Press release
Automotive Battery Powered Propulsion System Market: Increasing production of vehicles and rising demand for passenger vehicles fuels industry growth
Increasing production of vehicles and rising demand for passenger vehicles is a major driving factor for the automotive battery powered propulsion system market. In addition, rising trend of engine downsizing is another major factor influencing the growth of light-weight and advanced battery powered propulsion systems ensuring better fuel efficiency in vehicles. Moreover, growth in the automotive sector and rising investments in automotive battery powered propulsion system manufacturing companies across the world is set to influence the market significantly during the forecast period.
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Growing popularity and usage of electric vehicles is set to positively impact the market. In addition, rising fuel price is another motivating factor for the global automotive battery powered propulsion system market. In the coming years, due to the rising fuel prices, a number of automobile users is expected to change their preference from conventional vehicles to electric vehicles, where battery powered propulsion system is bound to find application.
The automotive battery powered propulsion system market can be classified by application, by battery type and by geography. The application segment can be classified into hybrid electric vehicle, plug-in electric vehicle and on & off road electric vehicle. By battery type, the market can be segregated as lithium-ion, nickel metal hydride and others. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
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In the automotive battery powered propulsion system market, Europe holds the largest market share in terms of revenue followed by North America, Asia Pacific, Latin America and, Middle East and Africa (MEA). In Europe, Germany is the most significant market and the largest contributor to the automotive battery powered propulsion system market in the region because of the presence of major automobile manufactures in Germany.
In North America, the U.S. is the largest market for automotive battery powered propulsion system. The U.S. is the second largest manufacturer of automobiles in the world. In the Asia Pacific region, countries such as China and India has been witnessing heavy demand and production for passenger vehicles. This in turn is increasing the application of battery powered propulsion system in passenger vehicles of above mentioned countries.
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The growth rate of automotive battery powered propulsion system market in Latin America, and Middle East and Africa is low considering the less usage and production of vehicles in the aforementioned regions. However, with the growth in the automotive sector and investments in automobile companies of Latin America and Middle East and Africa, the market for automotive battery powered propulsion system is expected to improve in the coming years.
Major market participants profiled in this report include: Robert Bosch GmbH, JTET Corporation, Denso Corporation, Nexteer Automotive, Mitsubishi Electric Corporation, TRW Automotive Holding, A123 Systems, NEC Corp, E-One Moli Energy Corp., and GS Yuasa Corp., among others.
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