Global Alternative Powertrain Market Segments 2024, Forecast To 2033
5 Mar, 2024
The alternative powertrain market has witnessed exponential growth, surging from $108 billion in 2023 to $130.48 billion in 2024, boasting a CAGR of 20.8%. Historical growth is linked to global electrification initiatives and government incentives. Future expectations include reaching $269.46 billion in 2028, with a CAGR of 19.9%, emphasizing advancements in battery technology and the expansion of charging infrastructure.
Global Alternative Powertrain Market Key Driver
The surge in demand for fuel-efficient vehicles propels the alternative powertrain market's growth. These vehicles, with a minimum green score of 40, contribute to reduced fuel consumption and improved efficiency. In 2021, the average CO2 emission rate for new vehicles decreased to 347 g/mi, a historic low. Kia achieved the most significant reduction, lowering emissions by 29 g/mi from 2016 to 2021. The growing emphasis on eco-friendly transport aligns with the escalating demand for fuel-efficient vehicles, substantiating the positive trajectory of the alternative powertrain market.
Get A Free Sample Of The Global Alternative Powertrain Market ReportGlobal Alternative Powertrain Market Segments
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
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the alternative powertrain market in 2023. The regions covered in the alternative powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Alternative Powertrain Industry Players
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; Gulf Agency Company Ltd.; 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
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AIOps Alternative Powertrain Market Overview
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.
Alternative Powertrain Global Market Report 2023 provides data on the global alternative powertrain market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The alternative powertrain market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.