The global automotive alternative propulsion market is forecast to reach USD 644.42 Billion by 2028, according to a new report by Reports and Data. Automotive alternative propulsion consists of the available possible alternative sources that can be incorporated as the source of energy in the propulsion systems of the vehicles. The objective of employing the alternative resources of gasoline is to reduce or diminish the hazardous gases that emit from the traditional gasoline-powered vehicles. The global automotive alternative propulsion market is growing at a substantial pace due to the growing demand for alternative sources of energy for the vehicle propulsion system. Being a finite source of energy, the availability of gasoline is decreasing and the price of the petroleum are deliberately being propelled year on year in the global market. In this regard, the alternative energy propulsion system and the alternative sources of energy are high demand in the developing nations as well as in the emerging regions also.
Asia Pacific market is forecasted to generate a revenue of USD 164.08 Billion in the year 2026, owing to its extensive demand for hybrid electric vehicle (HEV) and electric vehicle (EV) and elevated growth in the overall automotive industries in China, Japan, and India. The United States possesses the highest market worldwide while Germany and Japan hold some of the most prominent players in the market.
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The statements you provided highlight some key trends and challenges in the global automotive industry related to alternative propulsion systems and energy sources. Here’s a breakdown of the points you mentioned:
- Growing demand for alternative sources of energy: As the availability of gasoline decreases and petroleum prices rise, there is an increasing need for alternative energy sources to power vehicles. This demand is driven by both developing nations and emerging regions.
- Hybrid electric vehicles (HEVs): HEVs, which combine an electric powertrain with a conventional engine, are being widely adopted worldwide. They offer better fuel economy compared to conventional vehicles by utilizing electric power during certain driving conditions.
- Fully electric vehicles (EVs): EVs have gained significant attention due to their low operational costs compared to gasoline-powered vehicles. Many developed nations have initiated efforts to commercialize and promote the adoption of EVs on a large scale.
- Lack of charging infrastructure: One major challenge faced by the electric propulsion vehicle market is the insufficient availability of charging stations. The limited charging infrastructure restricts the widespread adoption of EVs, as users need convenient and accessible charging options.
Overall, these trends indicate a shift towards alternative propulsion systems and energy sources in the automotive industry. While hybrid electric vehicles provide a transitionary solution, fully electric vehicles are gaining momentum. However, the lack of charging infrastructure remains a significant obstacle that needs to be addressed for the broader adoption of electric propulsion vehicles.
Top Companies Operating in the Global Automotive Alternative Propulsion Market :
General Motors Company, Robert Bosch GmbH, Toyota Motor Corporation, Mitsubishi Motors Corporation, Continental AG, Tesla, Inc., Volkswagen Group, Tata Motors Limited, Hyundai Motor Company, and Aisin Seiki Co., Ltd.
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The global market is further segmented into type and application:
Propulsion Type Outlook (Revenue, USD Billion; 2018-2028)
Vehicle Type Outlook (Revenue, USD Billion; 2018-2028)
Point of Sale Outlook (Revenue, USD Billion; 2018-2028)
- After Sales
Component Outlook (Revenue, USD Billion; 2018-2028)
- Power Generation System
- Energy Storage System
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest
- Fuel cell electric vehicles (FCEV) are powered by hydrogen fuel cells and are a more efficient form of automotive propulsion system compared to the conventional internal combustion engine vehicles. These kind of vehicles produce zero tailpipe emissions and only emit water vapor with warm air. The revenue of this sub-segment is expected to reach USD 11.37 Billion by 2027.
- A hybrid electric vehicle (HEV) incorporates a hybrid propulsion system with a combination of traditional gasoline-powered internal combustion engine system and electric propulsion motorized system. Few of the HEVs make use of the gasoline in order to produce the potential energy for the electric motor, which then converts into the kinetic energy. The HEV sub-segment is growing with a CAGR of 21.2% during the forecast period. Toyota Prius is the most sold model of hybrid electric vehicle as of now.
- The power generation system is the principal component of an automotive alternative propulsion system, which helps generate the power using alternative source of energy. Air Compression, Thermal Loop, Hydrogen Recirculation Blower, Motor are the power generation components for the FCEVs, while Power Electronics & Motor are for the HEVs.
- North America, with its superiority in both the hybrid electric & electric vehicles market share and extensive demand for the alternatives of the gasoline-based vehicle, is accounted to retain its leading position in the market with a market share of about 35.3% by 2027, and the CAGR is calculated to be 24.4% during the forecast period.
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