by the weight of the vehicle in kilograms. The lesser the weight of the vehicle, it is observed to have more power, better efficiency, and high range. OEMs and Tier I companies are working hard to improve the power-to-weight ratio by implementing lightweight materials and different advanced products such as e-CVT and e-axles, albeit still on a developmental stage. Advanced, lightweight components and materials are required to achieve optimum power-to-weight ratio.

Opportunity:

Stimulation of commercial vehicles


With the rising trend toward mobility on demand, taxis and passenger cars are focused more on greener technologies. Most of the efforts in the field of vehicle electrification are for passenger cars. There are very limited electrical systems and components for commercial vehicles that can replace conventional mechanical systems because of the higher loads. Developing electric powertrains for commercial vehicles is a costly affair as it involves a great amount of R&D. Governments from various countries are taking initiatives to increase the use of electric vehicles in their public transportation to reduce CO2 emissions by providing incentives and tax rebates on using e-trucks and e-buses. Some of the electric vehicle models are the Mercedes Benz electric truck, and BYD K9 and Tata Starbus Hybrid e-buses. The demand for public transportation is triggered by the growing population in urban areas where the existing transportation infrastructure is proving to be insufficient. As each OEM is now focusing on reducing the global carbon footprint, they are promoting the use of electric vehicles. As with the wide-scale adoption of these vehicles, the demand for more reliable and better-performing systems would increase. This is where e-drive systems would help in vehicle weight reduction.

Threat:

Risks associated with the components


There are several risks associated with introduction of advanced technologies, such as thermal runaway of battery bank and fire, which need to be cautiously assessed. Numerous safety aspects need to be considered regarding vehicle electrification, including electric system safety, functional system safety, battery charging safety, and vehicle maintenance, operation, and training. The current challenges that hinder the popularity of electric vehicles are high battery cost, overheating, the total energy storage capacity of the battery, and the development of batteries for vehicles. Thus, automobile manufacturers need to ensure that customers use systems that operate efficiently in varied conditions to effectively promote the use of these electrical systems and their components. Additionally, it is essential to examine the vehicle behavior as these systems often fail, making them inefficient when compared to ICE vehicles.

The integrated starter generator (ISG) segment is expected to be the largest during the forecast period

The integrated starter generator (ISG) segment is estimated to have a lucrative growth. Increasing greenhouse gas emissions from conventional vehicles have fuelled the demand for advanced vehicles that are being integrated with the ISG system, which helps to curb the emissions from the vehicle. 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. 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 passenger car segment is expected to have the highest CAGR during the forecast period

The passenger car segment is anticipated to witness the fastest CAGR growth during the forecast period and 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 passenger cars have one advantage over other industries from a decarbonization point: The zero-emissions option (e.g., the BEV) is cheaper than the current alternative (ICE) from a total cost of ownership perspective in some countries today and by 2025 at the latest in countries without incentives.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owin to the growing charging infrastructure and significant investments by OEMs in the development of vehicle electrification. As the US has the presence of major OEMs and Tier I players, adoption of electric components in ICE vehicles, BEVs, HEVs, and PHEVs is very high. Federal tax credits and rebate incentives are accelerating the growth of vehicle electrification market, especially in the US. The US is set to dominate the North American vehicle electrification market, holding the highest market share in the forecast period. Therefore, North America is expected to be the have highest growth rate.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the proliferation of electric vehicles and increased electrification of commercial vehicles. Besides, increased government regulation to reduce emission and emission standards for gasoline and diesel vehicles enables manufacturers to move towards the development of electric vehicles. The development of electric vehicles results in the growth of vehicle electrification. Moreover, vast R&D investments for new product development and improve performances of existing product lines drive the market growth. The burgeoning automotive industry in the region creates substantial market demand.

Key players in the market

Some of the key players profiled in the Vehicle Electrification Market include Aisin Seiki Co., Ltd., Borgwarner Inc, Continental Ag, Delphi Technologies, Denso Corporation, Ford Motors Company, Friedrichshafen Ag, Hitachi Automotive Systems, Ltd, Honda Motors Co. Ltd, Johnson Electric Holdings Limited, Magna International Inc, Robert Bosch Gmbh, Suzuki Motor Corporation, Toyota Motors Corporation, Volkswagen, and XL Fleet Corp.

