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.
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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.
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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
- Renault-Nissan-Mitsubishi
- General Motors
- TATA Motors
- BYD Auto Co., Ltd.
- GAC Group
- Bayerische Motoren Werke AG
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Global Alternative Powertrain Market: Segmentation
Powertrain
- Battery Electric Vehicle Powertrain
- Hybrid Powertrain
Component
- Battery
- Motor/Generator
- Battery Management System (BMS)
- On-board Charger
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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