Automotive Battery Powered Propulsion System Market : Present Scenario and the Growth Prospects with Forecast 2025
Due to the rising pollution created by automobiles and the need to have a cleaner and safer environment, government of various countries are encouraging automobile manufacturers to develop and promote electric and hybrid vehicles. Battery powered propulsion systems finds application in hybrid and electric vehicles and therefore this is one of the lucrative automotive markets of the future as the penetration rate of hybrid and electric vehicles is still below average in the developing and under-developed countries. Increasing production of vehicles and rising demand for passenger vehicles is a major driving factor for the automotive battery powered propulsion system market. In addition, rising trend of engine downsizing is another major factor influencing the growth of light-weight and advanced battery powered propulsion systems ensuring better fuel efficiency in vehicles. Moreover, growth in the automotive sector and rising investments in automotive battery powered propulsion system manufacturing companies across the world is set to influence the market significantly during the forecast period. Obtain Report Details @ http://www.transparencymarketresearch.com/automotive-battery-powered-propulsionsystem-market.html The automotive battery powered propulsion system market can be classified by application, by battery type and by geography. The application segment can be classified into hybrid electric vehicle, plug-in electric vehicle and on & off road electric vehicle. By battery type, the market can be segregated as lithium-ion, nickel metal hydride and others. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. In the automotive battery powered propulsion system market, Europe holds the largest market share in terms of revenue followed by North America, Asia Pacific, Latin America and, Middle East and Africa (MEA). In Europe, Germany is the most significant market and the largest contributor to the automotive battery powered propulsion system market in the region because of the presence of major automobile manufactures in Germany.