Key Developments:

In June 2021, Ford announced the acquisition of Electriphi, California-based charging management and fleet monitoring software provider for electric automobiles. The Electriphi’s team and services will be integrated with the “Ford Pro.” The acquisition will positively influence Ford’s vehicle electrification.

In February 2021, Ford Motors Company announced that its European division would soon phase out of fossil fuel-powered vehicle production, and by 2026 Ford will only offer plug-in hybrid and electric models. Moreover, by 2030 the all passenger vehicles will be powered by batteries only.

In July 2021, Suzuki Motor Corporation and Daihatsu Motor Co., Ltd announced that they had joined forces for the Commercial Japan Partnership commercial vehicle project to accelerate their carbon neutrality initiatives in mini-vehicles through the dissemination of CASE technologies and services. The collaboration will accelerate the electrification of mini-vehicles.

In June 2021, XL Fleet Corp., the leader in fleet electrification solutions for municipal and commercial fleets, announced a collaboration agreement with Rubicon, a software platform, which offers smart waste and recycling solutions for governments and businesses worldwide. The collaboration will provide XL Fleet’s offering for fleet electrification to Rubicon’s waste and recycling hauler partners.
 
Systems Covered:
• Cooling Systems
• Energy Storage
• Power Conversions
• Power Generation
• Traction Drive Systems
 
Voltages Covered:
• 48V
• 24V
• 14V
• 12V
 
Product Types Covered:
• Thermoelectric Generator
• Starter Motor
• Start/Stop System
• Liquid Heater Positive Temperature Coefficient (PTC)
• Integrated Starter Generator (ISG)
• Electric Water Pump
• Electric Vacuum Pump
• Electric Power Steering (EPS)
• Electric Oil Pump
• Electric Fuel Pump
• Electric Car Motor
• Electric Air-Conditioner Compressor
• Alternator
• Actuator
 
Degree of Hybridizations Covered:
• Plug-In Hybrid Electric Vehicle (PHEV)
• Micro & Full Hybrid Vehicle
• Internal Combustion Engine (ICE)
• Hybrid Electric Vehicle (HEV)
• Fuel Cell Electric Vehicle (FCEV)
• Battery Electric Vehicle (BEV)
 
Vehicle Types Covered:
• Passenger Car
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicles
• Sports Cars
 
Sales Channels Covered:
• Aftermarket
• Original Equipment Manufacturers (OEMs)

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

1 Executive Summary        
          
2 Preface         

 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 Product Analysis       
 3.7 Emerging Markets       
 3.8 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Vehicle Electrification Market, By System     
 5.1 Introduction       
 5.2 Cooling Systems       
 5.3 Energy Storage       
 5.4 Power Conversions       
 5.5 Power Generation       
 5.6 Traction Drive Systems      
          
6 Global Vehicle Electrification Market, By Voltage     
 6.1 Introduction       
 6.2 48V        
 6.3 24V        
 6.4 14V        
 6.5 12V        
          
7 Global Vehicle Electrification Market, By Product Type    
 7.1 Introduction       
 7.2 Thermoelectric Generator      
 7.3 Starter Motor       
 7.4 Start/Stop System       
 7.5 Liquid Heater Positive Temperature Coefficient (PTC)   
 7.6 Integrated Starter Generator (ISG)     
 7.7 Electric Water Pump      
 7.8 Electric Vacuum Pump      
 7.9 Electric Power Steering (EPS)      
 7.10 Electric Oil Pump       
 7.11 Electric Fuel Pump       
 7.12 Electric Car Motor       
 7.13 Electric Air-Conditioner Compressor     
 7.14 Alternator       
 7.15 Actuator        
          
8 Global Vehicle Electrification Market, By Degree of Hybridization   
 8.1 Introduction       
 8.2 Plug-In Hybrid Electric Vehicle (PHEV)     
 8.3 Micro & Full Hybrid Vehicle       
 8.4 Internal Combustion Engine (ICE)     
 8.5 Hybrid Electric Vehicle (HEV)      
 8.6 Fuel Cell Electric Vehicle (FCEV)     
 8.7 Battery Electric Vehicle (BEV)      
          
