Vehicle Electrification Market to Reach USD 215.1 Billion by 2032 | CAGR: 9.8% | DataHorizzon Research

Fort Collins, Colorado, Sept. 15, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Vehicle Electrification Market Size, Growth, Share, Statistics Report, By Product (Start/Stop System, Electric Power Steering, Electric Air Conditioner Compressor, Electric Vacuum Pump, Electric Oil Pump and Others), By Hybridization, By Region, and Segment Forecasts, 2023-2032.” 

According to DataHorizzon Research, The vehicle electrification market size was valued at USD 85.1 Billion in 2022 and is expected to have USD 215.1 Billion by 2032 with a CAGR of 9.8%. The growing demand for alternative fuels for transportation and increasing carbon emission issues are major factors driving the market growth. Global emissions are already high and are a major concern for most governments.

The Paris Agreement also mandates the various countries to curb the global temperature rise to below 2°C. Thus, various government initiatives such as regulations and subsidies are being introduced, contributing to the market growth.

The electrification of commercial vehicles presents myriad opportunities to the prominent players systems in the market. Commercial electric vehicles operate without the usage of fossil fuels. Additionally, they have fewer moving parts, they require less maintenance and breakdowns. Various systems, such as regenerative braking and engine shutdown systems, also improve fuel efficiency in commercial vehicles.

Various commercial vehicles, such as electric buses, are already being electrified due to the associated benefits, such as the use of clean electricity, reduced dependence on fossil fuels, and more. Furthermore, various factors, such as rising fuel prices and more stringent emission standards, will spur corporations to convert to electric vehicles for freight, such as trucks, accelerating the adoption of electric commercial vehicles.

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Report Snapshot: 

Segmentation Overview

The vehicle electrification market has been segmented into product, hybridization, and region. Based on the product, the electric power steering segment (EPS) represented a significant share. These systems are linked to vehicle control units and enhance the driver's safety, comfort, and convenience. Based on application, the BEV segment is anticipated to exhibit substantial growth during the forecast period due to the growing adoption of EVs.

Geographically, Asia Pacific held a significant share of the vehicle electrification market owing to the growing adoption of electric vehicles in this region. Various government initiatives in China, Japan, and India to reduce the number of IC engine vehicles is also promoting market growth. North America is expected to register significant growth owing to the rising awareness regarding environmental sustainability and increasing charging infrastructures in the region.

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Key Developments in the Industry:

• In June 2023, BorgWarner Inc. announced the acquisition of the electric hybrid system (EHS) business segment of Eldor Corporation S.p.A. The acquisition intends to increase BorgWarner's portfolio by integrating onboard chargers (OBCs), DC/DC converters, and integrated high-voltage boxes in its offerings. It will also improve the engineering capabilities of BorgWarner for producing 400 V and 800 V on-board chargers.

• In September 2022, Robert Bosch GmbH announced a new driving unit that includes an electric motor and an integrated inverter for lightweight commercial vehicles. The launch is in line to increase e-mobility. The whole unit weighs around 80 kg, and the inverter has an efficiency of 97%, contributing to the high range of the vehicle. The unit provides a maximum power of 129 kW and peak torque of 430 Nm.

Vehicle Electrification Market Report Highlights:

• The Vehicle Electrification market is projected to attain a CAGR of 24.4% by 2032.

• The electric power steering segment (EPS) holds a significant market share and is predicted to remain dominant during the forecast years.

• The electric vacuum pump segment is also expected to account for a significant market share during the forecast period owing to the high demand for EVs and hybrids.

• The BEV segment is expected to register a high growth during the forecast period. This can be attributed to the growing charging infrastructures across various regions.

• North America accounted for a significant share of vehicle electrification in 2022. Various government subsidies, such as federal tax credits are spurring the market growth.

• The prominent players in the vehicle electrification market report include Robert Bosch GmBH, Continental, Nexteer Automotive Group, Mitsubishi Electric, Denso, BorgWarner, Aptiv PLC, Johnson Electric, Toyota Motors Corporation, and Honda Motors Co. Ltd.

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Vehicle Electrification Market Report Segmentation:

Vehicle Electrification Market, By Product (2023-2032)

• Start/Stop System
• Electric Power Steering
• Electric Air Conditioner Compressor
• Electric Vacuum Pump
• Electric Oil Pump
• Others

Vehicle Electrification Market, By Hybridization (2023-2032)

• Internal Combustion Engine (ICE)
• Hybrid electric vehicle
• Plug-in hybrid electric vehicle
• Battery electric vehicle

Vehicle Electrification Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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