Automotive Battery Powered Propulsion System Market – Global Industry Analysis and Forecast (2023-2029)

Automotive Battery Powered Propulsion System Market was valued at US $ 16.05 Bn. in 2022. Automotive Battery Powered Propulsion System Market size is expected to grow at a CAGR of 4.15%. The market is expected to reach a value of US $ 21.33 Bn in 2029.
Automotive Battery Powered Propulsion System Market Overview:
The global market for automotive battery-powered propulsion systems is expected to develop significantly. Over the forecast period, rising demand for electric cars (EVs) along with rising disposable income is expected to drive market growth. Pollutants from vehicles have a negative impact on consumer health. Consumer knowledge of the greenhouse effect and ozone layer depletion is growing, prompting calls to reduce harmful automotive emissions. Over the forecast period, health hazards connected with these environmental conditions are likely to increase product demand. Additionally, battery-powered propulsion solutions aid in the reduction of gasoline use.To know about the Research Methodology :- Request Free Sample Report
Automotive Battery Powered Propulsion System Market Dynamics:
The industry is being driven by the increased demand for emission-free and environmentally friendly automobiles:

The key driving driver for the automotive battery-powered propulsion system market is raising pollution levels and increasingly severe emission control rules and regulations from governments throughout the world. The European Union's Euro VI standard, for example, has raised the demand for electric and hybrid vehicles in Europe. This has had a favorable effect on the market. During the forecast period, rising sales of passenger and commercial vehicles in emerging countries are likely to drive market growth. The market is being supported by an increase in awareness and adoption of electric and hybrid vehicles, owing to manufacturers and government promotion. Consumers' barriers to switching from conventional to electric and hybrid automobiles are being reduced by manufacturers and governments.

During the forecast period, rising concerns about diminishing oil reserves and vehicle fuel usage are expected to raise demand for battery-powered propulsion systems. EVs with lower cost per kWh battery capacity is expected to grow at a faster rate of xx% during the forecast period. According to the US Department of Energy, the cost per kWh battery capacity of electric trucks declined from 500 USD in 2022 to 200 USD in 2022, and it is expected to fall further throughout the forecast period as technology advances.

The market's growth is expected to be limited by the high cost of battery-powered propulsion systems:

During the forecast period, the high cost of battery-powered propulsion systems and electric vehicles, as well as the risk associated with them, are expected to limit the market growth. The lack of electric vehicle charging services in developing countries is the market's major hurdle.

New opportunities are expected to emerge as Lithium-Ion batteries progress technologically:

The extended range of electric vehicles thanks to technological advancements in lithium-ion batteries is likely to generate new opportunities for the market during the forecast period. The government's generous subsidies to encourage the adoption of hybrid and electric vehicles are expected to create profitable prospects for the market. Increasing OEM investment in new product development is likely to open up new opportunities for the market throughout the forecast period.

Increased need for battery propulsion systems, electrification is the key to a sustainable mobility future. Over the next seven years, demand for automotive battery-powered propulsion systems is likely to be driven by a shift in consumer preference toward premium brands, as well as increased acceptance of EVs. Fuel-efficient automobiles and scooters are examples of technological advancements in the transportation industry that can help to reduce pollution. Low-emission technological advancements reduce vehicular pollution while also improving the performance of automobile engines. Over the forecast period, rising consumer awareness of eco-friendly products and fuel economy are expected to drive demand for electric vehicles.

Hybrid vehicles, which operate on both batteries and internal combustion engines, have been introduced by automakers such as Tesla, Audi, BMW, Toyota, and Suzuki. These businesses have also created a high-performance, high-power battery with enhanced power transmission. These measures, combined with developments in engine propulsion technology and increasing customer preferences toward low-emission vehicles, are expected to propel the growth of automotive battery-powered propulsion systems in the forecast period
Automotive Battery Powered Propulsion System Market Segment Analysis:
The global Automotive Battery Powered Propulsion System Market is sub-segmented into Battery Type and Application.

Based on Battery type, the market is sub-segmented into Lithium-Ion, Nickel Metal Hydride, and Others. In 2022, the Lithium-Ion segment had the largest market share of XX %, and this dominance is likely to continue throughout the forecast period. For electric and hybrid vehicles, lithium-ion batteries are the industry standard. Because of their high battery capacity, these batteries are perfect for electric vehicles. Lithium-ion batteries have a reduced self-discharge rate, which enhances their demand among manufacturers. During the forecast period, all of these reasons will drive demand for lithium-ion batteries.

