The Business Research Company’s report on the Alternative Powertrain Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the alternative powertrain market in recent years?
The rising fuel prices are anticipated to propel the growth of the alternative powertrain market going forward. Rising fuel prices are due to increasing transportation costs, higher consumer prices for goods and services, and heightened interest in alternative energy solutions, Fuel prices refer to the cost of various types of fuel, primarily gasoline and diesel, that consumers pay to fill up their vehicles or equipment. With rising fuel prices, Alternative powertrains are considered an ideal choice due to their ability to reduce fuel dependency, lower emissions, and provide more sustainable and cost-efficient transportation solutions. For instance, in January 2023, according to the Bureau of Labor Statistics, a US-based government agency, fuel prices increased by 19.4 percent in December 2022 compared to the previous year. Additionally, in September 2022, the Office for National Statistics, a UK-based government department, reported that automotive fuel prices in 2022 had increased by 48% from 2021. Therefore, rising fuel prices drive the growth of the alternative powertrain market.
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What is the projected market size of the alternative powertrain industry, and how is it expected to grow?
The alternative powertrain market size has grown exponentially in recent years. It will grow from $128.85 billion in 2024 to $154.88 billion in 2025 at a compound annual growth rate (CAGR) of 20.2%. The growth in the historic period can be attributed to global electrification initiatives, fuel price volatility, consumer awareness, government incentives, infrastructure development, automaker commitments.
The alternative powertrain market size is expected to see rapid growth in the next few years. It will grow to $319.65 billion in 2029 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to evolving regulatory landscape, advancements in energy storage, increasing consumer acceptance, global electrification initiatives, cost reduction, global urbanization and e-mobility solutions. Major trends in the forecast period include advancements in battery technology, hybridization and electrification across vehicle types, government regulations driving adoption, fuel cell technology advancements, expansion of charging infrastructure, focus on lightweight materials and efficiency.
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Who are the key players driving competition in the alternative powertrain market?
Major companies operating in the alternative powertrain market include Toyota Motor Corporation, Honda Motor Co. Ltd., Hyundai Motor Group, BYD Company Ltd., Daimler Truck AG., Nissan Motor Co. Ltd., Allison Transmission Inc., Bayerische Motoren Werke AG, The General Motors Company, Beijing Automotive Group Co. Ltd., Tesla Inc., Renault–Nissan Alliance, Yuchai International Imp & Exp (Beijing) Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Volvo Car Corporation, Volkswagen, Ford Motor Company, Kia and Kia Motors Corporation, IAV Automotive Engineering, Rotork Plc, Eaton Corporation, Parker Hannifin Corporation, Moog Inc., Altra Industrial Motion India Pvt. Ltd., Honeywell Corporation, Rockwell Automation Inc., Proterra Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., Hydrogenics Corporation
What key trends are expected to drive the allergy immunotherapy market during the forecast period?
Technological advancements are a key trend gaining popularity in the alternative powertrain market. Major companies operating in the alternative powertrain market are focusing on developing new technologies to strengthen their position in the market. For instance, in May 2022, US Hybrid, a US-based designer and manufacturer of power conversion systems, launched near-zero-emission, natural gas-powered parallel hybrid powertrain technology to be used for drayage and long-haul trucks. This technology’s unique features include more power, range, and an efficient powertrain compared to diesel-powered engines or other CNG or renewable natural gas (RNG) alternatives. With the help of this technology, conventional long-haul fleet operators should be able to provide near-zero-emission roadside charging assistance, giving fleet clients flexibility and convenience.
Which key geographies are driving the growth of the alternative powertrain market?
Asia-Pacific was the largest region in the alternative powertrain market in 2024. The regions covered in the alternative powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the key segments driving growth in the alternative powertrain market?
The alternative powertrain market covered in this report is segmented –
1) By Powertrain: Battery Electric Vehicle Powertrain, Hybrid Powertrain
2) By Component: Battery, Motor Or Generator, Battery Management System (BMS), On-Board Charger
3) By Application: Commercial Vehicle, Passenger Cars, Off Highway
Subsegments:
1) By Battery Electric Vehicle (BEV) Powertrain: Electric Motors, Battery Systems, Power Electronics, Regenerative Braking Systems
2) By Hybrid Powertrain: Mild Hybrid Powertrain, Full Hybrid Powertrain, Plug-In Hybrid Electric Vehicle (PHEV) Powertrain, Series Hybrid Powertrain, Parallel Hybrid Powertrain
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What defines the structure and scope of the alternative powertrain market?
Alternative powertrains refer to propulsion systems that are not solely built around the well-known internal combustion engine. Alternative powertrains are used to transfer engine power to the wheels on the ground.
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