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2020
Vehicle Electrification Market

Vehicle Electrification Market

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, and Start/Stop System), Sales Channel (Original Equipment manufacturers (OEMs) and Aftermarket), and Vehicle Type (Internal Combustion Engine Vehicle, Micro & Full Hybrid Vehicle, and Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV)): GlobalOpportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A02216
Pages: 286
Nov 2020 | 12197 Views
Author(s) : Omkar B , Sonia M
Tables: 115
Charts: 78
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COVID-19

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Vehicle Electrification Market Statistics - 2027

The global vehicle electrification market was valued at $70.14 billion in 2019, and is projected to reach $140.29 billion by 2027, registering a CAGR of 11.3%.Vehicle electrification is the front driving force responsible for significant revolution in the automotive industry. The demand for electrification of vehicles is majorly driven by upsurge in automotive production and increase in sales of vehicles across the globe. Vehicle electrification is gaining traction, as it serves as a substitute solution to traditional hydraulic and mechanical systems. Vehicle electrification improvesfuel efficiency and reduces emission level of the vehicle. Owing to rise in trend of vehicle electrification, OEMshave experienced significant weight reduction of automotive components, which, in turn, controls fuel consumption and enhances operational efficiency of the vehicle. The electrification of IC engine is a groundbreaking step, as it facilitates low fuel consumption. In addition, electric vehicles out perform conventional vehiclesin terms of carbon emission & maintenance, convenience of charging & refueling, smoother drive, reduced sound from engine, and fuel economy. 

The epidemic has placed more pressure on the vehicle electrification technology manufacturing for its business model transformation, as the industry is facing demand shock with an uncertain recovery timeline. The cash burn rate in the industry is currently less than 2 months. Many original equipment manufacturers (OEM) will likely soon face liquidity issues as operating cash flow diminishes during the crisis. Moreover, the consumer confidence is low in 2020 which impact the end use industries sales of the vehicle electrification market.

Factors such as surge in adoption of fuel-efficient mobility solution along with effective performance requirements and decline in price of batteries per KWH are expected to drive the growth of the global vehicle electrification market. However, decrease in production and saleof automotive from last two year and high dependence on mechanical & hydraulic systems in existing vehicles are the factors that are expected to restrain the growth of vehicle electrification market during the forecast period. On the contrary, increase in need for cost-effective solutions and rise in trend of electrification of commercial vehicles and fleet are anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.

Vehicle-Electrification-Market-2020-2027

The global vehicle electrification market is segmented into product type, sales channel, vehicle type, and region. Depending on product type, the market is categorized into starter motor, alternator, electric car motors, electric water pumps, electric oil pump, electric vacuum pump, electric fuel pump, electric power steering, actuators, and start/stop system. On the basis of sales channel, it is bifurcated into original equipment manufacturers (OEMs) and aftermarket. By vehicle type, it is fragmented into internal combustion engine vehicle, micro & full hybrid vehicle, and plug-in hybrid electric vehicle (PHEV) & battery electric vehicle (BEV). Region wise, it is analyzeda cross North America, Europe, Asia-Pacific, and LAMEA. 

Vehicle Electrification Market
By Product Type

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Electric car motors is projected as the most lucrative segment

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The key players profiled in the report include AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, and Johnson Electric Holdings Limited.

COVID Impact Analysis:

The epidemic has placed more pressure on the vehicle electrification technology manufacturing for its business model transformation, as the industry is facing demand shock with an uncertain recovery timeline. The cash burn rate in the industry is currently less than 2 months. Many original equipment manufacturers (OEM) will likely soon face liquidity issues as operating cash flow diminishes during the crisis. Moreover, the consumer confidence is low in 2020 which impact the end use industries sales of the vehicle electrification market.

Vehicle Electrification Market
By Sales Channel

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Aftermarket is projected as the most lucrative segments

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Surge inadoption of fuel-efficient mobility solutions

In the recent years, the automotive industry has witnessed drastic change in terms of technological evolution. To cater to the changing demands of consumers, OEMs are relying on electrical components, owing to their output efficiency and lightweight, thus making vehicle electrification a fuel economic solution. Moreover, emission from vehicles is a crucial factor, as harmful greenhouse gases are released, which increase environmental and health concerns. Thus, governments across the globe are implementing vehicle emission norms to control greenhouse emissionand maintain environmental balance. Manufacturers need to comply with these regulations to control the emission level. For instance, from April 2020, the Government of India implemented the BS6 emission standard to control the outflow of air pollutants from vehicles. In addition, end consumers/drivers are demanding for technologically advanced electrical components and systems to ease the driving experience and to facilitate efficient operations of the vehicle. Thus, all these factors collectively escalate the demand for vehicle electrification in the near future.

Decline in price of batteries per KWH

Batteries are the significant part of the vehicle that supplies the electricity input to various electrical components required for effective functioning. Increase in penetration of electrical components in the automotive sector is expected to boost the demand for automotive batteries. Furthermore, increase in integration of electrical components in vehicles increase the need for automotive batteries, which, in turn, supplements the growth of the vehicle electrification market. Moreover, the price of automotive battery is decliningsignificantly. For instance, according to a research study published by Bloomberg New Energy Finance (BNEF) on the automotive battery, the battery prices has witnessed significant fall from last decade. In 2010, the automotive battery prices was $1,100 per KWh, whereas itwas $156 per Kwh in 2019. Moreover, these prices are expected to fall in a same momentum in the upcoming years, thereby augmenting the growth of the vehicle electrification market. 

