Austin, June 17, 2025 (GLOBE NEWSWIRE) -- Vehicle Electrification Market Size & Growth Insights:
According to the SNS Insider,“The Vehicle Electrification Market Size was valued at USD 117.04 billion in 2024 and is expected to reach USD 274.56 billion by 2032, growing at a CAGR of 11.25% over the forecast period of 2025-2032.”
Global Shift Toward Cleaner Mobility Drives Surge in Vehicle Electrification Technologies
The Vehicle Electrification market is growing at a movement pace, which is helping the market to boom in the most prominent way. Regulatory actions such as EPA standards and U.S. Department of Energy programs have accelerated uptake. A 22% increase in electric vehicle registrations in 2023 is indicative of changes in consumer tastes. Auto companies such as Ford and GM are ramping up production of electrified parts, and technology companies partnering with automakers from 2022 to 2024 are further fueling innovation.
The U.S. Vehicle Electrification market is valued at USD 21.35 billion in 2024 and is expected to reach USD 51.54 billion by 2032, growing at a significant CAGR over the forecast period of 2025-2032.
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The Vehicle Electrification in the US is growing due to strong support from the Federal government, aggressive emission laws by the EPA, and high consumer demand for convenient and fuel-efficient vehicles. Groups like the Electric Drive Transportation Association (EDTA) cite the increasing use of electric vacuum pumps in conventional vehicles with ICE powertrains to bolster fuel economy. Players such as Tesla and GM are leading the charge in terms of innovation and the adoption of integrated starter generators and electric power steering, driving the growth of the market.
By Region, Asia Pacific dominated the Vehicle Electrification Market in 2024, Holding A 42% Market Share.
The dominance is due to stringent government measures, the fast pace of EV adoption, and high spending on R&D by major players such as Nidec and Panasonic. The enabling infrastructure, the urbanization, and the China NEV mandates are driving the demand for components such as electric vacuum pumps. However, the region’s leadership in vehicle electrification remains strong, with a focus on air quality and energy security as priorities.
Vehicle Electrification Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 117.04 Billion |
| Market Size by 2032 | USD 274.56 Billion |
| CAGR | CAGR of 11.25% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segmentation | • By Product (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, Actuators) • By Hybridization (Internal Combustion Engine (ICE) & Micro-Hybrid Vehicle, HEV, PHEV, BEV) • By Vehicle Type (Passenger Vehicle, Commercial Vehicle) |
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By Product, the Electric Vacuum Pumps Segment dominated the Vehicle Electrification Market in 2024 with a 71.8% Market Share.
Electric vacuum pumps dominate owing to the importance of boosting brake efficiency and substituting old-fashioned systems with ever-stringent emission standards in place. Bosch, Denso, and other OEMs provide sophisticated hybrids and ICEs that promote fuel efficiency and emissions compliance. The expansion of electrical auxiliary systems further stimulates demand, making them an integral component of the market.
By Hybridization, ICE & Micro-Hybrid Vehicles Segment dominated the Vehicle Electrification Market in 2024 with a 59% Market Share.
ICE & micro-hybrid vehicles dominate for their cost-effectiveness and ease of adoption on existing platforms. They provide fuel economy without the priciness of BEVs. Car manufacturers such as Toyota and Hyundai are advertising start/ stop systems and electric components to reduce emissions. Their low-cost nature, ease of use, and established ecosystem solutions make them the most attractive option, particularly in emerging economies.
By Vehicle Type, the Passenger Vehicles Segment dominated the Vehicle Electrification Market in 2024 with a 74% Market Share.
Passenger vehicles dominate due to increasing demand for eco-friendly vehicles, government subsidies, and strong sales of electric vehicles by companies such as Tesla, Ford, and GM. The addition of electric devices such as power steering and A/C compressors helps with Electrification. Urbanization and stringent emission norms for personal vehicles are additional factors promoting adoption, and they represent a major market growth driver.
Leading Market Players with their Product Listed in this Report are:
- Robert Bosch GmbH
- DENSO CORPORATION
- Magna International Inc.
- Valeo SA
- ZF Friedrichshafen AG
- Aptiv
- Mitsubishi Electric Corporation
- AISIN CORPORATION
- Johnson Electric Holdings Limited
- BorgWarner Inc.
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Recent Developments
In June 2025, ABB acquired BrightLoop to enhance its electrification offerings for off-highway vehicles and marine applications using advanced converters.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Vehicle Electrification Market Segmentation, by Product
8. Vehicle Electrification Market Segmentation, by Hybridization
9. Vehicle Electrification Market Segmentation, by Vehicle Type
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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