Global Vehicle Electrification Market, by Degree of Hybridization (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)), by Product Type (Start/Stop System, Electric Power Steering (EPS), Liquid Heater PTC, Electric AC Compressor, Electric Vacuum Pump, Electric Oil Pump, Electric Water Pump, Starter Motor & Alternator, Integrated Starter Generator (ISG), and Actuators), and by Region - Trends, and Forecast to 2025

  • Published On : Dec 2017 |
  • Pages : 220 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Global Vehicle Electrification Market - Insights

Global vehicle electrification market was valued at US$ 57.50 billion in 2016, is projected to exhibit a CAGR of 8.82% over the forecast period (2017–2025), to be valued at US$ 121.60 billion by 2025. Requirement to improve automotive fuel economy by replacing the mechanical linkages with electrical or electronic components is among the major trend that has gained traction in the automotive sector. These automotive functions includes the starters, steering, vacuum pumps, oil pumps, braking systems, and water pumps among others. This will fuel the growth of global vehicle electrification market over the forecast period.

According to United States Environmental Protection Agency (EPA), around 27% of the U.S. greenhouse gas emissions (GHG) is from the automotive sector. Increased adoption of private transportation and the growing requirement to improve the public transportation has led to increased concerns for the GHG emissions. Growing stringency of regulations concerning the emission and fuel economy standards in conjunction with the incentivization and other amendments to support the proliferation of electrical vehicles in the consumer markets are expected to fuel the global vehicle electrification market. For instance, Energy Efficiency and Conservation Authority (EECA) in New Zealand states that EVs are exempt from Road User Charges (RUC) until the 2020 which is valued over US$ 491 annually for 14,000 kilometers. European emission standards by European Council and U.S. federal emission standards by EPA are among the major regulatory guidelines fueling the demands for increased fuel efficiency. Requirement to meet these economy standards will fuel the growth of vehicle electrification market.

Figure 1. Global Vehicle Electrification Market Value, (US$ Billion)

vehicle-electrification-market

Source: Coherent Market Insights (2017)

Advancement in these electronic components enhances the safety and awareness of the driver, is expected to be chief factor motivating the consumer for increased adoption

Actuators are responsible for controlling a mechanism or system which operates on receiving an input signal in the form of current, voltage, hydraulic pressure, pneumatic pressure or human input. These are extensively used for functionalities that include climate control, transmission, engine cooling, and headlights for enhancing the user comfort. Utilization of other electronic technologies that include brakes, vacuum, axles, and boosters, among others substantially enhance the user convenience and automotive efficiency. This in turn has led to increased consumer inclination towards adoption of these features propelling the growth of the global vehicle electrification market.

Asia Pacific vehicle electrification market dominated the global industry, is expected to continue its dominance over the forecast period, chiefly owing to the presence of some of the world’s largest manufacturing and sales hubs in the region. According to Coherent Market Insights analysis, motor vehicles production of the countries that include China, India, Japan, South Korea, and Thailand accounted for over 50% of the global production. Moreover, high inclination of consumers towards better comfort offered by vehicle electrification technologies, is expected to provide consistent demands in the developed economies of Europe and North America.

Electric power steering (EPS) was the largest product segment by value in 2016, predominantly owing to its less complicated installation, compact space requirements, and high durability. Moreover, these are incorporated with sensors that sense the vehicle speeds and respond accordingly, that in turn improves the user safety. Based on degree of hybridization, Micro-Hybrid Vehicle and Internal Combustion Engine (ICE) dominated the industry share, are expected to dominate the industry share over the next following years, owing to the highest adoption of these vehicles across the globe.

Key players in the vehicle electrification market include Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd., Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG.

Conventional internal combustion engines featuring mechanical linkages were characterized by significant loss of efficiency, owing to its friction and high energy requirement. Electric components that prominently include the electric power steering, positive temperature coefficient liquid heater, air compressor, vacuum, pumps, starter generators and actuators among others, enhance the automotive fuel efficiency, add to the users comfort, and also reduce the environmental impacts of the carbon emissions from these automotive. Advent of electric vehicles with better battery backup and optimum driving speeds has in turn fueled the demand for the vehicle electrification market for environment friendly automotive industry over the near future.

