Alternative Powertrain Market Growth Accelerates: Strategic Forecast Predicts $319.65 Billion by 2029

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What Will the Alternative Powertrain Industry Market Size Be by 2025?

Significant expansion has been reported in the size of the alternative powertrain market in the past few years. The market's scale is predicted to rise from $128.85 billion in 2024 to $154.88 billion in 2025, experiencing a compound annual growth rate (CAGR) of 20.2%. Factors such as global electrification movements, fluctuating fuel prices, public knowledge, government aid, infrastructural growth, and automaker pledges have contributed to the remarkable growth observed during the historic period.

What's the Long-Term Growth Forecast for the Alternative Powertrain Market Size Through 2029?

Expectations are high for the alternative powertrain market to experience substantial growth in the forthcoming years. By 2029, the market will likely swell to a value of $319.65 billion, growing at a compound annual growth rate (CAGR) of 19.9%. Factors fueling this growth projection throughout the forecast period include the evolving regulatory environment, advancements in energy storage capabilities, escalating levels of consumer acceptance, worldwide electrification efforts, cost reductions, global urbanization, and the rise of e-mobility solutions. Prominent trends anticipated to shape the forecast period include innovation in battery technology, increased hybridization and electrification across diverse vehicle models, government regulations that spur adoption, advancements in fuel cell technology, expansion of the charging infrastructure, and an emphasis on lightweight materials and efficiency.

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What Are the Key Growth Drivers Fueling the Alternative Powertrain Market Expansion?

The surge in fuel prices is expected to boost the development of the alternative powertrain market. This surge in fuel costs can be attributed to escalating transportation expenses, increased consumer prices for various goods and services, and a growing interest in alternative forms of energy. Fuel prices encompass the expense of assorted fuel types, primarily petrol and diesel, paid by consumers to fuel their vehicles or machinery. As fuel prices climb, alternative powertrains, with their ability to cut down on fuel reliance, lower emission levels, and offer more sustainable and cost-effective transportation solutions, are deemed the optimum choice. For example, the Bureau of Labor Statistics, a government agency in the United States, reported a 19.4 percent rise in fuel prices in December 2022 compared to the previous year in January 2023. Furthermore, in September 2022, the Office for National Statistics, a governmental department in the United Kingdom, stated that there was a 48% increase in automotive fuel prices in 2022 compared to 2021. Consequently, the upward trend in fuel prices fuels the expansion of the alternative powertrain market.

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What Are the Key Trends Driving Alternative Powertrain Market Growth?

In the alternative powertrain market, technological innovation is rapidly becoming a prominent trend. To consolidate their foothold, key players in the market are directing their efforts towards creating groundbreaking technologies. For example, US Hybrid, an American firm known for designing and producing power conversion systems, unveiled a nearly emission-free, natural gas-powered parallel hybrid powertrain technology for drayage and long-haul trucks in May 2022. The distinguishing aspects of this technology are its increased power, range, and effectiveness compared to diesel engines or other compressed natural gas (CNG) or renewable natural gas (RNG) options. This innovation has the potential to enable traditional long-haul fleet operators to offer nearly emission-free roadside charging services, adding a layer of ease and versatility for their fleet customers.

How Is the Alternative Powertrain Market Segmented?

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

Subsegments:

1) By Battery Electric Vehicle (BEV) Powertrain: Electric Motors, Battery Systems, Power Electronics, Regenerative Braking Systems

2) By Hybrid Powertrain: Mild Hybrid Powertrain, Full Hybrid Powertrain, Plug-In Hybrid Electric Vehicle (PHEV) Powertrain, Series Hybrid Powertrain, Parallel Hybrid Powertrain

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Which Companies Are Leading the Charge in Alternative Powertrain Market Innovation?

Major companies operating in the alternative powertrain market include 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, 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

Which Regions Are Leading the Global Alternative Powertrain Market in Revenue?

Asia-Pacific was the largest region in the alternative powertrain market in 2024. The regions covered in the alternative powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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