The latest market report published by Credence Research, Inc. is “Global Hydrogen/BEV/HEV Powertrain Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2030”. The Global Hydrogen/BEV/HEV Powertrain Market generated revenue of around USD XX billion in 2022 and is projected to grow a CAGR of over XX% over the forecasting period from 2023 to 2030 to reach around USD XX billion in 2030.
Hydrogen, BEV, and HEV are the three electric powertrains used in the automotive industry. A hydrogen powertrain is an electric powertrain that converts hydrogen into energy using a fuel cell to power the vehicle. A battery-powered all-electric motor is referred to as a BEV engine. In addition, an HEV powertrain is a hybrid electric powertrain that uses an internal combustion engine and an electric generator to power the vehicle. The growing demand for more fuel-efficient and ecologically friendly vehicles is one of the primary drivers. Governments worldwide are also enacting policies and providing incentives to promote the adoption of electric vehicles. Also, advancements in battery technology and the increased availability of charging infrastructure make BEVs more appealing to customers. BEVs are expected to become more affordable and practical for a wider variety of consumers as battery technology improves and costs fall. Furthermore, developing new hydrogen fueling stations and the increasing availability of hydrogen fuel cells contribute to adopting hydrogen-powered cars. However, one of the main limitations to developing the Hydrogen/BEV/HEV powertrain markets is the relatively high cost compared to traditional gasoline-powered vehicles.
The global Hydrogen/BEV/HEV powertrain market is bifurcated into Vehicle Type, Powertrain, Position/Drive Type, Application, and Geography. The market is categorized into hybrid electric vehicles (HEV), battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and fuel cell vehicles (FCV) based on vehicle type. Based on powertrain, the global market is segmented into BEV powertrain, MHEV powertrain, series hybrid powertrain, parallel hybrid powertrain, and a series-parallel hybrid powertrain. The market is divided into front-wheel drive (Fwd) powertrains, rear-wheel drive (Rwd) powertrains, and all-wheel drive (Awd) powertrains based on the position/drive type. Based on application, the global market is divided into light commercial vehicles, passenger cars, and heavy commercial vehicles. The market is segmented based on geography: Europe, Asia Pacific, North America, Latin America, the Middle East, and Africa.
North America dominated the global Hydrogen/BEV/HEV powertrain market in 2022. One of the main drivers is increasing regional consumer demand for more fuel-efficient and environmentally friendly vehicles. Governments and regulatory bodies are also pushing to adopt cleaner and more efficient vehicles, driving demand for Hydrogen/BEV/HEV powertrain technologies in the region. Further, North American manufacturers are significantly investing in the development and production of Hydrogen/BEV/HEV vehicles, driving market innovation and leading to the introduction of more advanced and efficient powertrain technologies.
Some of the leading companies include Toyota Motor Corporation, Honda Motor Co., Ltd., General Motors Company, Ford Motor Company, Daimler AG, Hyundai Motor Group, Tesla Inc., Nissan Motor Corporation Ltd., Volkswagen AG, BMW AG among others. These key industry participants possess extensive distribution networks that enable them to reach customers globally while maintaining a competitive edge through innovation and customer-centric strategies.
The hydrogen, battery electric vehicle (BEV), and hybrid electric vehicle (HEV) powertrain market has been experiencing rapid growth in recent years due to several factors:
- One of the main global factors driving growth in the hydrogen/BEV/HEV powertrain market is the increasing focus on reducing carbon emissions and improving air quality. Governments and consumers are becoming more aware of the environmental impact of transportation, and are seeking alternative technologies that can reduce emissions and improve efficiency. Hydrogen fuel cells, BEVs, and HEVs are all considered greener alternatives to traditional internal combustion engines.
- Another factor contributing to the growth of the market is the increasing availability of charging and refueling infrastructure for hydrogen, BEVs, and HEVs. As the infrastructure for these technologies continues to expand, consumers are becoming more comfortable with the idea of owning and operating these vehicles, which is driving demand for hydrogen/BEV/HEV powertrain technologies.
- In addition, innovation and advancements in technology are driving the growth of the market. Manufacturers are developing more efficient and powerful powertrain technologies that can meet the evolving needs of consumers, including longer range and faster charging capabilities.
- Regionally, the growth of the hydrogen/BEV/HEV powertrain market has been driven by factors such as government incentives and regulations, the availability of raw materials, and the presence of a strong automotive industry.
- Overall, the hydrogen/BEV/HEV powertrain market is expected to continue to grow in the coming years, driven by increasing demand for greener and more efficient transportation, the expanding infrastructure for hydrogen, BEVs, and HEVs, and ongoing innovation and development in the industry.
Why to Buy This Report-
- The study provides a quantitative and qualitative analysis of the global Hydrogen/BEV/HEV powertrain market by segments, drivers, current trends, restraints, challenges, opportunities, and market dynamics for the historical period 2018-2021, the base year 2022, and forecast period 2023-2030.
- The report gives insights into the competitive landscape, including how key players in the market are operating globally, regionally, and at the country levels.
- The report contains an extensive analysis of the global Hydrogen/BEV/HEV powertrain market segmentation by vehicle type, powertrain, position/drive type, and application, which can assist stakeholders in better understanding market dynamics and identifying potential growth opportunities.
- The report offers business insights into technological advancements, research and development activities, and product innovations in the Hydrogen/BEV/HEV powertrain market.
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