The new report by Expert Market Research titled, ‘Global Alternative Fuel Vehicles Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global alternative fuel vehicles market, assessing the market based on its segments like fuel types, vehicle types, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6%
The alternative fuel vehicles industry is driven by the growing focus of consumers to conserve natural resources and decrease the use of fossil fuels like petroleum. This can be attributed to the decrease in oil reserves worldwide. In addition, these are cost-effective, as these vehicles do not require high-cost fossil fuels. These vehicles are largely, low maintenance and safe to drive.
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In the case of electric cars, they offer a convenient and noiseless driving experience, and can easily be charged with a household socket. Furthermore, the growing awareness among the population regarding the ill-effects of conventional fuel powered vehicles is expected to lead to the increased adoption of environmentally-friendly alternatives in the forecast period.
Industry Definition and Major Segments
An alternative fuel vehicle runs on alternative fuels and not on traditional fuels like petrol or diesel. Some of the examples of alternative fuels include biodiesel, electricity, ethanol, hydrogen, natural gas, and propane, among others. These fuels are clean and environment friendly. They find increased usage in hybrid electric vehicles, natural gas vehicles, fuel cell electric vehicles, and flexible fuel vehicles, among others.
The alternative fuel vehicles industry, based on fuel type, can be segregated into:
- Compressed Natural Gas (CNG)
By vehicle type, the market can be divided into:
- Passenger Vehicles
- Light Commercial Vehicles
- Medium and Heavy-duty Commercial Vehicles
The regional markets of alternative fuel vehicle include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The imposition of stringent government regulations to curb the rising pollution levels and carbon emissions worldwide is estimated to contribute to the growth of the alternative fuel vehicles industry. In addition, the government initiatives aimed at promoting the use of electric powered vehicles are estimated to aid the market growth. For instance, in February 2022, the Delhi Government announced the launch of a new initiative aimed at introducing electric auto-rickshaws on the roads. Furthermore, the tax rebates and subsidies offered by the governments on the purchase of electric vehicles are projected to promote their adoption in the forecast period. Moreover, the technological advancements and the increased investments by the leading market players are anticipated to bolster the market growth in the forecast period.
Key Market Players
The major players in the market are Tesla, Inc., Bayerische Motoren Werke AG (BMW), Audi AG, Suzuki Motor Corporation, Ford Motor Company, and Honda Motor Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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