A recent report published by Infinium Global Research on alternative fuel vehicle market provides in-depth analysis of segments and sub-segments in global as well as regional alternative fuel vehicle market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional alternative fuel vehicle market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global alternative fuel vehicle market. According to the report the global alternative fuel vehicle market is projected to grow at a CAGR of 13.2% over the forecast period of 2018-2024.
Alternative fuel vehicle is a vehicle that runs on fuel than any other petroleum fuels. Furthermore, it also refers to the technology of the powering engine that does not involve especially petroleum. Alternative fuel run on fuels other than conventional fuels such as gasoline and diesel. Biodiesel, electric and propane-based are the most common types of engines used in alternative fuel vehicles. 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.
Technological advancement and positive initiatives taken by the government such as investment in electric buses for public transport are driving the growth of the alternative fuel vehicle market. Additionally, increasing adoption of plugin vehicles and battery electric modules is further anticipated to fuel the market over the forecast period. However, the high cost in the production of alternative fuel is likely to hamper the growth of the alternative fuel market. On the other hand, the high initial cost of infrastructure is anticipated to have a negative impact on the growth of the market.
Furthermore, the rapid decrease in oil reserves and development of well-organized alternative fuel has been supporting the adoption of alternative fuel vehicles across the globe. Moreover, these alternative fuel vehicles produce very less carbon-related compounds such as oxides of carbon and nitrogen that makes an eco-friendly alternative in the automotive industry. Using alternative fuel in vehicles improves air quality and reduces the emission of greenhouse gases. This, in turn, is expected to provide huge opportunities for the key players in the alternative fuel vehicle’s market.
Among the geographies, Asia-Pacific is the leading region due to the high number of vehicles. Moreover, the adoption of cleaner fuels and the increasing number of regulatory policies are primarily driving the Asian countries in the alternative fuel vehicle market. However, the alternative demand for fuel vehicles in the in Europe exhibits significant demand in the automotive industry. As indicated by The European Automobile Manufacturers' Association (ACEA), new alternative fuel vehicle enrollments achieved 212,945 units over the European Union. The Asia-Pacific regions such as India China and Japan are offering lucrative opportunities for developing low-cost fuel-efficient vehicles and increase in public charging infrastructure in the alternative fuel vehicle market.
The major players profiled include Toyota Motor Corporation, Tesla Motors, AUDI AG, and BMW Group. Asian manufacturers such as Toyota and Hyundai are among the innovator companies in the alternative fuel vehicle market.
The report on global alternative fuel vehicle market covers segments such as fuel type and vehicle type. On the basis of fuel type the global alternative fuel vehicle market is categorized into gaseous fuel (LPG, CNG), pure electric and other (biofuel, bio-diesel, fuel cell, liquid nitrogen, and dimethyl ether). On the basis of vehicle type the global alternative fuel vehicle market is categorized into two-wheeler, passenger cars, and commercial vehicle.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global alternative fuel vehicle market such as Tata Motors, Nissan Motor Corporation, Volkswagen AG, Ford Motor Company, BMW Group, Tesla Motors, AUDI AG, Toyota Motor Corporation, General Motors, and Honda Motor Co., Ltd.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global alternative fuel vehicle market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the alternative fuel vehicle market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the alternative fuel vehicle market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the alternative fuel vehicle market to understand the present and future trends in this market and formulate their strategies accordingly.