Market Dynamics

Requirement to improve automotive fuel economy, reduce carbon footprint, need to enhance driver awareness regarding the safety in conjunction with the added comfort and compliance with the regional regulations is expected to be among the prominent factors driving the industry growth. Moreover, feature enhancements that include less space requirements, highly sensitive outputs, and robust performance with relatively better durability also adds to the consumer motivation for the adoption of these systems. For instance, hydraulic power steering systems are more complicated, weigh more, require regular maintenance of hydraulic fluids, and are more prone to faults in relation to electrical power steering (EPS) system. EPS system also offer better sensitive response at distinct speeds and consume less power, adding to the mileage of the automotive. However, high cost of the electronic and electric components are expected to be the major factors hampering the global vehicle electrification market growth.

Key features of the study:

  • This report provides in-depth analysis of vehicle electrification, market size (US$ Million), and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017– 2025), considering 2016 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
  • It profiles leading players in the global vehicle electrification market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, vehicle electrification market capital, key developments, strategies, and future plans
  • Key companies covered as a part of this study include Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd., Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launches, product up-gradation, market expansion, and marketing tactics
  • The global vehicle electrification market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision making through the various strategy matrices used in analyzing the global vehicle electrification market

Detailed Segmentation:

  • Global Vehicle Electrification Market, By Product Type:
    • Start/Stop System
    • Electric Power Steering (EPS)
    • Liquid Heater PTC
    • Electric Air Conditioner Compressor
    • Electric Vacuum Pump
    • Electric Oil Pump
    • Electric Water Pump
    • Starter Motor & Alternator
    • Integrated Starter Generator (ISG)
    • Actuators
  • Global Vehicle Electrification Market, By Degree of Hybridization:
    • Battery Electric Vehicle (BEV)
    • Plug-In Hybrid Electric Vehicle (PHEV)
    • Hybrid Electric Vehicle (HEV)
    • Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
  • Global Vehicle Electrification Market, By Geography:
    • North America
      • By Product Type:
        • Start/Stop System
        • Electric Power Steering (EPS)
        • Liquid Heater PTC
        • Electric Air Conditioner Compressor
        • Electric Vacuum Pump (fastest growing market)
        • Electric Oil Pump
        • Electric Water Pump
        • Starter Motor & Alternator
        • Integrated Starter Generator (ISG)
        • Actuators
      • By Degree of Hybridization:
        • Battery Electric Vehicle (BEV)
        • Plug-In Hybrid Electric Vehicle (PHEV)
        • Hybrid Electric Vehicle (HEV)
        • Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Product Type:
        • Start/Stop System
        • Electric Power Steering (EPS)
        • Liquid Heater PTC
        • Electric Air Conditioner Compressor
        • Electric Vacuum Pump (fastest growing market)
        • Electric Oil Pump
        • Electric Water Pump
        • Starter Motor & Alternator
        • Integrated Starter Generator (ISG)
        • Actuators
      • By Degree of Hybridization:
        • Battery Electric Vehicle (BEV)
        • Plug-In Hybrid Electric Vehicle (PHEV)
        • Hybrid Electric Vehicle (HEV)
        • Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
      • By Country:
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Product Type:
        • Start/Stop System
        • Electric Power Steering (EPS)
        • Liquid Heater PTC
        • Electric Air Conditioner Compressor
        • Electric Vacuum Pump (fastest growing market)
        • Electric Oil Pump
        • Electric Water Pump
        • Starter Motor & Alternator
        • Integrated Starter Generator (ISG)
        • Actuators
      • By Degree of Hybridization:
        • Battery Electric Vehicle (BEV)
        • Plug-In Hybrid Electric Vehicle (PHEV)
        • Hybrid Electric Vehicle (HEV)
        • Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Latin America
      • By Product Type:
        • Start/Stop System
        • Electric Power Steering (EPS)
        • Liquid Heater PTC
        • Electric Air Conditioner Compressor
        • Electric Vacuum Pump (fastest growing market)
        • Electric Oil Pump
        • Electric Water Pump
        • Starter Motor & Alternator
        • Integrated Starter Generator (ISG)
        • Actuators
      • By Degree of Hybridization:
        • Battery Electric Vehicle (BEV)
        • Plug-In Hybrid Electric Vehicle (PHEV)
        • Hybrid Electric Vehicle (HEV)
        • Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
      • By Country:
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • By Product Type:
        • Start/Stop System
        • Electric Power Steering (EPS)
        • Liquid Heater PTC
        • Electric Air Conditioner Compressor
        • Electric Vacuum Pump (fastest growing market)
        • Electric Oil Pump
        • Electric Water Pump
        • Starter Motor & Alternator
        • Integrated Starter Generator (ISG)
        • Actuators
      • By Degree of Hybridization:
        • Battery Electric Vehicle (BEV)
        • Plug-In Hybrid Electric Vehicle (PHEV)
        • Hybrid Electric Vehicle (HEV)
        • Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
      • By Country:
        • GCC Countries
        • Israel
        • Northern Africa
        • Central Africa
        • South Africa
        • Rest of MEA
  • Company Profiles
    • Aisin Seiki Co. Ltd.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • Borgwarner Inc.
    • Continental AG
    • Delphi Automotive PLC
    • Denso Corporation
    • Hitachi Automotive Systems Ltd.
    • Johnson Controls Inc.
    • Johnson Electric
    • Jtekt Corporation
    • Magna International Inc.
    • Mitsubishi Electric Corporation
    • Robert Bosch GmbH
    • Valeo SA
    • Wabco Holdings Inc.
    • ZF Friedrichshafen AG

