The global electrification market size was estimated at around USD 73.68 billion in 2022 and it is projected to hit around USD 172.99 billion by 2032, growing at a CAGR of 8.91% from 2023 to 2032.
Key Pointers
Report Scope of the Electrification Market
| Report Coverage | Details |
| Market Size in 2022 | USD 73.68 billion |
| Revenue Forecast by 2032 | USD 172.99 billion |
| Growth rate from 2023 to 2032 | CAGR of 8.91% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | ABB; ZAPI GROUP; Powersys Solutions; Siemens; Enel Spa; Schneider Electric; Duke Energy Corporation; General Electric; Enel X S.r.l.; ICF International Inc. |
The need for electrification is being driven primarily by a rise in automotive manufacturing and vehicle sales across the world. The vehicle electrification market is gaining popularity as a replacement alternative for old hydraulic and mechanical systems. Vehicle electrification improves fuel economy and lowers pollution levels.
Because of the soaring demands for environmental balance, initiatives towards carbon neutrality and novel technological milestones are supporting new trend evolution in vehicle electrification, OEMs have seen substantial weight reduction of automotive components, which, in turn, regulates fuel consumption and improves vehicle operating efficiency, thus emerging as a significant growth initiator. However, the smooth growth trajectory of the electrification market is likely to face skewered curve due to high pricing costs of maintenance and part replacement charges. These existing bottlenecks are therefore paving new growth opportunities allowing market participants to develop highly competitive and cost-efficient vehicle components.
Factors such as an increase in the adoption of fuel-efficient mobility solutions, as well as effective performance requirements and a decrease in the price of batteries per KWH, are projected to drive the global vehicle electrification market growth. However, a drop in automotive production and sales over the last two years, as well as a high reliance on mechanical and hydraulic systems in existing cars, are likely to restrict the growth of the vehicle electrification market during the forecast period. On the contrary, growths in the need for cost-effective solutions, as well as an increase in the trend of electrification of commercial vehicles and fleet management solutions, are expected to provide lucrative opportunities for global market advancement over the forecast period.
Electrification is the process of powering anything with electricity, and it is generally connected to a primary power source with the help of switches. Electrification, in broad terms, is the construction of electrical production and distribution networks in the United States, Britain, and other nations from the mid-1880s until approximately 1950 and is still ongoing in rural regions in certain developing countries.
Because of its low tailpipe emissions, the electrification of the transportation industry is gaining popularity. It is seeing significant growth as a consequence of the rising need for new innovations and green technology. Due to increasing expenditures in military vehicle electrification solutions, the European countries will lead the market. Electric cars are one of the most rapidly expanding sectors of the electrification market. With the shifting dynamics of the automobile industry, the electric power steering market is constantly developing. OEMs are inventing their traditional steering systems in response to the introduction of self-driving vehicles.
Electrification Market Segmentations:
| By Source | By Application |
|
Renewable Energy Nuclear Power Fossil Fuel-based |
Transportation Industrial Buildings |
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Electrification Market
5.1. COVID-19 Landscape: Electrification Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Electrification Market, By Source
8.1. Electrification Market, by Source, 2023-2032
8.1.1. Renewable Energy
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Nuclear Power
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Fossil Fuel-based
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electrification Market, By Application
9.1. Electrification Market, by Application, 2023-2032
9.1.1. Transportation
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Industrial
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Buildings
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electrification Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Source (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Source (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Source (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Source (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Source (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Source (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Source (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Source (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Source (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Source (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Source (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Source (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Source (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Source (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Source (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Source (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Source (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Source (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Source (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Source (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Source (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. ABB
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. ZAPI GROUP
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Powersys Solutions
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Siemens
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Enel Spa
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Schneider Electric
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Duke Energy Corporation
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. General Electric
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Enel X S.r.l.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. ICF International Inc.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers