Global Automotive Battery Powered Propulsion System Market: 2019-2027
The Global Automotive Battery-Powered Propulsion System Market holds the potential to reach USD XX Mn. by 2027 during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
As a response to rising pollution and carbon emission from automobiles, governments across the world are promoting the use of electric and hybrid vehicles. The battery-powered propulsion system is installed in electric and hybrid vehicles hence it is one of the lucrative markets with future prospects.
The report has covered, demand drivers & pricing by region, and the profit margins of key players operating in this industry. A detailed analysis of restraints and challenges in the market is also covered with examples by region. It also has covered the analysis of key player’s growth strategies, micro and macro analysis of markets, key developments, and key trends in the market.
Global Automotive Battery-Powered Propulsion System Market Dynamics
The growing demand for emission-free & eco-friendly vehicles is driving the market
Rising pollution level and increasing stringent norms and regulations from governments across the world regarding emission control is the major driving factor for the automotive battery-powered propulsion system market. For an instance, the Euro VI norm implemented by the European Union has increased the demand for electric and hybrid vehicles in Europe. This has created a positive influence on the market. Increasing sales of passenger and commercial vehicles in emerging countries is also expected to fuel the market growth during the forecast period.
Growth in awareness and adoption of electric & hybrid vehicles, thanks to the manufacturers and government promotion is the supporting factor for the market. Manufacturers and governments are reducing barriers for the consumers to switch from conventional to electric and hybrid vehicles, this is expected to propel the market growth during the forecast period.
Growing concern regarding depleting oil reservoirs and automotive fuel consumption is anticipated to boost the demand for the battery-powered propulsion system during the forecast period. Reduction in cost per kWh battery capacity of EVs is also anticipated to fuel the market growth during the forecast period. According to the United States, Department of Energy cost per kWh battery capacity of electric trucks fell from 500 USD in 2013 to 200 USD in 2019 and with the advancement in technology, it is expected to decrease further over the forecast period.
The high cost of the battery-powered propulsion system is expected to hinder the market growth
The high cost of the battery-powered propulsion system & EV and the risk associated with them are expected to hinder the market growth during the forecast period. The unavailability of electric vehicle charging services in emerging countries is the restraining factor for the market.
Increasing technological advancement in Lithium-Ion batteries is expected to create new opportunities.
Technological advancement in lithium-ion batteries has increased the traveling range of electric vehicles, this is expected to create new opportunities for the market during the forecast period. Generous subsidies provided by the government to increase the adoption of the hybrid and EV are anticipated to generate lucrative opportunities for the market. Growing investment of OEMs in new product development is also expected to create new prospects for the market during the forecast period.
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Scope of Global Automotive Battery-Powered Propulsion System Market: Inquire before buying
The market is divided into three main segments and further into sub-segments to forecast the market size by value.
Global Automotive Battery-Powered Propulsion System Market, By Battery Type
• Lithium-Ion
• Nickel Metal Hydride
• Others
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The Lithium-Ion segment is expected to command the largest market share of XX% by 2027
The Lithium-Ion segment held the largest market share of XX% in 2019 and is expected to continue its dominance during the forecast period. Lithium-Ion batteries are considered the standard batteries for electric and hybrid vehicles. These batteries are ideal batteries for electric vehicles, thanks to their excellent battery capacity. The lower self-discharge rate of lithium-ion batteries also increases their demand among the manufacturers. All these factors will propel the demand for the lithium-ion segment during the forecast period.
Global Automotive Battery-Powered Propulsion System Market, By Application
• Hybrid Electric Vehicle
• Plug-in Electric vehicle
• On & Off-road Electric Vehicle
Plug in electric vehicle segment is expected to command the largest market share of XX% by 2027
The hybrid electric vehicle utilizes the combination of both a gasoline-powered engine and an electric motor. With the assistance of both technologies, it provides excellent fuel efficiency in different driving conditions. However, the high cost of a hybrid vehicle and the rising demand for zero-emission vehicles is expected to hinder the growth of the hybrid electric vehicle segment.