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product
      • Market Snippet, By Degree of Hybridization
      • Market Snippet, By Technology
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Global Vehicle Electrification Market, By Product Type, 2015 - 2025 (US$ Million)
    • Introduction
      • Market Share Analysis, 2015 and 2025 (%)
      • Segment Trends
    • Start/Stop System
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Electric Power Steering (EPS)
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Liquid Heater PTC
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Electric Air Conditioner Compressor
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Electric Vacuum Pump
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Electric Oil Pump
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Electric Water Pump
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Starter Motor & Alternator
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Integrated Starter Generator (ISG)
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Actuators
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
  5. Global Vehicle Electrification Market, By Degree of Hybridization, 2015–2025 (US$ Million)
    • Introduction
      • Market Share Analysis, 2015 and 2025 (%)
      • Segment Trends
    • Battery Electric Vehicle (BEV)
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Plug-In Hybrid Electric Vehicle (PHEV)
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Hybrid Electric Vehicle (HEV)
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
    • Micro-Hybrid Vehicle & Internal Combustion Engine (ICE)
      • Introduction
      • Market Size and Forecast, 2015–2025, (US$ Million)
  6. Global Vehicle Electrification Market, By Regions, 2015–2025 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2015 and 2025 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2015–2025 (US$ Million)
      • Market Size and Forecast, By Degree of Hybridization, 2015–2025 (US$ Million)
      • Market Share Analysis, By Country, 2015 and 2025 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2015–2025 (US$ Million)
      • Market Size and Forecast, By Degree of Hybridization, 2015–2025 (US$ Million)
      • Market Share Analysis, By Country, 2015 and 2025 (%)
        • UK
        • Germany
        • Italy
        • France
        • Russia
        • Others
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2015–2025 (US$ Million)
      • Market Size and Forecast, By Degree of Hybridization, 2015–2025 (US$ Million)
      • Market Share Analysis, By Country, 2015 and 2025 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Others
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2015–2025 (US$ Million)
      • Market Size and Forecast, By Degree of Hybridization, 2015–2025 (US$ Million)
      • Market Share Analysis, By Country, 2015 and 2025 (%)
        • Brazil
        • Argentina
        • Mexico
        • Others
    • Middle East & Africa
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2015–2025 (US$ Million)
      • Market Size and Forecast, By Degree of Hybridization, 2015–2025 (US$ Million)
      • Market Share Analysis, By Country, 2015 and 2025 (%)
        • GCC Countries
        • Israel
        • Northern Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • Aisin Seiki Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Borgwarner Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Continental AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Delphi Automotive PLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Denso Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hitachi Automotive Systems Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Johnson Controls Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Johnson Electric
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Jtekt Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Magna International Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Mitsubishi Electric Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Robert Bosch GmbH
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Valeo SA
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Wabco Holdings Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ZF Friedrichshafen AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 60 market data tables and 40 figures on " Vehicle Electrification Market - Global forecast to 2025”.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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