Market Snapshot

CAGR:17.03%
2018
2026

Source: Reports and data

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Study Period 2016 to 2026
Base Year 2018
CAGR 17.03%
Automotive Alternative Propulsion Market-companies
Automotive Alternative Propulsion Market-Snapshot

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Market Summary

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 propulsion systems also varies entirely as the alternative propulsion systems such as hybrid electric, fully electric and fuel-cell electric function in different ways from the conventional gasoline-based propulsion of the automotive. The alternative propulsions are also beneficial in terms of overall running and maintenance costs of the vehicle as these mostly make use of the clean energy and less expensive source of energy compared to gasoline.

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 in high demand in the developing nations as well as in the emerging regions also. Due to the presence of Electric Powertrain in a hybrid electric vehicle to provide better fuel economy than a conventional vehicle, the hybrid electric vehicle is being broadly adopted worldwide. The fully electric vehicle has been at the forefront owing to its extremely low cost in operation compared to a gasoline-powered vehicle. Most of the developed nations have started the initiatives of commercializing the fully electric vehicles for mass adoption. However, lack of sufficient charging stations has been a hefty restrain for the electric propulsion vehicle market.

North America held the highest market share of about 35.3% in 2019 in the automotive alternative propulsion market, followed by the European region, with 28.2% of market share. APAC, due to its extensive growth in the hybrid electric vehicle industry and extreme penetration towards electric vehicle commercialization throughout most of the leading nations in this region coupled with the rising concerns and government regulation with the harmful gas emissions from the gasoline-powered vehicle, is growing with the fastest CAGR of 28.8% throughout the forecast period. China, Japan, and India are some of the most valuable contributors in this region.

Key Coverage of the Report

  • Region and country wise statistics of the global Automotive alternative propulsion market from the period 2018-2028. While 2016 & 2017 has been utilized as historical data, 2018 is considered the base year. 2019-2026 have been derived as forecasts.
  • Estimation of the market size along with historical and forecasted trend analysis.
  • Various types of alternatives available have been analyzed. Statistical analysis has been conducted on obtaining the individual share of these segments.
  • The regulatory framework of each region.
  • Regional up-coming research and application outlook.
  • Status of on-going developments.
  • Regional prevalence of ambulatory care services has been mapped.
  • Demand and Supply GAP Analysis
  • Regional Competitors Pricing Strategy
  • Market share analysis of the top industry players
  • Strategic recommendations for the new entrants
  • Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
  • Strategic recommendations in key business segments based on the market estimations
  • Competitive landscaping mapping the key common trends
  • Company profiling with detailed strategies, financials, and recent developments.

automotive-alternative-propulsion-market-type-outlook

Salient Trends of the automotive alternative propulsion Market

  • Inflated emissions of carbon dioxide from the gasoline propulsion combustion engines is one of the prime cause of adopting zero-emission vehicles. Also, being a finite source of energy the fossil fuel is going to run out quite soon, and the alternative sources of energy is required to be fully commercialized by then. The price of gasoline is being propelled day-by-day in the international market owing to its reduction in availability. These factors increase the demand for the alternative automotive propulsion and help drive the market enormously.
  • Only a few developed nations have started commercializing the electric vehicles and only a few renowned cities have sufficient amount of charging stations for the electric vehicles. The unavailability of the charging stations is the most prominent restraint for this market to grow.
  • APAC, owing to its impressive advancements in the hybrid-electric automotive industry and substantial market penetration for fully electric vehicles in China, Japan, and South Korea, is expected to grow with the fastest CAGR of 28.8% throughout the forecast period and is expected to surpass the European market.
  • European Region is forecasted to witness significant growth in the overall market, with 25.8% of market possession by 2027, having grown with a CAGR of 22.7% during the forecast period. Germany holds some of the most prominent players in this region.
  • In February 2019, Tesla, Inc. acquired an Energy Storage & power delivery solutions provider for automobiles, Maxwell Technologies. The acquisition would help improve Tesla’s Battery packages with a lower-cost solution and more efficient operation.
  • In October 2019, Ratan Tata, Chairman Emeritus of Tata Sons, announced its agreement of investing in the Pune-based electric vehicle start-up Tork Motors. He believes in the potential of this start-up, and investing in such a company would be a right approach owing to a drastic shift in the electric vehicle industry from the gasoline-powered vehicles in the forthcoming period.

Companies considered and profiled in this market study

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.

Market-O-Nomics

  • The valuation for the global automotive alternative propulsion market was USD 118.64 Billion in 2018, and it is forecasted to reach USD 541.53 Billion by 2026.
  • In the propulsion type, EV sub-segment is predicted to generate the highest revenue of USD 304.34 Billion by 2026 growing at a CAGR of 26.6% during the forecast period.
  • HEV sub-segment had the highest market share of 49.5% in 2019 and would grow with a significant CAGR of 21.2% throughout the forecast period.
  • Passenger sub-segment is forecasted to gain a large market share of 93.7%, growing with a CAGR of 20.8% by 2026.
  • Original Equipment Manufacturer (OEM) sub-segment in the point of sale segment is possessing the highest market share of 82.6% in this segment in the year 2019. The CAGR is calculated to be 21.1%.
  • Power generation system sub-segment had a market valuation of USD 36.21 Billion in 2019, is expected to grow with a growth rate of 22.2% from 2019 to 2026.
  • Energy storage system sub-segment would retain its dominance in the component segment with a market share of about 48.2% by 2026 and would grow at a CAGR of 21.2% throughout the forecast period.

Segments covered in the report:

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this report, Reports and Data have segmented the global Automotive Alternative Propulsion market on the basis of propulsion type, vehicle type, point of sale, component, and region:

Propulsion Type Outlook (Revenue, USD Billion; 2018-2028)

  • FCEV
  • HEV
  • EV

Vehicle Type Outlook (Revenue, USD Billion; 2018-2028)

  • Passenger
  • Commercial

Point of Sale Outlook (Revenue, USD Billion; 2018-2028)

  • OEM
  • After Sales

Component Outlook (Revenue, USD Billion; 2018-2028)

  • Power Generation System
  • Energy Storage System
  • Others

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S
  • Europe
    • UK
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • MEA
  • Latin America
    • Brazil

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Key questions answered by the report