9 Global Vehicle Electrification Market, By Vehicle Type    
 9.1 Introduction       
 9.2 Passenger Car       
  9.2.1 Hatchback      
  9.2.2 Sedan       
  9.2.3 Sport Utility Vehicle (SUV)     
  9.2.4 Multi Utility Vehicle (MUV)     
 9.3 Light Commercial Vehicle (LCV)     
  9.3.1 Pickup Trucks      
  9.3.2 Light Trucks      
 9.4 Heavy Commercial Vehicles      
  9.4.1 Heavy Trucks      
  9.4.2 Buses & Coaches      
 9.5 Sports Cars       
          
10 Global Vehicle Electrification Market, By Sales Channel    
 10.1 Introduction       
 10.2 Aftermarket       
 10.3 Original Equipment Manufacturers (OEMs)    
          
11 Global Vehicle Electrification Market, By Geography    
 11.1 Introduction       
 11.2 North America       
  11.2.1 US       
  11.2.2 Canada       
  11.2.3 Mexico       
 11.3 Europe        
  11.3.1 Germany       
  11.3.2 UK       
  11.3.3 Italy       
  11.3.4 France       
  11.3.5 Spain       
  11.3.6 Rest of Europe      
 11.4 Asia Pacific       
  11.4.1 Japan       
  11.4.2 China       
  11.4.3 India       
  11.4.4 Australia       
  11.4.5 New Zealand      
  11.4.6 South Korea      
  11.4.7 Rest of Asia Pacific      
 11.5 South America       
  11.5.1 Argentina      
  11.5.2 Brazil       
  11.5.3 Chile       
  11.5.4 Rest of South America     
 11.6 Middle East & Africa      
  11.6.1 Saudi Arabia      
  11.6.2 UAE       
  11.6.3 Qatar       
  11.6.4 South Africa      
  11.6.5 Rest of Middle East & Africa     
          
12 Key Developments        
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 12.2 Acquisitions & Mergers      
 12.3 New Product Launch      
 12.4 Expansions       
 12.5 Other Key Strategies      
          
13 Company Profiling        
 13.1 Aisin Seiki Co., Ltd.        
 13.2 Borgwarner Inc       
 13.3 Continental Ag       
 13.4 Delphi Technologies      
 13.5 Denso Corporation       
 13.6 Ford Motors Company       
 13.7 Friedrichshafen Ag       
 13.8 Hitachi Automotive Systems, Ltd     
 13.9 Honda Motors Co. Ltd      
 13.10 Johnson Electric Holdings Limited     
 13.11 Magna International Inc      
 13.12 Robert Bosch Gmbh       
 13.13 Suzuki Motor Corporation       
 13.14 Toyota Motors Corporation      
 13.15 Volkswagen       
 13.16 XL Fleet Corp       


