New York, NY, March 09, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Alternative Fuel Vehicle Market by Alternative Fuel Type (Gaseous Fuels, Electric, BioFuels, Liquid Nitrogen, and Others) for Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, global alternative fuel vehicle market was valued at approximately USD 255.01 Billion in 2016 and is expected to reach approximately USD 592.30 Billion by 2022, growing at a CAGR of around 13.1% between 2017 and 2022.
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. Vehicles using alternative fuel have distinct advantages over conventional fuel driven vehicles. Biodiesel, electric and propane-based are the most common types of engines used in the 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.
Browse through 50 Tables & 23 Figures spread over 110 Pages and in-depth TOC on "Global Alternative Fuel Vehicle Market Share 2016: Industry Type, Segments Analysis & Forecast 2022”.
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After decades of dominance by internal combustion engines, the automobile industry is diversifying at a rapid pace. Consumer’s desire for fuel-efficient vehicles and cleaner form of transportation is primarily driving the growth of alternative fuel vehicle market. Plug-in hybrid and battery electric models are increasing in number. 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. Moreover, fluctuation in prices of traditional petroleum fuel has upset the major world economies. Hence, to avoid the adverse effect, many countries are focusing on alternative fuel engines and this factor is also expected to spur the growth of alternative fuel vehicle market across the globe. Furthermore, rapid decrease in oil reserves and development of efficient alternative fuel has been aiding the adoption of alternative fuel vehicles across the globe. Another driving factor behind shifting consumer preference towards alternative fuel vehicles is the aim to reduce import dependency on foreign countries, which has been burdening the economy. However, some hybrid vehicles cost a lot more than the conventional fuel-driven vehicles. This factor is considered to be a major restraint for the growth of alternative fuel vehicle market. Moreover, high initial cost of alternative fuel production is also expected to restrain the growth of this market.
The Asia Pacific is the leading region in fuel consumption owing to the high number of vehicles. Increasing number of policies and regulatory support for the adoption of cleaner fuels and vehicles by Asian countries primarily drives the alternative fuel vehicle market in the Asia Pacific region. Clean Air Asia’s Clean Fuels and Vehicles (CFV) Program supports the overall development and strengthening of fuel quality and vehicle emission. Furthermore, building on the Clean Fleet Management toolkit of UNEP and TNT by Clean Fuels and Vehicles (CFV) Program for bus fleets and truck fleets is expected to drive the growth of the alternative fuel vehicle market in the Asia Pacific. Moreover, increasing adoption of high end, technologically advanced emission systems for vehicles by major countries in the Asia Pacific drives the growth of alternative fuel vehicles market in this region.
Browse the full "Alternative Fuel Vehicle Market by Alternative Fuel Type (Gaseous Fuels, Electric, BioFuels, Liquid Nitrogen, and Others) for Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/alternative-fuel-vehicle-market
North America is expected to exhibit moderate growth in alternative fuel vehicle market. U.S. government has outlined new plans to support the sales and use of alternative-fuel vehicles including cars and trucks that run on hydrogen and natural gas. 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. North America has plenty of natural-gas reserves, and this factor is further anticipated to spur the growth of the alternative fuel vehicle market in the region.
The automotive industry in Europe exhibits a remarkable demand for alternative fuel vehicles (AFVs). According to The European Automobile Manufacturers' Association (ACEA), new AFV (Alternative Fuel Vehicle) registrations reached 212,945 units across the European Union. 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 in Europe.
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Increasing production of homegrown ethanol that makes fuel from sugar in Brazil and other countries in Latin America is anticipated to fuel the growth of alternative fuel vehicle market in the region. Latin America is expected to witness moderate growth for alternative fuel vehicle market during the forecast period. Increasing focus on renewable energy sources in the Middle East region has been encouraging many OEMs to manufacture alternative fuel vehicles in this region.
Key players profiled in this 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., BYD Company Limited, Daimler AG, Honda Motor Co., Ltd., Mitsubishi Motors, and others.
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The market segments alternative fuel vehicle market into:
Global Alternative Fuel Vehicle Market: Fuel Type Segment Analysis
- Gaseous Fuels
- Electric
- BioFuels
- Liquid Nitrogen
- Others
Global Alternative Fuel Vehicle Market: Vehicle Type Segment Analysis
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
Global Alternative Fuel Vehicle Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe (Bulgaria, the Czech Republic, Hungary, etc.)
- Western Europe
- UK
- France
- Germany
- Rest of Western Europe (Italy, Spain, Netherlands, etc.)
- Eastern Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN (Indonesia, Thailand, Philippines, etc.)
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America (Columbia, Chile, etc.)
- Middle East & Africa
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