Vehicle Electrification Market is Expected to Enhance USD 187.13 Billion Revenue By 2030: Grand View Research Inc.

 Vehicle Electrification Market Growth & Trends

The global vehicle electrification market size is expected to reach USD 187.13 billion by 2030, registering a CAGR of 9.7% during the forecast period, according to a new report by Grand View Research, Inc. 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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Vehicle Electrification Market Report Highlight

• The global vehicle electrification market is expected to reach USD 187.13 billion by 2030 with a CAGR of 9.7% during the forecasted period
• The EPS segment is chosen with a higher preference between end-users than other steering systems because of many advantages such as energy economy, decreased mechanical complications, and the ability to simply adjust and simpler interface
• The Asia Pacific market is projected to witness substantial growth during the next decade owing to the growing large-scale adoption of vehicle electrification methods in the automobile sector. The regional market is expected to grow at a CAGR of 9.1% from 2022 to 2030

Access Press Release@ https://www.grandviewresearch.com/press-release/global-vehicle-electrification-market

Vehicle Electrification Market Segmentation 

Grand View Research has segmented the global vehicle electrification market based on the product, hybridization, and region: 

Vehicle Electrification Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Start/Stop System
• Electric Power Steering
• Liquid Heater Ptc
• Electric Air Conditioner Compressor
• Electric Vacuum Pump
• Electric Oil Pump
• Electric Water Pump
• Starter Motor & Alternator
• Integrated Starter Generator (ISG)
• Actuator

Vehicle Electrification Hybridization Outlook (Revenue, USD Billion, 2018 - 2030)

• Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle
• HEV
• PHEV
• BEV

Vehicle Electrification Region Outlook (Revenue, USD Billion, 2021 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Rest of the World 

List of Key Players in the Vehicle Electrification Market

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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.