Powering the Future: Vehicle Electrification Market Projected to Reach New Heights by 2032, Growing at a CAGR of 10.3%

The global vehicle electrification market is growing at a CAGR of 10.3% during the forecast period. The preference for electrified vehicles among automakers and automakers, as well as the growing focus on environmentally friendly alternatives in automobiles, are projected to propel the growth of the vehicle electrification market in the upcoming years.

The electrification of vehicles alters how people view transportation and grows the electrification market. It benefits both automobile makers and end users when paired with sustainable transportation infrastructure.

Crucial Drivers Steering Vehicle Electrification Market Growth

Rising pricing for conventional gasoline and an increase in the number of electric car sales could both encourage the market for vehicle electrification. The market for vehicle electrification is expected to develop as a result of consumer desire for more fuel-efficient vehicles, stricter emission regulations, and rising environmental consciousness. Through tax breaks and other financial incentives, many countries, most notably the US government, are actively promoting the electrification of automobiles.

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The primary factor driving the market's growth for vehicle electrification is the rising use of technological advancements in electric vehicles, such as e-axles. Additionally, the market is developing as a result of the rising demand for the production of lightweight vehicles to improve fuel efficiency. The market for electrifying vehicles is expected to be propelled by rising interest in hybrid vehicles.

The Vehicle Electrification Industry's Hardships

Advanced technologies and electric power components are used in electric automobiles. These technologies come with a number of concerns that need to be carefully evaluated, including the thermal runaway of the battery bank and fire. High battery costs, overheating, the total energy storage capacity of the battery, and the development of car batteries are the current vehicle electrification market difficulties limiting the appeal of electric vehicles.

Asia Pacific

The biggest market share for vehicle electrification is in the Asia Pacific area. The government's multiple initiatives in China, South Korea, and India to encourage the use of electric vehicles and provide tax advantages for such purchases could accelerate the expansion of the region's vehicle electrification market. In addition, the region's economic and technological achievements, as well as rising levels of disposable income, all contribute to the prosperity of the area.

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The market for vehicle electrification is anticipated to be dominated by the electric power steering industry. EPS increases vehicle manoeuvrability while lowering fuel consumption. In Asia, the market trend towards car electrification is growing. In Asia, EPS is implemented at a rate of around 91%. The EPS segment is therefore anticipated to have the biggest market share for vehicle electrification during the projection period.

Key Takeaways:

Competitive Landscape:

Bosch (Germany), Continental (Germany), Denso (Japan), BorgWarner (US), and Mitsubishi Electric are among the major manufacturers in the vehicle electrification market (Japan). These businesses have diverse product lines and extensive global distribution networks. These companies use strategies such as new product development, expansions, collaborations, and contracts and agreements to maintain their vehicle electrification market position.

Key Players

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Key Segments Covered in the Vehicle Electrification Market Report

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