Major players in the alternative fuel vehicles market are Ford Motor Company, Toyota Motor Corporation, Nissan Motor Corporation, Honda Motor Company, BYD Auto Co. Ltd. , Daimler AG, Tesla Inc, Bayerische Motoren Werke AG (BMW), Audi AG, Volkswagen AG, Hyundai Motor Company, Mitsubishi Motors Corporation, Suzuki Motor Corporation, General Motors, Zero Motorcycles Inc.
New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Alternative Fuel Vehicles Global Market Report 2022" - https://www.reportlinker.com/p06323484/?utm_source=GNW
, and Tata Motors Limited
The global alternative fuel vehicles market is expected to grow $329.93 billion in 2021 to $440.05 billion in 2022 at a compound annual growth rate (CAGR) of 33.4%. The market is expected to grow to $879.76 billion in 2026 at a compound annual growth rate (CAGR) of 18.6%.
The alternative fuel vehicles market consists of sales of alternative fuel vehicle services by entities (organizations, sole traders, and partnerships) used to conserve fuel and lower vehicle emissions.Alternative fuel vehicles refer to motor vehicle that runs on alternative fuel instead of traditional petroleum fuels.
Alternative fuel vehicles are less expensive, eliminate dependence on oil, and yield lower vehicle performance.
The main types of alternative fuel vehicles are CNG, hydrogen, electric, and other fuel types.CNG refers to compressed natural gas as an eco-friendly alternative to gasoline, made by compressing natural gas down to less than 1% of its volume.
The types of vehicles include passenger cars and commercial vehicles. The various applications include transportation, chemical, agricultural, industrial, and other applications.
Asia Pacific was the largest region in the alternative fuel vehicle market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The alternative fuel vehicles market research report is one of a series of new reports that provides alternative fuel vehicles market statistics, including alternative fuel vehicles industry global market size, regional shares, competitors with a alternative fuel vehicles market share, detailed alternative fuel vehicles market segments, market trends and opportunities, and any further data you may need to thrive in the alternative fuel vehicles industry. This alternative fuel vehicles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rising prices of fossil fuel is expected to propel the growth of the alternative fuel vehicles market going forward.Fossil fuel refers to hydrocarbon-containing materials of biological origin occurring within the earth’s crust that can be used as a source of energy.
Owing to the rising fuel prices the developing and underdeveloped countries are depending on foreign countries to import fossil fuels significantly which will increase the pressure on emerging economies leading to a boost in the demand for the alternative fuel vehicles market.This results in the increasing adoption of vehicles that run on alternative fuels such as CNG, hydrogen, electric vehicles, and others.
For instance, in November 2020, according to the article by the U.S. energy information administration, a principal agency of the U.S. federal statistical system, Brent’s petroleum prices averaged USD 46 per barrel, increasing significantly to a mean price of USD 105 per barrel in March 2021. Therefore, the rising prices of fossil fuel is driving the alternative fuel vehicles market.
The rising adoption of clean mobility solutions to reduce the emissions from fossil fuels is the key trend gaining traction in the alternative fuel vehicles market.The carbon emissions from the vehicles that run on alternative fuels such as CNG, hydrogen, biofuel, bio-diesel, and others are less compared to the carbon emissions from vehicles that run using fuels such as petroleum and diesel.
Hence due to the increasing environmental concerns among the consumers, the governments across the world are focusing on adopting clean mobility solutions through alternative fuel vehicles.For instance, in January 2022, Maruti Suzuki India Limited, an Indian automobile manufacturer operating in the alternative fuel vehicles market, launched a new CNG variant of stylish and urban All-New Celerio.
With this launch, the company aims to strengthen its green vehicle portfolio in India. Similarly, in June 2021, Jaguar Land Rover Automotive PLC a UK-based multinational company operating in the alternative fuel vehicles market, developed a fuel cell prototype for a hydrogen-powered land rover defender, with this launch the company aims to achieve zero tailpipe and carbon emissions across their products, supply chain, and operations.
In June 2021, Ford, US-based automobiles and commercial vehicles manufacturing company acquired Electriphi, Inc for an undisclosed amount.This acquisition is expected to help Ford to enhance Electriphi’s advanced technology for the pro electric vehicles and services offering, which helps commercial customer experience and become a single-source solution for fleet depot charging challenges.
Ford prepares to launch electric versions of commercial vehicles. Electriphi, Inc. is a US-based technology company, operating in the alternative fuel vehicles market.
The countries covered in the Alternative Fuel Vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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