Vehicle Electrification Market
By Vehicle Type

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Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV) is projected as the most lucrative segments

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Decrease inproduction and sale of automotive 

The automotive industry has witnessed declinein the overall growth from the last two years, which results in reduced sales as well as production of automotive. This is majorly attributed to changes inmanufacturing standard of the automotive and low consumer confidence for buying the vehicles due to uncertainty in the government regulations regarding emission and safety, which, in turn, increases the prices of automotive. According to International Monetary Fund (IMF), the industry represented around 20% of GDP slowdown in 2018 and around 30% of the year's drop in global trade. The growth of the vehicle electrification market movement is completely dependent on vehicle production and sales activities. Thus, decline in sales and production of automotive is expected to hamper the growth of the overall market. Moreover, the automotive industry is witnessing slower growth than expected, which is likely to downturn the demand for vehicle electrification in the upcoming years.

Increase inneed for cost-effective solutions

Vehicle electrification serves as an ideal solution for effective vehicle operations, due to less fuel cost, reduced emissions, and improved fuel economy. However, electrification of vehicle is associated with high cost of vehicle components, which impact the overall costing of automotive. Thus, end consumer are demanding cheaper solutions; thus, manufacturers are focusing on development of cost-effective solutions to gain competitive advantage in the global market. Moreover, decrease inprices of automotive batteries is a positive aspect that supports the growth of the vehicle electrification market.  Thus, cost-effective product development is expected to gain momentum during the forecast period.

Vehicle Electrification Market
By Region

2027
Asia-pacific 
North America
Europe
Lamea

Asia Pacific would exhibit the highest CAGR of 12.9% during 2020-2027.

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Vehicle Electrification Market Report Highlights

Aspects Details
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
BY SALES CHANNEL
  • ORIGINAL EQUIPMENT MANUFACTURERS (OEM)
  • AFTERMARKET
BY VEHICLE TYPE
  • Internal Combustion Engine Vehicle
  • Micro & Full Hybrid Vehicle
  • Plug-in Hybrid Electric Vehicle (PHEV) & Battery Electric Vehicle (BEV)
BY REGION
  • NORTH AMERICA  (U.S, Canada, Mexico)
  • EUROPE  (UK, GERMANY, FRANCE, ITALY, REST OF EUROPE)
  • ASIA-PACIFIC  (CHINA, JAPAN, INDIA, SOUTH KOREA, REST OF ASIA-PACIFIC)
  • LAMEA  (LATIN AMERICA, MIDDLE EAST, AFRICA)
Key Market Players AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd, Robert Bosch GmbH, FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, Johnson Electric Holdings Limited
 

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Vehicle electrification is the new trend in the automotive industry. Majority of technology leaders are focused to develop vehicle electrification technology. Moreover, governments across the nations are enforcing stringent rules and regulations to promote the sales of electrical vehicle along with low fuel consumption. China is expected to lead the market in Asia-Pacific, owing to the fact that majority of automotive OEMs are based in the country. In addition, surge in  need for cost-effective vehicle electrification solutions augments the growth of the market.

Significant decrement has been witnessed in the prices of automotive batteries from the last decade, which is one of the major driving forces of the vehicle electrification market, as it is more cost-effective than mechanical and hydraulic solution. Along with that, automotive production as well as sales activities directly influence the demand for vehicle electrification as majority of the market share is held by OEMs. Furthermore, majority of the public transportation service providers are inclining toward the partial or complete change or upgradation of the fleet to gain cost-effectiveness and minimize the carbon footprints.

Key players profiled in the report include AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc., Magna International Inc., and Johnson Electric Holdings Limited. Vehicle electrification market is fairly consolidated market where leading four market players are holding around 20% share of the overall global market. Market players are focused on product launch, agreement, and joint venture to gain competitive advantage. For instance, in September 2020, Denso Corporation developed new electric power steering motor control unit for improved vehicle handling and safety. In December 2018, Aisin Seiki Co., Ltd. (AISIN) and DENSO Corporation (DENSO) entered into joint venture to form BluE Nexus a. to develop and sell driving modules for electric vehicles.

 

 

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FREQUENTLY ASKED QUESTIONS?

A. The global vehicle electrification market was valued at $70.1 billion in 2019, and is projected to reach $140.3 billion by 2027, registering a CAGR of 11.3% from 2020 to 2027.

A. China is one of the largest component supplier for components of vehicle electrification to the global electric vehicle ecosystem. Thus, Disrupted supply chains owing to lockdown and trade tension between the countries is anticipated to negatively impact the vehicle electrification market.

A. The report sample for global vehicle electrification market report can be obtained on demand from the website.

A. Agreements, Joint Venture, and product launches are the top most competitive developments which are adopted by the leading market players in the global market

A. Automotive Manufacturers and Aftermarket Suppliers are the major players in the global autmoted fare collection system market.

A. The company profiles of the top ten players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. Based on the vehicle electrification market analysis, Asia-Pacific accounts to be highest revenue contributor in 2019 and expected to see a lucrative growth provides more business opportunities during the forecast period

A. By Vehicle Type, Internal Combustion Engine Vehicle is expacted to gain traction over the forecast period as well as domainate the market share in the global vehicle electrification market

A. China, Germany, U.S. has wirnessed as a key matured markets growing in the global vehicle electrification market

A. Key players profiled in the report include AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd., Robert Bosch GmbH, ZF FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, and Johnson Electric Holdings Limited.

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