Alternative Fuel Vehicle - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Alternative Fuel Vehicle Market is accounted for $392.92 billion in 2019 and is expected to reach $1,244.40 billion by 2027 growing at a CAGR of 15.5% during the forecast period. Shifting consumer preference towards alternative fuel vehicles and rapid decrease in oil reserves and development of efficient alternative fuel are the major factors propelling the growth of the market. However, the high initial cost of alternative fuel production is hampering the growth of the market.
Vehicles using alternative fuel have distinct advantages over conventional fuel-driven vehicles. Using alternative fuel in vehicles improves air quality and reduces the emission of greenhouse gases. However, traditional fuels such as petrol and diesel are expensive and also a major cause of environmental hazards. Biodiesel, electric and propane-based are the most common types of engines used in alternative fuel vehicles or hybrid vehicles. Biodiesel is a renewable fuel and its physical properties are similar to petroleum diesel. They provide a cleaner alternative and have less emission as compared to other conventional fuel. Ethanol is made from plant-based materials such as corn and other agro-waste materials and is combined with gasoline to be used in alternative fuel vehicle.
Based on the fuel type, the electric segment is going to have a lucrative growth during the forecast period owing to the performance and distinct advantages. The electricity-based vehicle provides an attractive prospect by offering easily chargeable and noiseless urban transportation. It comes in three types as all-electric, hybrid electric and plug-in hybrid electric vehicles. Due to the increase in popularity of electric-based cars, registrations of electrically chargeable vehicles showed double-digit gains and this factor drives the growth of alternative fuel vehicle market. The increasing availability of electric vehicles and recharging points in public or private outlets is further expected to drive the growth of the alternative fuel vehicle market.
By geography, North America is anticipated to hold considerable market share during the forecast period due to the outlined new plans to support the sales and use of alternative-fuel vehicles including cars and trucks that run on hydrogen and natural gas by the US government. They have increased the current tax credit for advanced technology vehicles to a maximum. The credit would also be broadened so that it applies to more different types of vehicles instead of just plug-in cars and this factor is majorly driving the growth of alternative fuel vehicle market in North America.
Some of the key players profiled in the Alternative Fuel Vehicle Market include Ford Motor Company, Jaguar Land Rover Limited, Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., Shell International B.V., BMW Group, Tesla Motors, Mitsubishi Motors, EI DuPont, Audi AG, Volkswagen AG, Daimler AG., General Motors, Beiqi Foton Motor Co., Ltd., Fiat Chrysler Automobiles, BYD Auto, Renault, and Yutong.
Vehicle Types Covered:
• Two Wheelers
• Passenger Cars
• Commercial Vehicles
• Luxury Vehicles
Fuel Types Covered:
• Gaseous Fuels
• Liquid Nitrogen
• Natural Gas
• Liquefied Petroleum Gas
• Non-Fossil Methane
• Non-Fossil Natural Gas
End Users Covered:
• Government Vehicles
• Private Fleets
• Domestic User’s Vehicle
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Covers Market data for the years 2018, 2019 2020, 2024, and 2027
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