Vehicle Electrification Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group AG, General Motors Company

The Vehicle Electrification Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Vehicle Electrification Global Market Report 2024, The vehicle electrification market size has grown rapidly in recent years. It will grow from $84.04 billion in 2023 to $93.88 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to R&D and innovation, market entry of key players, improvements in charging infrastructure, reduction in battery costs, consumer awareness and demand.

The vehicle electrification market size is expected to see rapid growth in the next few years. It will grow to $143.56 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to stringent emission regulations, government support and incentives, cost reduction in battery production, expansion of charging infrastructure, automaker commitment and investments. Major trends in the forecast period include integration of smart and connected features, shift in consumer mindset, innovation in electric motors, rise in hybrid and plug-in hybrid vehicles, government targets and regulations.

The increase in demand for hybrid vehicles is propelling the growth of the vehicle electrification market. Hybrid vehicles have an internal combustion engine and one or more electric motors, any one source can be used to run the vehicle. Hybrid vehicles provide fuel economy and help in reducing emissions as they provide an option to run on an electric battery. The increasing demand for hybrid vehicles is due to the shift of focus to reducing emissions by opting for electric vehicles. The demand is also due to the rise in the income levels and the young population. As the demand increases for hybrid vehicles, there will be a significant need for electrification of vehicles as it is the way to make a normal vehicle a hybrid one. For instance, according to the data from a US-based analytics firm Wards Intelligence, the US sales of hybrid vehicle sales increased by 76% to 801,550 vehicles in 2021, representing 5% of US light vehicle sales. Sales of electric vehicles also increased by 83% to 434,879, representing 3% of the market. Therefore, the increasing demand for hybrid vehicles is expected to drive the growth of the vehicle electrification market.

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The vehicle electrification market covered in this report is segmented –

1) By Product Type: Starter Motor, Alternator, Electric Car Motors, Electric Water Pumps, Electric Oil Pump, Electric Vacuum Pump, Electric Fuel Pump, Electric Power Steering, Actuators, Start/Stop System
2) By Vehicle Type: Internal Combustion Engine Vehicle, Micro And Full Hybrid Vehicle, Plug-in Hybrid Electric Vehicle (PHEV) And Battery Electric Vehicle (BEV)
3) By Sales Channel: Original Equipment Manufacturers (OEM), Aftermarket

Major companies operating in the vehicle electrification market are focused on developing innovative products such as tire to increase their profitability in the market. EV tires cater to the specific needs of electric vehicles, addressing their unique performance and efficiency requirements in the realm of vehicle electrification. For instance, in August 20232, Apollo Tires, an India-based tire manufacturer launched EV specific tires designed for both four-wheelers and two-wheelers. The Apollo Amperion series is tailored for electric passenger cars, targeting hatchbacks, compact SUVs, and sedans such as Tata Nexon, MG ZSE, and Hyundai Kona. Meanwhile, the Apollo WAV range is dedicated to electric two-wheelers. These tires incorporate innovative technologies like “AQuT Tech” for reduced noise and “BEST Tech” to enhance the battery range of EVs, utilizing advanced low RR technology.

The vehicle electrification market report table of contents includes: