Alternative Fuel Market Size Worth USD 1853.52 Billion in 2032 | Emergen Research

Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global alternative fuel market size was USD 412.2 Billion in 2022 and is expected to register a revenue CAGR of 16.4% during the forecast period. Increasing prices of fossil fuels, growing adoption of clean mobility solutions to reduce emissions and rising government investments for availability of CNG, LNG and others are some of the factors expected to drive market revenue growth.

Alternative fuel refers to gaseous fossil fuels derived from sources other than petroleum. It is characterized by an extremely high level and low of temperatures, often reaching -50^oC in gasoline and 150^oC in diesel. This degree of temperature is crucial for industries and applications where alternative fuels are generated according to their usage.

Global demand for alternative fuels is rising rapidly due to rising fossil fuel prices. Industries are investing heavily in research and development activities to find ways to replace fossil fuels. Most of this demand will be driven by emission free vehicles used in mobility applications, particularly in Electric Vehicles (EVs). Alternative fuel, known for its exceptional sustainability and eco-friendliness properties, emerges as an indispensable material in the production of biofuels and hydrogen fuels.

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Manufacturers are witnessing a substantial uptick in orders and sales volumes, as they play a pivotal role in meeting the burgeoning demand for automotives. On 10 February 2023, Neste and Scania tested a digital solution that allows easy tracking and verification of each truck’s renewable fuel usage. Incorporating data from the Scania Fleet Management Portal supplemented with Neste fuel emissions data, this solution provides Scania fleet management customers with accurate and up-to-date reporting data. Green House Gas (GHG) emissions and their communication activities on sustainable development.

Segment Insights

Type Insights:

On the basis of type, the global alternative fuel market is segmented into natural gas, biodiesel, ethanol, hydrogen and others.  Natural gas fuel segment accounted for largest revenue share in the global alternative fuel market in 2022 due to rising demand for natural gas for use in electric generation and heating. Natural gas generates a significant amount of electricity during operation, and alternative fuel is particularly effective in dissipating this electricity, ensuring optimal performance and low emissions compared to fossil fuels.

Vehicle Type Insights:

On the basis of vehicle type, the global alternative fuel market is segmented into passenger cars, commercial vehicles, two wheelers, and others. Passenger cars segment accounted for largest revenue share in the market in 2022 owing to rising population across the globe.

Passenger cars allow for precise control over various aspects of transportation, resulting in convenience and comfort. This is crucial for alternative fuel industries where eco-friendly vehicles are required, such as electric cars and biofuel cars. According to The European Automobile Manufacturers' Association (ACEA), there are currently 246 million passenger cars on EU roads.

The average age of cars in the EU is 11.8 years. 22 new cars were registered per 1,000 inhabitants in the EU in 2021. In 2021, 9.7 million passenger cars were sold in the EU, down 2.4% compared to 2021. Electric vehicles (electric battery powered and plug-in hybrid) together account for 18% of new car sales in the EU, but only 1.1% of all passenger cars on the road.

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Regional Insights:

Asia pacific accounted for a comparatively larger market share than other regional markets in the global alternative fuel market in 2022 owing to growing adoption of natural gas in countries across the region, especially in China, Japan, South Korea, and India. According to Energy Information Administration, natural gas accounts for 9% of total energy consumption in 2021. China's natural gas consumption increased 13% in 2021 to 13.4 trillion cubic feet, up from 11.9 trillion cubic feet in 2020. From 2011 to 2021, China's natural gas demand grew by about 11% per year.

China became the world's third-largest consumer of natural gas after the US and Russia. Weather-related factors and economic recovery have prompted push demand growth into 2021. China generated approximately 7600 terawatt hours of net electricity in 2020, with an increase of approximately 5% from 2019. Among these, primary sector, manufacturing sector and residential sector grew by 10%, 7% and 3% respectively, which is creating high demand of natural gas and drive revenue growth of the market in this region.

Europe is expected to register a fast market growth rate during the forecast period due to rising demand for electric vehicles in countries across the region especially in U.K., Germany, and France owing to rapid expansion of automobiles. According to the European Automobile Association, in 2021, the EU saw a strong increase in electric truck sales with 1,656 units registered, half of which were in Germany (829 units). Sales of trucks powered by alternative fuels such as natural gas, LPG, biofuels and ethanol decreased in 2022, accounting for 2.8% of the total market (compared to 3.6% in 2021). Germany is the main contributor to the negative performance of this truck type in the region, with a decrease of 34.2%.

Scope of Research

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Major Companies and Competitive Landscape

The global alternative fuel market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective alternative fuel. Some of the major companies included in the global alternative fuel market report are:

• Tesla
• BMW Group
• Mercedes Benz Group AG
• Ford Motor Company
• Honda Motor Co. Ltd
• Nissan Motor Co. Ltd
• ADM
• Chevron
• Cosan
• INEOS
• Mitshubishi Motors
• Tata Motors
• Audi AG
• Toyota Motor Corporation
• Hyundai Motor Company
• General Motors

Strategic Development

• On June 22, 2023, Mitsubishi Corporation (MC) announced the establishment of Eneco Diamond Hydrogen B.V. to develop green hydrogen and related renewable energy in Europe. Eneco Diamond Hydrogen is a joint venture between MC and its subsidiary N.V. Eneco, an integrated energy company also headquartered in Rotterdam.
• On 9 May 2023, Ford announced three-year hydrogen fuel cell project. Ford has been at the forefront of research into hydrogen's potential as an on-board energy source for its popular E-Transit. The project will determine whether hydrogen fuel cell technology can provide greater zero-emissions range for customers transporting heavy-duty electronics traveling high distances with maximum payload, ancillary equipment such as cooling and limited charging opportunities during the shift.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented global alternative fuel market on the basis of type, vehicle type, application, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)

• • Natural Gas
  • Biodiesel
  • Ethanol
  • Hydrogen
  • Others

• Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)

• • Passenger Cars
  • Commercial Vehicles
  • Two Wheelers
  • Others

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Electricity Generation
  • Geothermal Energy
  • Solar Energy
  • Wind energy
  • Cooking
  • Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• • Transportation
  • Chemical
  • Agricultural
  • Industrial
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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