Automotive Battery Powered Propulsion System Market to Grow with a CAGR of 5.71% Globally through to 2028

Environmental Concerns and Regulatory Pressures, Advancements in Battery Technology, and Consumer Demand for Sustainable Transportation are factors driving the Global Automotive Battery Powered Propulsion System market in the forecast period 2024-2028.

According to TechSci Research report, “Global Automotive Battery Powered Propulsion System Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Battery Powered Propulsion System Market stood at USD 16 billion in 2022 and is anticipated to grow with a CAGR of 5.71% in the forecast period, 2024-2028. The size of the global market for automotive battery-powered propulsion systems is anticipated to increase significantly. Over the course of the forecast period, rising demand for electric vehicles (EVs) and rising disposable income are anticipated to fuel market growth. The health of consumers is negatively impacted by vehicular pollution. There is growing consumer concern about lowering harmful vehicle emissions due to increased knowledge of the greenhouse effect and ozone layer depletion. Over the course of the forecast period, product demand is anticipated to be driven by health risks associated with these environmental conditions. Fuel consumption is also decreased by propulsion systems that run on batteries. Light-duty vehicles and other automobiles play a significant role in the local economy. A sustainable mobility future with rising battery propulsion system demand depends on electrification.

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The Global Automotive Battery Powered Propulsion System market is experiencing a profound transformation, driven by a convergence of factors that are shaping the future of automotive transportation. This market represents the growing adoption of battery-powered electric propulsion systems as a means to address environmental concerns, reduce dependence on fossil fuels, and revolutionize the automotive landscape. One of the primary drivers of the Global Automotive Battery Powered Propulsion System market is the increasing emphasis on environmental sustainability and the reduction of greenhouse gas emissions. With the automotive industry being a significant contributor to air pollution and carbon emissions, automakers, governments, and consumers are increasingly turning to electric propulsion systems as a clean and sustainable alternative to internal combustion engines (ICEs). Battery-powered electric vehicles (EVs) produce zero tailpipe emissions, contributing to improved air quality and reduced carbon footprint.

The market is also driven by the imperative to reduce our dependence on finite fossil fuel resources and enhance energy security. As concerns about the depletion of oil reserves and geopolitical tensions surrounding oil-producing regions continue to mount, the transition to electric propulsion offers a more reliable and sustainable energy source. Battery-powered EVs are powered by electricity, which can be generated from a diverse range of sources, including renewables like wind and solar power. This diversity in energy sources promotes energy security and resilience.

Additionally, the increasing awareness of the environmental impact of traditional ICE vehicles has led to stringent emissions regulations and the establishment of more ambitious emission reduction targets. Governments worldwide are enforcing regulations that impose penalties on automakers that fail to meet emissions standards. Battery-powered electric propulsion systems, with their inherent emissions benefits, are an effective solution for automakers to meet these regulatory requirements.

The Global Automotive Battery Powered Propulsion System market is further propelled by advances in battery technology. Battery energy density and range have improved significantly in recent years, addressing one of the primary limitations of EVs. Lithium-ion batteries, in particular, have become the preferred choice for EVs due to their high energy storage capacity and relatively fast charging times. These advancements in battery technology have extended the driving range of EVs and reduced charging times, making them more practical for daily use and long-distance travel. Moreover, the growing trend of urbanization and increasing concerns about air quality in cities have elevated the market for battery-powered electric propulsion systems. Many cities are implementing strict emissions regulations and encouraging the adoption of electric vehicles to combat air pollution and reduce noise levels. Battery-powered electric propulsion systems are well-suited for urban environments, as they produce no tailpipe emissions and operate quietly, contributing to a cleaner and more pleasant urban living experience.

The advent of innovative and stylish electric vehicle designs is another driver in the Global Automotive Battery Powered Propulsion System market. Automakers are increasingly focusing on the aesthetics and features of EVs, dispelling the notion that electric vehicles are limited to compact and unattractive designs. The market now offers a diverse range of electric vehicles, from sleek sports cars to spacious SUVs, appealing to a broader consumer base. As the selection of EVs becomes more attractive and diversified, consumers are more inclined to make the switch from ICE vehicles to battery-powered electric vehicles.

The need for improved energy efficiency and reduced operating costs is a significant driver of the Global Automotive Battery Powered Propulsion System market. Electric vehicles are inherently more energy-efficient than their ICE counterparts, with energy conversion efficiencies exceeding 90%. This translates into lower operating costs, as electricity is generally cheaper than gasoline or diesel fuel. As the cost of batteries continues to decrease and the efficiency of electric propulsion systems improves, electric vehicles become a more cost-effective option for consumers. The growth of infrastructure to support electric vehicles is another pivotal driver in the market. Charging infrastructure, including public charging stations and home charging solutions, is expanding rapidly, alleviating range anxiety and making electric vehicles more accessible. The availability of convenient and widespread charging options is crucial for the widespread adoption of battery-powered electric vehicles.

Furthermore, government incentives and subsidies for electric vehicles play a significant role in driving the market. Many governments offer tax credits, rebates, and other financial incentives to encourage consumers to adopt electric vehicles. These incentives can significantly reduce the upfront cost of electric vehicles, making them more appealing to consumers. Additionally, governments are investing in charging infrastructure development and research and development of battery technology to support the growth of the electric vehicle market.

Major companies operating in Global Automotive Battery Powered Propulsion System Market are:

• Robert Bosch GmbH
• JTEKT 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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 “The Global Automotive Battery Powered Propulsion System market is rapidly evolving, driven by a confluence of factors that are reshaping the automotive industry. Environmental sustainability and stringent emissions regulations are propelling the adoption of battery-powered electric propulsion systems, reducing greenhouse gas emissions and minimizing dependence on finite fossil fuels. Advances in battery technology have addressed range limitations, making electric vehicles more practical and appealing to consumers. The market is further bolstered by the trend of urbanization, the development of attractive and diverse electric vehicle designs, and the need for energy-efficient, cost-effective transportation. Government incentives, the growth of charging infrastructure, and the transition toward autonomous and connected vehicles are driving this transformative shift in the automotive industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Automotive Battery Powered Propulsion System Market Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Battery Type (Lithium-Ion, Nickel Metal Hydride, Others), By Application Type (Plug-in Vehicle, Hybrid Electric Vehicle, On and Off-Road Electric Vehicle), By Region, Competition, 2018-2028”, has evaluated the future growth potential of Global Automotive Battery Powered Propulsion System Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Magnesium Alloy Market.

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