The latest study collated and published by Nova one advisor analyzes the historical and present-day scenario of the global Vehicle Electrification market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, future scopes, cost analysis and key trends during the forecast timeframe 2022 to 2030.

According to Nova one advisor, the global Vehicle Electrification market was valued at USD 82.95 billion in 2021 and it is expected to hit around USD 187.20 billion by 2030 with a CAGR of 9.10% during the forecast period 2022 to 2030.

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Key Takeaways:

• By Product, the U.S. Vehicle Electrification market was valued at USD 15.6 Billion in 2021 and growing at a CAGR of 10.7% from 2022 to 2030


• The demand for the electric power steering (EPS) segment held the third-highest market share of around 12.7% in 2021.


• The electric vacuum pump segment is expected to witness a significant CAGR of 12.6% during the forecast period.


•  ICE segment held the highest market share of around 60.9% in2021.


• The PHEV segment is anticipated to expand at the highest CAGR of 14.8% during the forecast period.


• The Asia- Pacific accounted for the highest market share and was valued at USD 43.55 billion in 2021.

•  North America is anticipated to expand at the highest CAGR of 10.9% during the forecast period.

The market is witnessing tremendous growth owing to several benefits such as reduced vehicle weight, higher fuel efficiency, improved driving comfort, and safety features in an electric vehicle.

The increasing conventional fossil fuel prices and rising electric vehicle sales are prompting the electrification of automobiles. The increasing customer demand for fuel-efficient automobiles, stringent emission rules, and growing environmental concerns are all expected to drive the growth of the market for vehicle electrification.

The vehicle generally uses diesel or electricity as its power source. However, due to the growing environmental concerns over carbon emissions and rising crude oil prices. Governments of the countries such as India, China, and the U.S. are pivoting toward complete vehicle electrification. It encourages heavy investments from the government and private entities that are used for the development of electric vehicles and their infrastructure. These factors are further driving the market growth.

The electric system is replacing several hydraulic or mechanical systems in a vehicle. For instance, hydraulic power steering is replaced with electric power steering, mechanical or hydraulic pumps are replaced with electric pumps, etc. Furthermore, vehicle electrification decreases reliance on oil, which is a finite resource. All of these factors are projected to drive the global vehicle electrification market.

Clean energy generation in such vehicles has a significant environmental impact since it decreases harmful emissions from tailpipes and the power grid. Additionally, the electrification process incurs fewer operating costs and requires low maintenance as it eliminates the use of lubricant or coolant in the vehicle. The mechanical integration through electrification enhances overall functioning and efficiency, which is expected to drive the market further during the forecast period.

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Product Insights

The demand for the electric power steering (EPS) segment held the third-highest market share of around 12.7% in 2021. The EPS segment is given a higher preference between the end-users than other steering systems. It offers many advantages, such as energy economy, decreased mechanical complications, and the ability to adjust a simpler interface. EPS is smaller and lighter than HPS resulting in an energy-efficient vehicle option. The lack of dependability in hydraulic power steering contributes to the market's growth.

The electric vacuum pump segment is expected to witness a significant CAGR of 12.6% during the forecast period. Technological developments are being carried out in the automotive industry to save fuel, gaining prominence on account of increased energy efficiency in engines. The reliable performance of electric vacuum pumps in vehicles helps automakers meet new emission marks by fulfilling the vacuum required for the brake booster. The rise in demand for electric vacuum pumps can be attributed to their ability to deliver a smooth and consistent break-pedal feel to customers. 

Hybridization Insight

By hybridization, the market is segmented into Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, HEV, PHEV, and BEV. ICE segment held the highest market share of around 60.9% in2021. Technological advancements in the automotive industry have led to the introduction of battery electric vehicles. Demand for the product is increasing across the industry such as agriculture, construction, mining, and power generation. The lack of global EV infrastructure availability is also responsible for the uptake of the ICE market. Also, the growing popularity of vehicles using gasoline along with the growing shale gas production is the additional factors driving the market growth.

The PHEV segment is anticipated to expand at the highest CAGR of 14.8% during the forecast period. Collaborations between private and government agencies to develop smart cities across the nation and growing charging infrastructure are the factors expected to increase the demand for plug-in hybrid electric vehicles. Additionally, plug-in hybrid electric vehicles have witnessed substantial growth in technologically advanced nations. Integrated electrification systems for all kinds of transport vehicles, such as freight delivery vehicles, public transport, and 2-wheelers, are being encouraged by government agencies across the globe to reduce reliance on fossil fuels. All these factors add to the market's growth.

Regional Insights

The Asia- Pacific accounted for the highest market share and was valued at USD 43.55 billion in 2021. The government's initiatives to promote electric vehicles and give subsidies for the purchases are the factors driving demand in the market within this region. The rising population in the countries coupled with increasing per capita income stimulates the demand for the personal transport automobile that is supportive of a sustainable environment.

Europe is expected to see considerable growth in the vehicle electrification industry due to the government's focus on implementing sustainable infrastructure growth. Furthermore, future investment because of the government support is expected to boost the expansion of the vehicle electrification market during the forecast period.

North America is anticipated to expand at the highest CAGR of 10.9% during the forecast period. The expansion of charging infrastructure and major expenditures by OEMs in the development of vehicle electrification are the factors driving this region's growth. The evolution of the car electrification sector, notably in the United States is accelerated by federal tax credits and rebate incentives.

For instance, in 2021, General Motors, a major American automaker, had revealed plans to introduce electric automobiles designed for personal usage, in the next years. By 2025, the business plans to release 30 electric vehicles worldwide, with around two-thirds of them accessible in North America. The lucrative nature of the market is projected to inspire more traditional vehicle manufacturers to enter the product market, thus, boosting the growth of the market for vehicle electrification. 

Some of the prominent players in the Vehicle Electrification market include:

Robert Bosch GmbH; Continental AG; Denso Corporation; Delphi Automotive PLC; Johnson Electric and Mitsubishi Electric Corporation

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