Vehicle Electrification Market is predicted to reach USD 290.55 billion at a CAGR of 12.52% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Vehicle Electrification Market” that contains information from 2018 to 2032. The Vehicle Electrification market is estimated to register a CAGR of 12.52% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Vehicle Electrification market— Robert Bosch GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Denso Corporation (Japan), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), and Mitsubishi Electric Corporation (Japan). Mando Corp. (South Korea), Borgwarner Inc. (U.S.), Delphi Automotive PLC (U.K.), Johnson Electric (Hong Kong), and Hitachi Automotive Systems, Ltd. (Japan).

Vehicle Electrification Highlights

The global Vehicle Electrification market is accounted to register a CAGR of 12.52% during the forecast period and is estimated to reach USD 290.55 billion by 2032.

The Vehicle Electrification Market refers to the growing trend of replacing traditional internal combustion engines with electric powertrains in various modes of transportation, such as cars, buses, and trucks. This transition aims to reduce greenhouse gas emissions, increase energy efficiency, and promote sustainable mobility solutions. It involves the adoption of electric vehicles (EVs), hybrid vehicles, and related infrastructure development.

Segment Analysis

The global Vehicle Electrification market has been segmented based on Voltage, Product type and Degree of hybridization.

On the basis of Voltage, the market is segmented into 14 V, 12 V, 48 V, and 24 V. Currently, the market for vehicle electrification is dominated by the 12V category. Basic electrical components like lights, music systems, and tiny motors are all part of the 12V electrical system.

Based on Product type, the global Vehicle Electrification market has been segmented into Electric Power Steering (EPS), Integrated Starter Generator (ISG), Stop/Start System, Liquid Heater PTC, Electric Oil Pump, Electric Vacuum Pump, and Starter Motor. In 2022, the electric power steering (EPS) market category will command the biggest share. The EPS sector is preferred by end users above alternative steering systems. It has several benefits, including reduced mechanical complexity, energy efficiency, and the possibility to customise a more straightforward interface.

Based on Degree of hybridization, the global Vehicle Electrification market has been segmented into Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, Battery Electric Vehicle ((BEV), Plug-In Hybrid Electric Vehicle (PHEV), 48 Mild-Hybrid Market. With a market share of almost 60.0% in 2022, the Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle category led all other categories. Battery electric vehicles have been introduced as a result of technological breakthroughs in the automobile sector.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Vehicle Electrification Market Research Report

Regional Analysis

The global Vehicle Electrification market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Vehicle Electrification market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Vehicle Electrification market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Vehicle Electrification market comprises of Middle East, Africa, and Latin America.

The Asia-Pacific Vehicle Electrification Market dominated this market in 2022 the government's efforts to promote electric vehicles and provide incentives for purchasing have contributed to the growth of this sector. These elements influence market demand in this Region. Additionally, the Indian vehicle electrification market had the Asia-Pacific region's quickest rate of growth and China's vehicle electrification market had the greatest market share.

Due to the government's emphasis on implementing sustainable infrastructure growth, Europe holds the second-largest market share in the global market for vehicle electrification. Additionally, it is anticipated that future investments made as a result of government backing will accelerate the growth of the vehicle electrification market within the anticipated time frame. Additionally, the UK's vehicle electrification market grew at the highest rate in the European Region, while Germany's market for vehicle electrification held the largest market share.

Moreover, From 2023 to 2032, North America is anticipated to experience the fastest CAGR growth. The development of charging infrastructure and significant investments made by OEMs in the development of vehicle electrification are what are fueling the growth of this region.

Key Findings of the Study

• The global Vehicle Electrification market is expected to reach USD 290.55 billion by 2032, at a CAGR of 12.52% during the forecast period.


• The Asia-Pacific Vehicle Electrification Market dominated this market in 2022 the government's efforts to promote electric vehicles and provide incentives for purchasing have contributed to the growth of this sector.


• Based on Product type, In 2022, the electric power steering (EPS) market category will command the biggest share.


• Robert Bosch GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), Denso Corporation (Japan), JTEKT Corporation (Japan),Nexteer Automotive (U.S.), and Mitsubishi Electric Corporation (Japan). Mando Corp. (South Korea), Borgwarner Inc. (U.S.), Delphi Automotive PLC (U.K.), Johnson Electric (Hong Kong), and Hitachi Automotive Systems, Ltd. (Japan).