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Commercial Vehicle Electrification Market

Published Date : Jul 2024 | Forecast Year : 2019

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Commercial Vehicle Electrification Market Size, Analysis, By Product Type (Starter Motor, Electric Oil Pump, Electric Fuel Pump, Alternator, Electric Water Pump, Actuators) By Vehicle Type (Internal Combustion Engine Vehicle, Plug-in Hybrid Electric Vehicle, Micro & Full Hybrid Vehicle) Trends Regional Outlook, and Forecast 2024-2032

Report ID: AG1020

Published : Jul 2024

Pages : 126

Format : Commercial Vehicle Electrification Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 213.9 Billion
MARKET SIZE (2024)USD 83.5 Billion
CAGR (2023-2029)%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEStarter Motor
Electric Oil Pump
Electric Fuel Pump
Alternator
Electric Car Motors
Electric Vacuum Pump
Electric Water Pump
Actuators
Electric Power Steering
and Start/Stop System
BY APPLICATIONInternal Combustion Engine Vehicle
Plug-in Hybrid Electric Vehicle (PHEV)
Micro & Full Hybrid Vehicle
and Battery Electric Vehicle (BEV)
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSAISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd, Robert Bosch GmbH, FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, Johnson Electric Holdings Limited.

The Global Commercial Vehicle Electrification Market size was estimated to be valued at USD 83.5 Billion in 2023 and is expected to reach at USD 213.9 Billion by 2032, exhibiting at a CAGR of 9.7 % during the forecast period. This report provides a deep insight into the Commercial Vehicle Electrification Market covering all its essential aspects. This ranges from a macro-overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. 

Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Commercial Vehicle Electrification Market

Size, by Product, - (USD Billion)

Starter Motor

Electric Oil Pump

Electric Fuel Pump

Alternator

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

%

The Forecast Market

Size for in USD:

$213.9 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Commercial Vehicle Electrification Market Segments

By Product Type-

Starter Motor, Electric Oil Pump, Electric Fuel Pump, Alternator, Electric Car Motors, Electric Vacuum Pump, Electric Water Pump, Actuators, Electric Power Steering, and Start/Stop System

By Vehicle Type- 

Internal Combustion Engine Vehicle, Plug-in Hybrid Electric Vehicle (PHEV), Micro & Full Hybrid Vehicle, and Battery Electric Vehicle (BEV)

Key Profiles:

AISIN SEIKI Co., Ltd.

CONTINENTAL AG

Delphi Technologies

Hitachi Automotive Systems, Ltd

Robert Bosch GmbH

FRIEDRICHSHAFEN AG

Denso Corporation

BorgWarner Inc

Magna International Inc

Johnson Electric Holdings Limited

Regional Analysis

  • North America: Large economies like the United States and Canada are covered in this region.
  • Europe: The European market includes countries such as Germany, UK, France, Italy, Russia, and others.
  • Asia-Pacific: This region includes major economies like China, Japan, India, South Korea, Australia, and others.
  • Latin America: Countries like Brazil, Argentina, Mexico and others are part of this region.
  • Middle East and Africa: This region comprises economies from North Africa, GCC countries, South Africa and others.
  • Eastern Europe: This region includes countries such as Poland, Russia, Ukraine and others.

These geographic markets are analysed in terms of the current scenario, growth outlook, and potential opportunities. The research is conducted by considering various aspects such as economic conditions, government policies, industrial development, competitive landscape, and consumer behaviour in these regions.

Commercial Vehicle Electrification Market

Share, by end user, (USD Billion)

Analytica Global 83.5 Billion %

Internal Combustion Engine Vehicle

Plug-in Hybrid Electric Vehicle (PHEV)

Micro & Full Hybrid Vehicle

Battery Electric Vehicle

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

213.9 Billion

Total Market Size

USD (Billion),

%

CAGR

-

Market Insights:

  • The market for electrification of commercial vehicles is experiencing significant growth due to increasing regulatory pressure to reduce emissions, increasing fuel costs and advances in electric vehicle (EV) technology. 
  • Commercial vehicles, including trucks, buses and vans, are increasingly electrified to reduce operating costs and meet strict environmental regulations. 
  • The market is characterized by a compound annual growth rate (CAGR) that reflects strong growth as companies and governments around the world embrace electrification as a sustainable transportation solution. 
  • This change is supported by improvements in battery technology, expansion of charging infrastructure and government incentives to encourage the adoption of electric commercial vehicles. In addition, fleet operators are attracted by the lower maintenance costs and operational efficiency offered by electric motors, further boosting market growth.

Market Growth Factors:

  • Strict emissions regulations worldwide force fleet managers and manufacturers to use electric cars to reduce their carbon footprint and comply with regulations.
  • Continued improvements in battery technology, such as increased energy density, lower costs and longer life, make electric commercial vehicles more viable and attractive.
  • Electric vehicles offer lower operating costs compared to conventional internal combustion engine vehicles, mainly due to lower costs of fuel and fleet maintenance and electrification.
  • Various government incentives, subsidies, tax credits and subsidies aimed at promoting the adoption of electric vehicles are boosting the growth of the market.
  • The rapid expansion of charging infrastructure, including fast charging stations and depot charging solutions, will alleviate range anxiety and support the adoption of electric commercial vehicles.

