The shift towards sustainable and eco-friendly transportation options has led to an increase in the adoption of different forms of alternative propulsion. Against this backdrop, alternative propulsions have become a more prominent topic of discussion in company filing documents in Q1 2023, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Company Filings Analytics database reveals that there was a significant increase in the mentions of alternative propulsions in company filings in Q1 2023 compared to the same period in 2022. The total number of mentions of alternative propulsion by companies stood at 5,042 in Q1 2023. This is more than double the number of mentions of alternative propulsions recorded in Q1 2022.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “This reflects the growing importance of sustainable and environment-friendly technologies in various industries. Government regulations, consumer demand, and advancements in technology are among the various factors driving the growth of alternative propulsion. However, it also calls for continued investment in research and development to improve the performance, affordability, and accessibility of these technologies. Resultantly, we are seeing a rise in alternative propulsion-related discussions by companies.”
Alternative propulsions, such as electric and hybrid engines, are gaining popularity as governments around the world implement stricter emission regulations and consumers demand more environmentally friendly options. Companies also recognize the need to adapt to these changes.
Weichai Power Co Ltd and General Motors Co are investing in the research and development (R&D) of emission reduction technologies. Based on recent business awards and announcements, BorgWarner Inc believes it is on track to earn $4.3 billion in EV revenue by 2025, whereas Senior Plc is engaged in R&D initiatives for electrification, hydrogen propulsion systems on land and in the air and has created unique solutions for low and zero-carbon applications.
Airbus SE discussed evaluating, maturing, and validating radical breakthroughs in technology that could be hosted on its zero-emission aircraft by 2035. The company further announced the development of a hydrogen-powered fuel cell engine as a part of its ZEROe program. Textron Inc acquired Pipistrel, an award-winning electrically powered aircraft. Pipistrel has joined Textron eAviation together with other R&D projects to provide environmentally friendly aircraft for urban air mobility, general aviation, freight, and special mission roles.
Many countries have also set ambitious targets to transition towards greener energy, and companies operating in these countries are likely to invest in alternative propulsion technology to align with these goals. The US, China, the UK, Germany, Taiwan, and India were some of the locations that witnessed sizeable mentions of alternative propulsion.
Misa concludes: “The growing mentions of alternative propulsions in filing documents reflect companies’ dedication to developing and promoting sustainable technologies, and the shift towards alternative propulsions is expected to continue to grow in the coming years as businesses remain focused on innovation and sustainable practices to meet the changing needs of their customers and the industry.”