The Plug-in electric vehicle segment is expected to hold the largest market share of XX% by 2027, thanks to the growing development in lithium-ion batteries, demand for zero-emission eco-friendly vehicles, and increasing awareness & adoption among the populace. Plug-in electric vehicles are less costly as compared to hybrid vehicles hence their demand is anticipated to propel during the forecast period.
Global Automotive Battery-Powered Propulsion System Market, By Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
APAC is expected to command the largest market share of XX% by 2027
APAC is expected to command the largest market share of XX% by 2027, thanks to the increasing passenger vehicle sales and growing investment of OEMs in the regions like China, India, South Korea, and Japan. The surge in demand for mid-range and premium automobiles, thanks to the increasing urbanization and growing disposable income among the populace is expected to fuel the market growth during the forecast period.
Government promotion and subsidies provided by the government to increase the adoption of battery-powered electric vehicles are expected to boost the market during the forecast period. The surge in electric vehicle sales in China is expected to act as an engine for the growth of the market in the region.
Europe held the largest market share of XX% in 2019, thanks to the growth in the adoption of electric vehicles in the Netherland, Norway, Germany, France, and the United Kingdom. Growing sales of clean fuel passenger vehicles in the region are expected to propel the market growth. The presence of key players in countries like Germany is expected to fuel the market growth during the forecast growth. New regulations regarding automotive emission control are also anticipated to boost the market growth in the region during the forecast period.
North America is also expected to experience significant growth during the forecast period, thanks to the technological advancement in the region and increase in sales of a commercial vehicle. The presence of the key player in the region is also a supporting factor for the market.
Covid-19 Impact on the Global Automotive Battery-Powered Propulsion System Market:
• The coronavirus pandemic has placed tremendous pressure on businesses and sectors across the globe. Governments from all countries have introduced a lock-up to detect the transmission of infectious diseases. The contribution of these regulations has created a negative impact on the automotive industry.
• The coronavirus adversely impacted the Automotive Battery-Powered Propulsion System market. The interruption of export and import operations due to limitations on foreign flights would further restrict the market's development. The disruption caused by the lockdown would harm the market. Most of the industries are not functioning properly due to the influence of Covid-19 which has caused an adverse impact on the Global Automotive Market.
The objective of the report is to present a comprehensive analysis of the Global Automotive Battery-Powered Propulsion System Market including all the stakeholders of the industry. The past and current status of the industry with 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 includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on 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 report also helps in understanding Global Automotive Battery-Powered Propulsion System Market dynamics, structure by analyzing the market segments and projects the Global Automotive Battery-Powered Propulsion System Market size. Clear representation of competitive analysis of key players By Type, price, financial position, growth strategies, and regional presence in the Global Automotive Battery-Powered Propulsion System Market makes the report investor’s guide.
Key Players in Global Automotive Battery-Powered Propulsion System Market
Companies are increasing their capacity for mass production and heavily investing in research & development. These firms are also using partnership and acquisition as a key strategy to increase their range. For an instance, Robert Bosch GmbH acquired seeo inc. which was responsible for the development of a lithium-ion battery to double the range of the electric vehicle. Companies like Tesla are expanding their global presence by investing in emerging economies. The report also covers the key players, their revenues, business strategies, and investment details.
Some of the Key Players Operating in the Market 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.
• GS Yuasa Corp.
Global Automotive Battery-Powered Propulsion System Market, By Battery Type
• Lithium-Ion
• Nickel Metal Hydride
• Others
Global Automotive Battery-Powered Propulsion System Market, By Application
• Hybrid Electric Vehicle
• Plug-in Electric Vehicle
• On & Off Road Electric Vehicle
Global Automotive Battery-Powered Propulsion System Market, By Region
• Asia-Pacific
• North America
• Europe
• South America
• Middle East & Africa
Key Players in Global Automotive Battery-Powered Propulsion System Market
• 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.
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