Key Development Factors:

  • In 2021, Expansion of charging infrastructure: Rapid growth in the deployment of charging infrastructure, including fast charging stations and depot charging solutions, to support the growing number of electric commercial vehicles.
  • Fleet Electrification Initiatives: Fleet managers are increasingly adopting electric vehicles due to lower operating costs, environmental benefits and regulatory compliance.
  • Partnerships and collaboration: collaboration between car manufacturers, technology companies and energy providers to develop integrated solutions for fleet electrification and charging infrastructure.
  • 2022, Technological innovations: Further advances in electric powertrain technology and vehicle connectivity, improving the performance, efficiency and user experience of electric commercial vehicles.
  • Global Market Expansion: Expansion of the electric utility vehicle market outside North America and Europe, expansion in Asia Pacific and other emerging markets.
  • Government policy: Strengthen emissions regulations and impose stricter standards to accelerate the transition to zero emission commercial transport.
  • In 2023, Production ramp-up: Increasing EV production capacity as manufacturers respond to growing demand and market opportunities.
  • Sustainability initiatives: Integrating sustainability goals into corporate strategies, which increases investment in electric vehicle technologies and infrastructure.
  • Customer adoption and feedback: Growing acceptance and positive feedback from fleet companies and customers about the performance, reliability and cost-effectiveness of electric commercial vehicles.

    Commercial Vehicle Electrification Market

    Size, by Product, - (USD Billion)

    APAC $ 24

    The Market will Grow

    At the CAGR of:

    %

    The Forecast Market

    Size for in USD:

    $213.9 Billion B

    b0d51e3055fd6f23ff6a384a6e091406.svg

Electronic Power Steering (EPS) Accounts for the Majority of the Market Share:

  • The report includes detailed market segmentation and analysis based on product type. This includes starter motor, alternator, electric car motors, electric water pump, electric oil pump, electric vacuum pump, electric fuel pump, electric power steering, drives and start/stop system. According to the report, electric power steering (EPS) represented the largest segment.
  • The electric power steering segment is driven by the growing demand for fuel-efficient and environmentally friendly vehicles, as electric power steering offers better energy efficiency than traditional hydraulic systems. In addition, advances in vehicle electrification and autonomous driving technology are driving the adoption of electric power steering as these systems seamlessly integrate with electrified and autonomous vehicle platforms to improve handling and maneuverability.

Commercial Vehicle Electrification Market Trends:

  • Major manufacturers are increasing the offer of electric cars in different weight classes, from light vehicles to heavy trucks, to meet different transport needs.
  • Continued improvements in battery technology, including increased energy density and reduced cost, will increase the range, performance and affordability of electric commercial vehicles.
  • Rapid expansion of charging infrastructure networks, including fast charging stations, along major transport routes and in urban areas to support the widespread adoption of electric commercial vehicles.
  • Government policies and incentives aimed at reducing emissions and promoting adoption of electric vehicles, such as tax credits, subsidies and zero-emission mandates, are driving market growth.
  • Fleet operators are increasingly adopting electric vehicles to lower operating costs, improve durability and meet emissions regulations.
  • Integrating telematics systems and connectivity solutions into electric commercial vehicles to optimize fleet management, monitor vehicles and improve operational efficiency.
  • Collaboration between car manufacturers, technology companies and energy providers to develop integrated solutions for electric vehicle, energy management and fleet electrification.
  • Growing demand for electric commercial vehicles in urban areas for last mile delivery services due to trends in e-commerce and urbanization.
  • Greater focus on total cost of ownership, including initial costs, maintenance costs and fuel economy, to justify investment in electric vehicles.

    Commercial Vehicle Electrification Market TO (USD BN)

    Commercial Vehicle Electrification Market

    CAGR OF

    %

    Commercial Vehicle Electrification Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 213.9 Billion %

Restraints Factors:

  • Electric vehicles, including commercial vehicles, usually have higher initial costs compared to conventional internal combustion engine vehicles, which can be a barrier for operators.
  • Cabot range anxiety and charging infrastructure availability, especially for long-haul and heavy-duty vehicles, may prevent use in certain applications and regions.
  • Ongoing challenges in battery technology, such as energy density limitations, charging times and durability, can affect the performance and reliability of EVs.
  • lack of standardized charging protocols and infrastructure interoperability can complicate fleet management and increase the complexity of EV deployment.
  • Uncertainty about future emissions regulations and policies can affect investment decisions and long-term planning for fleet electrification initiatives.
  • The costs of installing and maintaining charging infrastructure, including upgrading power grids and facilities, can be significant, especially for large fleets and fleet operators with distributed operations.
  • Concerns about the resale value and total life cycle costs of EVs compared to conventional vehicles can influence fleet purchase decisions.

FAQs:

1.How big is the Commercial Vehicle Electrification Market?

Ans: The Commercial Vehicle Electrification Market size valued at USD 213.9 Billion in and grow at a CAGR of 9.7 % 

2.What is the current Commercial Vehicle Electrification Market size?

ANS: The Commercial Vehicle Electrification Market size is expected to be USD 83.5 Billion

3.Who are the key players in Commercial Vehicle Electrification Market?

Ans: AISIN SEIKI Co., Ltd., CONTINENTAL AG, Delphi Technologies, Hitachi Automotive Systems, Ltd, Robert Bosch GmbH, FRIEDRICHSHAFEN AG, Denso Corporation, BorgWarner Inc, Magna International Inc, Johnson Electric Holdings Limited

4.Which is the fastest growing region in Commercial Vehicle Electrification Market?

Ans: Europe is estimated to grow at the highest CAGR over the forecast.

Commercial Vehicle Electrification Market - Global Outlook & Forecast 2024-2029

Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

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