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Global Vehicle Electrification Market By Degree of Hybridization (Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle), By Product Type (Start/Stop System, Electric Air-Conditioner Compressor, Others), By Region–Forecast & Opportunities to 2026

The global vehicle electrification market accounted for value of USD 63.1 billion in 2019. Vehicle electrification market is projected to register growth at a CAGR of 9.7 % during forecast period.

COVID-19 has impacted automotive industry significantly. All the production and assembly activities were halted due to lockdown in many countries. The supply of raw material and finished products was immensely affected due to travel restriction and border closers. The sales of vehicles are immensely declined by the corona virus outbreak. The vehicle electrification market will foresee boost from 2021.


Electric verification is a concept used in vehicles which involves use of internal combustion engines and an electric motor. The electric motor is cost is balanced by removing starter motor. Wide range of technologies which runs electricity are installed in vehicle for ease and convince of driver and passengers. These vehicles help in reducing pollution caused by emission of harmful gases.

Market Dynamics (Drivers/Opportunities):

The hybrid concept in automobile is gaining momentum across the world. People are demanding various innovative and electrical features in vehicles. In order to strengthen companies market position manufacturers are various electrical components and features in vehicle such as automatic transmission, wipers, automatic braking, airbags and various others sensors. This is likely to drive growth in vehicle electrification market.

The mild hybrid is not very fuel efficient but it is definitely cost efficient and this model is lighter in weight than full hybrid vehicles. As mild hybrid is cost efficient hence preferred by major OEMs and consumer also prefers this concept. This drives growth in vehicle electrification market during forecast period.

Market Insights, by Product Type

On the basis of product type, the vehicle electrification market is segmented into start/stop system, electric air-conditioner compressor, electric power steering, electric vacuum pump, electric oil pump, electric water pump, liquid heater PTC, starter motor, integrated starter generator, actuator and alternator. Electric power steering is expected to hold largest market segment during forecast period. It helps in reducing fuel consumption in vehicles. EPS improves the maneuverability of vehicles. In region such as North America and Europe, the majority of vehicles are equipped with EPS. The use of this product is rapidly growing in other regions. This is likely to drive growth in this segment during forecast period.

Market Insights, by Degree of Hybridization

On the basis of degree of hybridization, the vehicle electrification market is segmented into internal combustion engine & micro hybrid vehicle, plug-in hybrid electric vehicle, battery electric vehicle and 48V. The plug-hybrid electric vehicle (PHEV) segment is expected to foresee fastest growth during forecast period. PHEV is opens doors for fully hybrid vehicle and it promotes the charging infrastructure in many regions. The market is gradually shifting from internal combustion engines to PHEV and this drives growth in PHEV segment during forecast period.

Regional Insights

North America region is estimated to register growth at highest CAGR during forecast period. The rapidly growing charging infrastructure and rising demand of such features are responsible to drive growth in this region. The manufacturers are investing at a large scale in vehicle electrification. The US is estimated to be the largest market share in North America region. US have witness presence of major OEMs and Tier 1 companies. These manufactures are adopting various electric components for vehicle in order to give technologically advanced and innovative features. This is another growth driving factors in this region during forecast period.

Key Companies & Market Share Insights

The key market players in vehicle electrification market are Bosch, Continental, Denso, Delphi, Mitsubishi, Borgwarner, Magna, Johnson Electric, Aisin Seiki, Johnson Controls, Valeo, Hitachi, Wabco, Dana and Calsonic Kansie.

Segments Covered in the Report

This report forecasts The Global Vehicle Electrification Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global vehicle electrification market report on the basis of product type and degree of hybridization.

Vehicle Electrification Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Vehicle Electrification Market, By Product Type, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Start/Stop System
  • Electric Air-Conditioner Compressor
  • Electric Power Steering
  • Electric Vacuum Pump
  • Electric Oil Pump
  • Electric Water Pump
  • Liquid Heater PTC
  • Starter Motor
  • Integrated Starter Generator
  • Actuator
  • Alternator
  1. Vehicle Electrification Market, By Degree of Hybridization, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Internal Combustion Engine & Micro Hybrid Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Battery Electric Vehicle
  • 48V
  1. Vehicle Electrification Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Product Type
    • By Degree of Hybridization
    • By Country
      • USA
        • By Type
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Product Type
      • By Degree of Hybridization
      • By Country
        • Brazil
          • By Type
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Product Type
        • By Degree of Hybridization
        • By Country
          • UK
            • By Type
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Product Type
          • By Degree of Hybridization
          • By Country
            • China
              • By Type
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Product Type
            • By Degree of Hybridization
            • By Country
              • Saudi Arabia
                • By Type
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Delphi
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Bosch
    • Continental
    • Denso
    • Mitsubishi
    • Borgwarner
    • Magna
    • Johnson Electric
    • Aisin Seiki
    • Johnson Controls
    • Valeo
    • Hitachi
    • Wabco
    • Dana
    • Calsonic Kansie
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista


1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:


1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.


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