Automotive Electrified Vehicles Market Trends, Sector Overview and Forecast to 2028

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Published: March 29, 2024 Report Code: GDAUS650324-ST

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Explore the following trends and analysis from our ‘Automotive Electrified Vehicles’ market report:

  • Trends & Drivers: Get an overview of the current key trends and drivers that will influence the sector’s growth in the future.
  • Technological Developments: Identify the technological developments and innovations shaping the automotive electrified vehicles sector.
  • PESTER Analysis: Understand various political, economic, social, technological, environmental, and regulatory factors impacting the sector.
  • Sector Forecast: Analyze the global market covering volume growth during 2017-2026 and spot estimates for 2030 and 2036.
  • Regional Analysis: Gather an in-depth insight into the five regions, Asia-Pacific, Europe, North America, South America, and MEA, along with sector size and growth drivers for each region.
  • Competitive Landscape: Benchmark the leading component suppliers at a global and regional level, besides assessing the recent product innovations and key strategic initiatives taken by the companies.
  • Patent Analysis: Assess the patent filings in the sector across regions, countries, and top applicants.

How is our ‘Automotive Electrified Vehicles’ report unique from other reports in the market?

  • The report helps auto OEMs and component suppliers get the latest information on how the market is evolving to formulate efficient sales and marketing strategies. There is also a demand for authentic market data with a high level of detail.
  • Get up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region.
  • Analyze regions and competitive landscape to help companies gain insight into the region-specific nuances.
  • Assess the key trends that drive customer choice and the future opportunities that can be explored in the region. Actionable insights on trends can help companies in revenue expansion.
  • Gain competitive intelligence about leading component suppliers in the region with information about their market share and growth rates.

We recommend this valuable source of information to anyone involved in:

  • Automotive Companies and Start-ups
  • Automotive OEMs/Battery Manufacturers
  • Semiconductors Suppliers/Auto Component Providers
  • Regulatory Bodies
  • Technology Leaders and Startups
  • Business Development and Market Intelligence
  • Investment Analysts and Portfolio Managers
  • Professional Services – Investment Banks, PE/VC firms
  • M&A/Investment, Management Consultants, and Consulting Firms

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Automotive Electric Vehicles Market Report Overview

The automotive electric vehicles market size was 26.5 million units in 2023. The market will grow at a CAGR of more than 15% during 2023-2028. The volatile gasoline prices that are propelling the demand for EVs are driving the market growth. In 2023, Asia-Pacific accounted for a significant share of the market.

Automotive Electric Vehicles Market Outlook, 2023-2028 (Million Units)

Automotive Electric Vehicles Market Outlook, 2023-2028 (Million Units)

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The automotive electric vehicles market report provides a comprehensive overview of the automotive EV market trends and drivers. The automotive EV report also provides a detailed overview of technological developments and innovations, PESTER analysis, and leading component suppliers at a global and regional level. Furthermore, evaluate strategic initiatives by market players and their recent product innovations to identify growth opportunities. The report also provides an overview of patent filings across sectors, regions, countries, and top applicants.

Market Size (2023) 26.5 million units
CAGR (2023-2028) >15%
Key Regions Asia-Pacific, Europe, North America, South America, and MEA
Leading Players Toyota Group, Volkswagen Group, Hyundai Group, Stellantis, Renault-Nissan-Mitsubishi, and General Motors Group
Key Sectors Battery Electric Vehicles, Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles
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Automotive Electric Vehicles Market Trends

The key trends shaping the automotive electric vehicles industry are the advancement of battery technology, EV technology as a competitive advantage, and an increase in the price of battery raw materials.

The rapid advancement of battery technology: It has fueled the creation of automobiles with increased range. Automakers and suppliers are discovering that the popularity of electrification is driving technological developments faster than they are accustomed to. This is particularly clear when it comes to EV batteries.

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Automotive Electric Vehicles Market Segmentation by Regions

In 2023, Asia-Pacific accounted for the highest share among all the regions

The key regions in the automotive electric vehicles market are Asia-Pacific, Europe, North America, South America, and MEA. Favorable government policies drove the electric vehicles market in the APAC region.

