The global automotive battery powered propulsion systems market size is expected to witness significant growth over the next seven years and is anticipated to reach 1.3 million by 2022. Rising electric vehicles (EV) demand along with increasing disposable income is expected to drive market growth over the forecast period.
Vehicular pollutants have adverse impact on consumer health. Increasing consumer awareness regarding greenhouse effect and ozone layer depletion has raised concerns towards reducing harmful vehicular emissions. Health risks associated with these environmental conditions are expected to drive product demand over the forecast period. Battery powered propulsion systems also help to reduce fuel consumption.
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Automobiles such as light duty vehicles are major contributor to regional economy. Electrification represents the key to sustainable mobility future with growing demand for battery propulsion systems. Shifting consumer affinity towards premium brands coupled with increasing acceptance for EVs are expected to steer automotive battery powered propulsion systems demand over the next seven years.
Technological innovations in the transportation sector include fuel efficient cars and scooters that can minimize environmental pollution. Advancements in low emission technology minimize vehicular pollution and enhance automobile engine performance. Rising consumer awareness towards eco-friendly products and fuel economy are expected to drive electric vehicles demand over the forecast period.
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Automobile manufacturers including Tesla, Audi, BMW, Toyota and Suzuki have introduced hybrid vehicles which operate both on batteries and IC engines. These companies have also developed highly efficient battery powered with improved performance and power transmission. These initiatives along with advancements in engine propulsion technology and shifting consumer trends towards low emission vehicles is anticipated to positively impact automotive battery powered propulsion system market growth in next few years.
Various governments such as the U.S., Japan, and China have imposed stringent emission standards to enhance their position as environment friendly regions. Regulatory concern to lower the greenhouse emissions is expected to necessitate requirements for sustainable alternatives such as battery powered propulsion system.
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