Pune, March 17, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider research, air-powered vehicles are generally cheaper to operate and maintain than traditional vehicles. As the cost of fuel and maintenance continue to rise, consumers and businesses may look to air-powered vehicles as a cost-effective alternative. SNS Insider reports that the Air Powered Vehicle Market was valued at USD 140.1 million in 2022 and is projected to grow at a CAGR of 57% during the forecast period of 2023-2030, reaching a value of USD 5171.97 million.
Air Powered Vehicle Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 140.1 Million |
| Market Size by 2030 | US$ 5171.97 Million |
| CAGR 2023-2030 | 57% |
| Key Segments | • by Energy Mode (Dual Energy Mode, Single Energy Mode) • by Vehicle Type (Passenger Vehicles, Commercial vehicles) |
| Regional Analysis | North America Europe Asia-Pacific The Middle East & Africa Latin America |
| Company Profiles | Tata Motors (India), Magnetic Air Car Inc, Motor Development International SA, Honda Motor Company, Ltd. (Japan), Matrix Comsec, APUQ, Groupe PSA (France), Engineair Pty Ltd (Australia), and Phinergy (Israel) |
| Key Drivers | •The market has grown as a result of a growing awareness of the environmental impact. •The air-powered vehicle market is being driven by strict government regulations. |
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An air-powered vehicle is a type of vehicle that uses compressed air as a power source to propel itself. These vehicles are powered by compressed air stored in a tank, which is then released to move a piston or turbine, generating power and propelling the vehicle forward. Air-powered vehicles are gaining popularity as a more eco-friendly alternative to traditional gasoline-powered vehicles, as they produce zero emissions and are therefore more environmentally sustainable.
Market Analysis
The air powered vehicle market is expected to witness significant growth in the coming years, driven by various factors such as the increasing awareness of environment-friendly vehicles, stringent government norms and emission standards, and rising fuel prices. The market is also witnessing increasing research and development activities, with key players investing in innovative technologies and solutions to improve the performance and efficiency of air-powered vehicles.
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Impact of Russia-Ukraine Conflict
The ongoing Russia-Ukraine war has had a significant impact on various industries, and the air powered vehicle market is no exception. The ongoing conflict has led to increased security measures, longer delivery times, and higher transportation costs, which have further impacted the sales of air-powered vehicles. Despite these challenges, some manufacturers in the air-powered vehicle market have managed to adapt to the changing circumstances. Some have started sourcing parts from alternative suppliers, while others have shifted their focus to other regions where demand for air-powered vehicles is higher.
Key Regional Development
The air powered vehicle market is rapidly growing, and North America is leading the way. This is due in large part to the expansion of clean energy for vehicles, which has become increasingly popular in recent years. Asia Pacific is also expected to experience significant growth in the market. This is largely due to the presence of recognized developing countries that have emerged as major players in the automobile market. As these countries continue to grow and modernize, the demand for air powered vehicles is expected to increase significantly.
Recent Developments Related to Air Powered Vehicle Market
- Baker Hughes, a leading energy technology company, has announced a collaboration with HIF Global, a company specializing in climate solutions, to work on Direct Air Capture (DAC) technology. This technology is a promising solution to the growing challenge of reducing carbon emissions and mitigating climate change. Baker Hughes and HIF Global plan to work together to improve the efficiency and scalability of DAC technology. The collaboration will bring together Baker Hughes' expertise in engineering and technology with HIF Global's experience in developing and deploying climate solutions.
- Tarform, an innovative electric vehicle company, has just unveiled an exciting new product - an electric jet ski designed to look like a manta ray! This sleek and powerful machine can reach speeds of up to 50 mph, making it a thrilling way to explore the waterways. In addition to its striking appearance, this electric Jet Ski is also environmentally friendly, running entirely on electric power. This means that it produces zero emissions, making it a great choice for those who are passionate about protecting the planet.
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Key Takeaway from Air Powered Vehicle Market Study
- The single energy mode segment is estimated to lead the market. Single energy mode air-powered vehicles utilize compressed air as their sole source of energy, providing an emission-free and highly efficient mode of transportation.
- The passenger vehicle segment is poised to be a significant contributor to the growth of the market. This is due to the increasing demand for eco-friendly and low-emission vehicles in urban and suburban areas.
About SNS Insider
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