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Alternative Powertrain Market 2024: Innovations and Growth Outlook
Alternative Powertrain Market 2024
According to The Business Research Company's, The alternative powertrain market size has grown exponentially in recent years. It will grow from $108 billion in 2023 to $130.48 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. 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 $269.46 billion in 2028 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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Market Drivers and Trends:
The rise in demand for fuel-efficient vehicles is expected to boost the growth of the alternative powertrain market going forward. Fuel-efficient vehicles refer to automobiles with a minimum green score of 40 on the American Council for an Energy-Efficient Economy's (ACEEE) yearly vehicle rating guide. Technologically sophisticated alternative powertrains aid in lowering fuel consumption, which increases the vehicle's fuel efficiency. For instance, in 2021, according to a report published by the United States Environmental Protection Agency, a US-based federal government agency for the protection of human health and the environment, the average predicted real-world CO2 emission rate for all new vehicles in model year 2021 decreased by 2 g/mi to 347 g/mi, the lowest ever recorded. Kia, a South Korea-based automobile manufacturer reduced CO2 emissions by 29 g/mi between model years 2016 and 2021, which was the biggest reduction. Therefore, the rise in demand for fuel-efficient vehicles is driving the growth of the alternative powertrain market.
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.
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Major Key Players of the Market:
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
Alternative Powertrain Market 2024 Key Insights:
• The alternative powertrain market will grow to $269.46 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%.
• Growing Demand For Fuel-Efficient Vehicles Propels Expansion Of The Alternative Powertrain Market
• Innovative Technological Advancements Drive Evolution In The Alternative Powertrain Market
• Asia-Pacific was the largest region in the alternative powertrain market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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