Based on Application, the market is sub-segmented into, Hybrid Electric Vehicle, Plug-in Electric Vehicle, and on & off Road Electric Vehicle. A gasoline engine and an electric motor are combined in a hybrid electric car. With the help of these technologies, it achieves remarkable fuel efficiency in a variety of driving circumstances. The high cost of a hybrid vehicle, combined with the growing demand for zero-emission vehicles, is expected to stifle the hybrid electric vehicle segment's growth.

Because of advances in lithium-ion batteries, the desire for zero-emission eco-friendly vehicles, and raising public awareness and adoption, the plug-in electric vehicle sector is expected to have the greatest market share of xx% by 2029. The market for plug-in electric vehicles is expected to grow during the forecast period since they are less expensive than hybrid vehicles.
Automotive Battery Powered Propulsion System Market Regional Insights:
With rising passenger vehicle sales and growing OEM investment in China, India, South Korea, and Japan, APAC is expected to have the greatest market share of xx% by 2029. During the forecast period, the market is expected to rise due to an increase in demand for mid-range and premium automobiles as a result of increased urbanization and rising disposable income among the population. During the forecast period, government incentives and subsidies targeted at encouraging the use of battery-powered electric vehicles are likely to increase the market. The explosive growth of China's electric vehicle industry is expected to move the market forward in the region.

Thanks to the increased adoption of electric vehicles in the Netherlands, Norway, Germany, France, and the United Kingdom, Europe held the greatest market share of xx% in 2022. The market is expected to develop thanks to rising sales of clean fuel passenger vehicles in the region. During the forecast period, the presence of significant players in countries such as Germany is expected to drive market growth. During the forecast period, new rules addressing automobile pollution control are also expected to promote market growth in the region. North America is also expected to grow significantly during the forecast period, given the region's technical advancements and increased commercial vehicle sales.

The objective of the report is to present a comprehensive analysis of the Automotive Battery Powered Propulsion System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help understand the Automotive Battery Powered Propulsion System Market dynamic and structure by analyzing the market segments and projecting the Automotive Battery Powered Propulsion System Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Battery Powered Propulsion System Market make the report investor’s guide.
Automotive Battery Powered Propulsion System Market Scope: Inquiry Before Buying



Global Automotive Battery Powered Propulsion System Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 16.05 Bn.


Forecast Period 2023 to 2029 CAGR:
4.15%
Market Size in 2029:
US $ 21.33 Bn.


 Segments Covered:
by Battery Type
• Lithium-Ion
• Nickel Metal Hydride
• Others


by Application
• Hybrid Electric Vehicle
• Plug-in Electric Vehicle
• On & Off-Road Electric Vehicle



Automotive Battery Powered Propulsion System Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Automotive Battery Powered Propulsion System Market Key Players
• Robert Bosch GmbH
• JTET Corporation
• Denso Corporation
• Nexteer Automotive
• Mitsubishi Electric Corporation
• TRW Automotive Holding
• A123 Systems
• NEC Corp
• E-One Moli Energy Corp.
• GS Yuasa Corp.
• Denso Corporation
• Panasonic corporation
• Calsonic Kansei Corporation
• Hitachi Ltd
• Others

Frequently Asked Questions:

1] What segments are covered in the Automotive Battery Powered Propulsion System Market report?
Ans. The segments covered in the Automotive Battery Powered Propulsion System Market report is based on Battery type and Application.

2] Which region is expected to hold the highest share in the Automotive Battery Powered Propulsion System Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Automotive Battery Powered Propulsion System Market.

3] What is the market size of the Automotive Battery Powered Propulsion System Market by 2029?
Ans. The market size of the Automotive Battery Powered Propulsion System Market by 2029 is expected to be US $ 21.33 Bn.

4] What is the forecast period for the Automotive Battery Powered Propulsion System Market?
Ans. The forecast period for the Automotive Battery Powered Propulsion System Market is 2023-2029.

5] What was the market size of the Automotive Battery Powered Propulsion System Market in 2022?
Ans. The market size of the Automotive Battery Powered Propulsion System Market in 2022 was US $ 16.05 Bn.