Automotive alternative propulsion market size is expected to reach USD 644.42 billion at a CAGR of 20.20% by 2028

Reports and data

Automotive Alternative Propulsion Market Size – USD 145.40 Billion in 2020, Market Growth – CAGR of 20.20%.

NEW YORK, NY, USA, Aug. 3, 2022 / — Growing demand for alternative propulsion systems in the commercial vehicle segment, coupled with significant investment in automotive alternative propulsion R&D, is fueling the market growth.

Market Trends – Increasing demand for electricity as an alternative source of vehicle propulsion energy system.

The global automotive alternative propulsion market is expected to reach USD 644.42 billion by 2028, according to a new report from Reports and Data. Automotive alternative propulsion includes the possible alternative sources available that can be incorporated as an energy source in vehicle propulsion systems. The objective of using alternative gasoline resources is to reduce or lessen the hazardous gases emitted by traditional gasoline-powered vehicles. The global automotive alternative propulsion market is growing at a substantial rate owing to the growing demand for alternative energy sources for the propulsion system of vehicles. Being a finite energy source, the availability of gasoline is decreasing and the price of oil is deliberately propelled year by year in the global market. In this regard, alternative energy propulsion system and alternative energy sources are in high demand in developing countries as well as emerging regions as well.

The Asia-Pacific market is expected to generate USD 164.08 billion in revenue in 2026, driven by its strong demand for Hybrid Electric Vehicles (HEV) and Electric Vehicles (EV) and high growth in all automotive industries in China, Japan and India. The United States has the largest market in the world, while Germany and Japan have some of the largest players in the market.

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Other key findings from the report suggest

• Fuel cell electric vehicles (FCEVs) are powered by hydrogen fuel cells and are a more efficient form of automotive propulsion system than conventional internal combustion engine vehicles. These types of vehicles produce no exhaust emissions and only emit water vapor with hot air. Revenue in this sub-segment is expected to reach USD 11.37 billion by 2027.
• A hybrid electric vehicle (HEV) incorporates a hybrid propulsion system with a combination of a traditional gasoline internal combustion engine system and a motorized electric propulsion system. Few HEVs use gasoline to generate potential energy for the electric motor, which is then converted into kinetic energy. The HEV sub-segment is growing with a CAGR of 21.2% during the forecast period. The Toyota Prius is the best-selling hybrid electric vehicle model to date.
• The power generation system is the main component of an automotive alternative propulsion system, which helps to generate power by using an alternative energy source. Air compression, thermal loop, hydrogen recirculation fan and motor are the power generation components for FCEVs, while power electronics and motor are for HEVs.
• North America, with its superiority in the market share of hybrid electric and electric vehicles and its strong demand for gasoline vehicle alternatives, is expected to maintain its leading position in the market with a market share of approximately 35.3% by 2027, and the CAGR is calculated at 24.4% over the forecast period.
• Major participants include 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.

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For the purposes of this report, the reports and data have segmented the global automotive alternative propulsion market on the basis of propulsion type, vehicle type, outlet, component, and region:

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

• VE

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

• Passenger
• Commercial

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

• After sales

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

• Power generation system
• Energy storage system
• Others

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

• North America
• Europe
• Asia Pacific
• Latin America

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