Automotive Electric Vehicles Electric Vehicles Market Analysis by Regions, 2023 (%)

Automotive Electric Vehicles Electric Vehicles Market Analysis by Regions, 2023 (%)

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Automotive Electric Vehicles Market - Competitive Landscape

Toyota Group accounted for the highest market share in 2021

A few of the top companies operating in the market are:

  • Toyota Group
  • Volkswagen Group
  • Hyundai Group
  • Stellantis
  • Renault-Nissan-Mitsubishi
  • General Motors Group

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 Electric Vehicles Market Analysis by Companies, 2021 (%)

Automotive Electric Vehicles Market Analysis by Companies, 2021 (%)

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Automotive Electric Vehicles Market Segmentation by Sectors

Hybrid electric vehicles led the automotive electric vehicles market in 2023.

The key sectors in the automotive electric vehicles market are battery electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles.

Automotive Electric Vehicles Market Analysis by Sectors, 2023 (%)

Automotive Electric Vehicles Market Analysis by Sectors, 2023 (%)

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Automotive Electric Vehicles Market – Latest Developments

A few of the latest developments in the automotive electric vehicles market are as follows:

22nd Sep 2023: Foxtron Vehicle Technologies, a partnership involving Hon Hai Precision Industry and the local automaker Yulon Motor Group, was scheduled to begin producing a battery-powered SUV.

18th Sep 2023: At its Derby, UK, production facility, Toyota showcased the prototype of its hydrogen-powered cell Hilux vehicle. The new Hilux powertrain borrows key components from the Mirai hydrogen cell-powered automobile.

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Segments Covered in the Report

Automotive Electric Vehicles Sector Outlook (Value, Million Units, 2018-2028)

  • Hybrid
  • BEV
  • Fuel Cell

Automotive Electric 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 MEA-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.

Toyota Group
Volkswagen Group
Hyundai Group
Stellantis
Honda
Ford.

Table of Contents

Executive Summary

Part 1: Main Trends and Drivers

Trends

Drivers

Part 2: Technologies and Developments

Part 3: PESTER Analysis

Part 4: Sector Forecast

Electrified Vehicles – Global Volumes

Asia-Pacific Market Growth Analysis

European Market Growth Analysis

North American Market Growth Analysis

South America Market Growth Analysis

MEA Market Growth Analysis

Part 5: Latest Developments

Part 6: Key Companies

Part 7: Patent Analysis

Part 8: Appendix

Table

List of Tables

Table 1: Main trends in the Electrified vehicles sector

Table 2: North American production of electrified vehicles, 2019-2036, (‘000s units)

Table 3: European production of electrified vehicles, 2019-2036, (‘000s units)

Table 4: Japanese production of electrified vehicles, 2019-2036, (‘000s units)

Table 5: Chinese production of electrified vehicles, 2019-2036, (‘000s units)

Table 6: Korean production of electrified vehicles, 2019-2036, (‘000s units)

Table 7: Other regional production of electrified vehicles, 2019-2036, (‘000s units)

Table 8: Market fitment/penetration rates of advanced automotive batteries fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 9: Market volumes of advanced automotive batteries fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 10: Production of electric vehicles, 2016-2036, (‘000s units)

Table 11: Production of mild hybrid vehicles, 2016-2036, (‘000s units)

Table 12: Market volumes of 48V mild hybrids fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 13: Market fitment/penetration rates of 48V mild hybrids fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 14: Production of PHEVs/EREVs, 2016-2036, (‘000s units)

Table 15: North American battery electric vehicle production, 2007-2017 (000s)

Table 16: Japan battery electric vehicle production, 2007-2017 (000s)

Table 17: South Korean battery electric vehicle production, 2007-2017 (000s)

Table 18: European battery electric vehicle production, 2007-2015 (000s)

Table 19: Chinese battery electric vehicle production, 2007-2015 (000s)

Table 20: Asian full hybrid light vehicle production, 2008-2015 (000s)

Table 21: North American full hybrid light vehicle production, 2008-2015 (000s)

Table 22: European full hybrid light vehicle production, 2008-2015 (‘000s)

Table 23: Mild hybrid electric vehicle production by OEM, 2000-2015 (‘000s units)

Table 24: Chinese PHEV/EREV light vehicle production by manufacturer, 2008-15 (‘000s of vehicles)

Table 25: European PHEV/EREV light vehicle production by manufacturer, 2008-15 (‘000s of vehicles)

Table 26: South Korean PHEV/EREV light vehicle production by manufacturer, 2008-15 (‘000s of vehicles)

Table 27: North American PHEV/EREV light vehicle production by manufacturer, 2008-15 (‘000s of vehicles)

Table 28: Japanese PHEV/EREV light vehicle production by manufacturer, 2008-15 (‘000s of vehicles)

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