Automotive Electrified Vehicles Market Trends, Sector Overview and Forecast to 2028
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Automotive Electrified Vehicles Market Report Overview
The automotive electrified Vehicles market size is estimated at 26.8 million units in 2023. The advancement of technology will lead the market to grow at a CAGR of more than 14% during 2023-2028. The Asia-Pacific region had a significant share in the autonomous electrified vehicle market.
Automotive Electrified Vehicles Market Outlook 2023-2028 (Million Units)
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The automotive electrified vehicles market research report offers a comprehensive analysis of the trends & drivers, technological developments, PESTER outlook, sector forecast, and competitive landscape. The report brings together multiple data sources to provide a detailed overview of the global electrified vehicles sector during the projected period.
Market Size (2023) | 26.8 Million Units |
CAGR (2023-2028) | >14% |
Key Regions
|
· Asia-Pacific
· Europe · North America · South America · The MEA |
Key Sectors | · Hybrid
· BEV · Fuel Cell |
Key Companies | · Toyota Group
· Volkswagen Group · Hyundai Group · Stellantis · Renault-Nissan-Mitsubishi |
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Automotive Electrified Vehicles Market Trends and Drivers
A few of the key trends shaping the automotive electrified vehicles industry are improvement in battery management systems and employment moving towards EVs and EV components.
The battery management system (BMS) is a vital component in Electrified Vehicles (EVs) that maintains the battery’s health by monitoring its state of charge and temperature. An intelligent and well-designed BMS setup is crucial for the long-term health of an EV, as excess heat can accelerate battery degradation. Automakers are investing in improving their BMS units to optimize battery performance and range. Silicon carbide semiconductor technology may play a role in improving high-voltage systems.
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Automotive Electrified Vehicles Market Segmentation by Regions
In 2023, Asia-Pacific accounted for the highest share of the automotive electrified vehicles market
The key regions in the automotive electrified vehicles market are Asia-Pacific, Europe, North America, South America, and MEA. Several countries in the Asia-Pacific region have introduced policies and incentives to encourage the use of Electrified Vehicles. These measures comprise subsidies, tax benefits, reduced registration fees, and other financial incentives for both manufacturers and consumers.
Automotive Electrified Vehicles Electrified Vehicles Market Analysis by Regions, 2023 (%)
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Automotive Electrified Vehicles Market - Competitive Landscape
Toyota Group accounted for the highest market share in 2022
A few of the top companies operating in the market are:
- Toyota Group
- Volkswagen Group
- Hyundai Group
- Stellantis
- Renault-Nissan-Mitsubishi
- Others
Toyota’s self-charging hybrid electric car may be propelled both by its electric power alone and in conjunction with its engine and electric motor. Toyota hybrid vehicles can recharge on their own, unlike other vehicles.
In September 2023, FuelCell Energy and Toyota Motor North America Inc. announced the completion of a “tri-gen system” at Toyota’s Port of Long Beach facilities.
Automotive Electrified Vehicles Market Analysis by Companies, 2021 (%)
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Automotive Electrified Vehicles Market Segmentation by Sectors
Hybrid Electrified Vehicles led the automotive electrified vehicles market in 2023.
The key sectors in the automotive Electrified Vehicles market are battery-electrified vehicles, hybrid electrified vehicles, and fuel-cell electrified vehicles.
Automotive Electrified Vehicles Market Analysis by Sectors, 2023 (%)
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Automotive Electrified Vehicles Market – Latest Developments
A few of the latest developments in the automotive electrified vehicles market are as follows:
- In 2024, Autocar and Rocsys have teamed up to introduce hands-free charging capabilities for Autocar’s electric terminal tractors. This partnership represents a significant milestone in the industry, as it marks the first time that terminal tractors powered by hands-free charging will be put into operation at distribution centers, inland ports, and other logistics facilities globally.
- In 2024, XPENG Motors has initiated a new long-term strategic collaboration in Thailand with Neo Mobility Asia, a partnership between Arun Plus Mobility Holdings (a subsidiary of PTT) and MGC-Asia GreenTech.
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Segments Covered in the Report
Automotive Electrified Vehicles Sector Outlook (Value, Million Units, 2018-2028)
- Hybrid
- BEV
- Fuel Cell
Automotive Electrified Vehicles Regional Outlook (Value, Million Units, 2018-2028)
- Asia-Pacific
- Europe
- North America
- South America
- MEA
Scope
This report brings together multiple data sources to provide a comprehensive overview of the global electrified vehicles sector. It includes an analysis of the following:
- Trends & Drivers: Provides an overview of the current sector scenario regarding the future outlook in terms of key trends and drivers of the sector.
- Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.
- PESTER Analysis: Provides a detailed understanding of various factors such as political, economic, social, technological, environmental, and regulatory impacting the sector.
- Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2017–2026, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions-Asia-Pacific, Europe, North America, South America, and highlighting sector size, and growth drivers for the region.
- Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the recent product innovations and key strategic initiatives taken by the companies.
- Patent Analysis: Provides an overview of patent filings in the sector across regions, countries, and top applicants.
Reasons to Buy
- Auto OEMs and component suppliers seek the latest information on how the market is evolving to formulate their sales and marketing strategies. There is also a demand for authentic market data with a high level of detail.
- This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region.
- The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances.
- The analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion.
- To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.
Volkswagen Group
Hyundai Group
Stellantis
Honda
Ford.
Table of Contents
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Frequently asked questions
-
What is the automotive electrified vehicles market size in 2023?
The automotive electrified Vehicles market size is estimated at 26.8 million units in 2023.
-
What will be the CAGR in the automotive electrified vehicles market during 2023-2028?
The automotive electrified Vehicles market is expected to register a CAGR of more than 14% during 2023-2028.
-
Which is the region garnering the highest automotive electrified vehicles market share?
Asia-Pacific was the leading region garnering the highest automotive electrified vehicles market share in 2023.
-
Who are the leading automotive electrified vehicle market players?
The top companies operating in the global electrified Vehicles are Toyota Group, Volkswagen Group, Hyundai Group, Stellantis, and Renault-Nissan Mitsubishi.
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