Pune, India, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The global alternative fuel vehicles market size was USD 293.45 billion in 2020. The market is projected to grow from USD 330.45 billion in 2021 to USD 1,681.80 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 26.2% during the forecast period. This information is published by Fortune Business Insights™, in its report, titled, “Alternative Fuel Vehicles Market, 2021-2028.”
Industry Development
May 2021: Shell New Energies NL B.V. entered into a strategic agreement with Daimler Truck AG in order to collectively steer the implementation of hydrogen fuel-cell trucks in the European region.
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As per our expert analysts, technological developments in alternative fuels pooled with rigorous government norms to exterminate reliance on fossil fuels are encouraging the market growth. Furthermore, features such as raised oil prices, prospective for peak oil, as well as ecological worries are reassuring automobile producers to finance intensely in R&D activities of clean alternative fuel vehicles.
Drivers and Restraints
Stringent Regulation by Government for Automotive Emission Control to Drive Market Growth
Increasing pollution heights, global warming, and deteriorating air superiority in urban zones have become a global matter of worry. Therefore, governments across the world are presenting several rigorous set of guidelines in order to decline carbon releases from automobiles.
Similarly, government organizations have stated numerous emission criteria for the producers to limit the release of pollutants from vehicle exhaust. Along with protocols, government initiatives to finance in electric and hybrid fleet for the public transport system is estimated to drive the alternative fuel vehicles market growth over the mentioned timeframe.
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Segmentation
- In terms of fuel type, the market is segregated into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Vehicle (FCV), CNG, biofuels, and other gaseous fuels.
- On the basis of vehicle type, this market is classified into passenger cars and commercial vehicles. The passenger cars segment accounts for the major market share in 2020 and is also projected to dominate the market over the forecast period.
- Geographically, this market is categorized into EMEA, Asia Pacific, and Americas.
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Regional Insights
- Asia Pacific is estimated to hold the maximum alternative fuel vehicles market share. This region involves India, South Korea, Japan, and China, among other nations. Moreover, the rising amount of supervisory guidelines and implementation of cleaner fuels are primarily navigating the regional growth over the forecast period.
- On the contrary, EMEA is projected to be the fastest-growing region between the years 2020 to 2028. This is owing to the surging and affirmative government initiatives in technological developments, such as capitalization in electric buses for public transportation.
- Additionally, American regions are among the most enticing markets for AFVs. The plentiful protocols by organizations such as Alternative Fuels Data Center (AFDC) along with the U.S. government in order to regulate automotive emissions, and import of fuels has authenticated benefits for alternative fuels.
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Competitive Landscape
Key Market Players Focus on Partnership tactics to Attain Competitive Advantage
Prominent players are incessantly searching for proficient strategies to execute in order to bolster their global position. Among many such approaches, one such strategy is to initiate collaborative contracts and partnerships.
Additionally, escalating competition in the industry to suffice the emission-free vehicle condition and increasing emphasis of the automaker on financing in AFVs such as electric or natural gas vehicles is directing the market. Furthermore, the amount of automakers pledging to attain zero-emission are promptly rising.
List of Key Players Covered in this Market Report
- Honda Motor Co., Ltd. (Tokyo, Japan)
- Toyota Motor Corporation (Aichi, Japan)
- Nissan Motor Corporation (Yokohama, Kanagawa, Japan)
- Daimler AG (Stuttgart, Germany)
- Tesla (California, U.S.)
- BYD Company Ltd. (Shenzhen, China)
- Ford Motor Company (Michigan, U.S.)
- MITSUBISHI MOTORS CORPORATION. (Tokyo, Japan)
- SHELL International B.V. (Hague, Netherlands)
- JAGUAR LAND ROVER AUTOMOTIVE PLC (Coventry, U.K.)
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