List of Tables         
1 Global Vehicle Electrification Market Outlook, By Region (2020-2028) ($MN)  
2 Global Vehicle Electrification Market Outlook, By System (2020-2028) ($MN)  
3 Global Vehicle Electrification Market Outlook, By Cooling Systems (2020-2028) ($MN) 
4 Global Vehicle Electrification Market Outlook, By Energy Storage (2020-2028) ($MN) 
5 Global Vehicle Electrification Market Outlook, By Power Conversions (2020-2028) ($MN) 
6 Global Vehicle Electrification Market Outlook, By Power Generation (2020-2028) ($MN) 
7 Global Vehicle Electrification Market Outlook, By Traction Drive Systems (2020-2028) ($MN) 
8 Global Vehicle Electrification Market Outlook, By Voltage (2020-2028) ($MN)  
9 Global Vehicle Electrification Market Outlook, By 48V (2020-2028) ($MN)   
10 Global Vehicle Electrification Market Outlook, By 24V (2020-2028) ($MN)   
11 Global Vehicle Electrification Market Outlook, By 14V (2020-2028) ($MN)   
12 Global Vehicle Electrification Market Outlook, By 12V (2020-2028) ($MN)   
13 Global Vehicle Electrification Market Outlook, By Product Type (2020-2028) ($MN)  
14 Global Vehicle Electrification Market Outlook, By Thermoelectric Generator (2020-2028) ($MN)
15 Global Vehicle Electrification Market Outlook, By Starter Motor (2020-2028) ($MN)  
16 Global Vehicle Electrification Market Outlook, By Start/Stop System (2020-2028) ($MN) 
17 Global Vehicle Electrification Market Outlook, By Liquid Heater Positive Temperature Coefficient (PTC) (2020-2028) ($MN)
18 Global Vehicle Electrification Market Outlook, By Integrated Starter Generator (ISG) (2020-2028) ($MN)
19 Global Vehicle Electrification Market Outlook, By Electric Water Pump (2020-2028) ($MN) 
20 Global Vehicle Electrification Market Outlook, By Electric Vacuum Pump (2020-2028) ($MN) 
21 Global Vehicle Electrification Market Outlook, By Electric Power Steering (EPS) (2020-2028) ($MN)
22 Global Vehicle Electrification Market Outlook, By Electric Oil Pump (2020-2028) ($MN) 
23 Global Vehicle Electrification Market Outlook, By Electric Fuel Pump (2020-2028) ($MN) 
24 Global Vehicle Electrification Market Outlook, By Electric Car Motor (2020-2028) ($MN) 
25 Global Vehicle Electrification Market Outlook, By Electric Air-Conditioner Compressor (2020-2028) ($MN)
26 Global Vehicle Electrification Market Outlook, By Alternator (2020-2028) ($MN)  
27 Global Vehicle Electrification Market Outlook, By Actuator (2020-2028) ($MN)  
28 Global Vehicle Electrification Market Outlook, By Degree of Hybridization (2020-2028) ($MN) 
29 Global Vehicle Electrification Market Outlook, By Plug-In Hybrid Electric Vehicle (PHEV) (2020-2028) ($MN)
30 Global Vehicle Electrification Market Outlook, By Micro & Full Hybrid Vehicle (2020-2028) ($MN)
31 Global Vehicle Electrification Market Outlook, By Internal Combustion Engine (ICE) (2020-2028) ($MN)
32 Global Vehicle Electrification Market Outlook, By Hybrid Electric Vehicle (HEV) (2020-2028) ($MN)
33 Global Vehicle Electrification Market Outlook, By Fuel Cell Electric Vehicle (FCEV) (2020-2028) ($MN)
34 Global Vehicle Electrification Market Outlook, By Battery Electric Vehicle (BEV) (2020-2028) ($MN)
35 Global Vehicle Electrification Market Outlook, By Vehicle Type (2020-2028) ($MN)  
36 Global Vehicle Electrification Market Outlook, By Passenger Car (2020-2028) ($MN)  
37 Global Vehicle Electrification Market Outlook, By Hatchback (2020-2028) ($MN)  
38 Global Vehicle Electrification Market Outlook, By Sedan (2020-2028) ($MN)  
39 Global Vehicle Electrification Market Outlook, By Sport Utility Vehicle (SUV) (2020-2028) ($MN)
40 Global Vehicle Electrification Market Outlook, By Multi Utility Vehicle (MUV) (2020-2028) ($MN)
41 Global Vehicle Electrification Market Outlook, By Light Commercial Vehicle (LCV) (2020-2028) ($MN)
42 Global Vehicle Electrification Market Outlook, By Pickup Trucks (2020-2028) ($MN)  
43 Global Vehicle Electrification Market Outlook, By Light Trucks (2020-2028) ($MN)  
44 Global Vehicle Electrification Market Outlook, By Heavy Commercial Vehicles (2020-2028) ($MN)
45 Global Vehicle Electrification Market Outlook, By Heavy Trucks (2020-2028) ($MN)  
46 Global Vehicle Electrification Market Outlook, By Buses & Coaches (2020-2028) ($MN) 
47 Global Vehicle Electrification Market Outlook, By Sports Cars (2020-2028) ($MN)  
48 Global Vehicle Electrification Market Outlook, By Sales Channel (2020-2028) ($MN)  
49 Global Vehicle Electrification Market Outlook, By Aftermarket (2020-2028) ($MN)  
50 Global Vehicle Electrification Market Outlook, By Original Equipment Manufacturers (OEMs) (2020-2028) ($MN)
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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