Transparency Market Research
Currently, most vehicles rely on internal combustion engines for locomotion; however, a significant shift toward partial and complete electrification is likely to emerge as an alternative propulsion system for vehicles. An internal combustion engine system is highly cost-effective and hence, its usage is higher than other propulsion systems. Stringent emission norms, growth of electric vehicle infrastructure, and improved cost competitiveness against internal combustion engine are likely to drive the Automotive Alternative Propulsion System Market during the forecast period. Increasing adoption of electric vehicles due stringent emission norms and consumer preference for more fuel efficient vehicles are likely to drive the Automotive Alternative Propulsion System Market during the forecast period. Optimized alternative propulsion technologies offer several advantages such as optimal fuel efficiency and minimal emission, and it gives complete conversion of mass into energy and others.
The global automotive alternative propulsion system market can be segmented based on propulsion system type, vehicle type, and region. Based on propulsion system type, the market can be classified into hybrid propulsion, electric propulsion, and hydrogen fuel cell. An electric propulsion system consists of battery and electric motor with its controller. The different structures of electric drive trains are possible which includes hybrid, as a combination of the ICE and electric motor, or fully electric one, propulsion system using fuel cells. Currently, major OEMs provide hybrid and electric propulsion owing to their advantages such as high efficiency and reliability. The fully electric sub-segment is likely to expand at a significant growth rate owing to an increase in stringent emission norms and rise in demand for fuel-efficient vehicles. This, in turn, is expected to drive the Automotive Alternative Propulsion System Market during the forecast period.
Based on vehicle type, the automotive alternative propulsion system market can be segmented into passenger vehicle, commercial vehicle, and electric vehicle. The passenger vehicle segment is anticipated to drive the Automotive Alternative Propulsion System Market during the forecast period owing to the rise in production of passenger vehicles across the globe. Electric vehicle is an expanding segment of the Automotive Alternative Propulsion System Market owing to rapid increase in adoption of electric vehicles across the globe.
Based on region, the automotive alternative propulsion system market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is expanding at a rapid pace owing to a significantly large customer base and a prominent automotive industry in the region. Expansion of the automotive industry, especially in China, India, and South Korea is anticipated to fuel the market in the region during the forecast period. Booming economy in China and considerable increase in car ownership are likely to boost the electric vehicle market in the country, which in turn is estimated to propel the Automotive Alternative Propulsion System Market in the near future. Europe and North America are likely to hold a major share of the global market owing to rapid rise in production of electric vehicles in these regions. Presence of major OEMs in Europe and North America is projected to drive the Automotive Alternative Propulsion System Market in these regions during the forecast period.
Key players operating in the global automotive alternative propulsion system market include Continental AG, ZF Friedrichshafen AG, Denso Corporation, Aisin Seiki Co. Ltd., Toyota Motor Corporation, MITSUBISHI MOTORS CORPORATION, and Robert Bosch GmbH.
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