Dublin, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The "Alternative Fuel Vehicles Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
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%.
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 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.
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.
- Tata Motors Limited
Key Topics Covered:
1. Executive Summary
2. Alternative Fuel Vehicles Market Characteristics
3. Alternative Fuel Vehicles Market Trends And Strategies
4. Impact Of COVID-19 On Alternative Fuel Vehicles
5. Alternative Fuel Vehicles Market Size And Growth
5.1. Global Alternative Fuel Vehicles Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Alternative Fuel Vehicles Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Alternative Fuel Vehicles Market Segmentation
6.1. Global Alternative Fuel Vehicles Market, Segmentation By Fuel Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- CNG
- Hydrogen
- Electric
- Other Fuel Types
6.2. Global Alternative Fuel Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Passenger Cars
- Commercial Vehicle
6.3. Global Alternative Fuel Vehicles Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Transportation
- Chemical
- Agricultural
- Industrial
- Other Applications
7. Alternative Fuel Vehicles Market Regional And Country Analysis
7.1. Global Alternative Fuel Vehicles Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Alternative Fuel Vehicles Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/wdyd3f
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