Alternative Powertrain Market to Grow at a CAGR of 17.3% during the Forecast Period: 2023 TMR Study
The growing trend of engine downsizing and the global expansion of the automotive industry are expected to increase the size of the alternative powertrain market.
Wilmington, Delaware, United States, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global alternative powertrain market size stood at US$ 99.0 Bn in 2021 and is estimated to reach US$ 567.7 Bn by 2031. The global industry is projected to grow at a CAGR of 17.3% between 2022 and 2031. Alternative powertrains are designed to reduce usage of IC engine automobiles to lower carbon emissions. Utilization of electric powertrains is rising as these assist in reducing reliance on fossil fuels and other non-renewable sources of energy. Rise in adoption of highly efficient powertrain assemblies unaffected by varying road surfaces are driving market development.
Increase in demand for more fuel-efficient and safe vehicles is another key factor fueling market expansion. Well-known automobile manufacturers are concentrating on development of technologically advanced, robust, innovative, and affordable electric powertrains to take advantage of the opportunities in the global industry.
Electric powertrains are becoming more common due to rise in demand for fuel-efficient automobiles globally. Demand for vehicles with improved performance and safety and comfort is increasing. Hence, manufacturers are focusing on building innovative powertrains to drive sales.
Request to Sample PDF of this Strategic Report (Use Corporate Mail ID for Top Priority) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=32351
Key Findings of Market Report
Based on powertrain, the battery electric vehicle powertrain segment held dominant market share of 70.4% in 2021. Battery electric vehicles (BEVs) are more efficient compared to internal and hybrid combustion vehicles. Key components of a BEV's powertrain are power converters, motor, transmission system, and battery pack. Regenerative braking is a technology that BEVs are increasingly using. These factors are anticipated to drive the global alternative powertrain market between 2022 and 2031.
In terms of component, the battery segment led the global alternative powertrain market in 2021. The trend is projected to continue to during the forecast period. EVs depend completely on batteries to produce power, as opposed to traditional vehicles. Hence, batteries are the foundation of EV technology. Several battery solutions that could soon replace the existing methods of charging automobiles have been developed by researchers. Market demand for batteries, which provide power to EVs, is anticipated to increase.
Global Alternative Powertrain Market: Growth Drivers
EVs are becoming increasingly popular across the world. Vehicles with zero emissions are getting more popular owing to increase in usage of innovative technology in vehicles. Additionally, a number of governments have decided to invest in EVs due to decline in non-renewable energy sources and growing concerns over carbon emissions. Major manufacturers are increasing their production capacity in order to keep up with the growing demand for EVs. Therefore, increase in usage of EVs across the world is expected to boost industry growth.
Engine developers are developing new techniques, such as reducing the engine size, to enhance internal combustion engine's fuel efficiency. Engine downsizing refers to developing a smaller engine that, by utilizing modern technology, provides the power of a powerful, large engine. Increase in tendency toward engine downsizing is anticipated to spur market development for alternative powertrain in the near future.
Buy this Premium Research Report | Immediate Delivery Available - https://www.transparencymarketresearch.com/checkout.php?rep_id=32351<ype=S
Global Alternative Powertrain Market: Regional Landscape
Asia Pacific accounted for largest global alternative powertrain market share in 2021 due to growth of the automotive industry in countries such as South Korea, China, Singapore, Japan, and India. Development of vehicle technology and rise in the number of vehicle manufacturers are key factors boosting market growth in Asia Pacific.
Global Alternative Powertrain Market: Key Players
Some of the key market players are
BYD Auto Co., Ltd.
Bayerische Motoren Werke AG
Ask for References - https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=32351
Global Alternative Powertrain Market: Segmentation
Battery Electric Vehicle Powertrain
Battery Management System (BMS)
Middle East & Africa
Latest Automotive Industry Reports : -
Automotive Suspension Parts Market Growth Share from 2022 - 2031
Automotive Filters Industry Growth from 2022 - 2031
Automotive Turbocharger Market Growth Report 2022 - 2031
Automated Parking Management System Market Size & Share Report, 2022-2031
Automotive Transmission Market Size, Share | Industry Report, 2022-2031
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
USA – Canada Toll Free: 866-552-3453