Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Alternative Fuel Vehicles Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global alternative fuel vehicles market experienced a remarkable growth trajectory, ascending from $446.27 billion in 2022 to $536.79 billion in 2023, achieving a substantial Compound Annual Growth Rate (CAGR) of 20.3%.
However, this growth took place against a backdrop of significant geopolitical and economic disruptions caused by the Russia-Ukraine war, which hindered global economic recovery from the COVID-19 pandemic in the short term. The conflict led to widespread economic sanctions, commodity price surges, and supply chain disruptions, resulting in inflation across various sectors worldwide.
As the situation evolves, the alternative fuel vehicles market is projected to further expand, reaching an estimated value of $1125.24 billion by 2027, maintaining a consistent CAGR of 20.3%.
Comprehensive Insights Driving Success
A comprehensive alternative fuel vehicles market research report forms part of a series of essential reports, delivering crucial statistics about the industry. These include global market size, regional distribution, competitor analyses with market shares, detailed market segmentation, emerging trends, and lucrative opportunities. Whether you are a seasoned industry player or a newcomer, this report equips you with an in-depth analysis of both the current scenario and the future landscape of the industry.
Clean Mobility Solutions Emerge as Key Trend
A noteworthy trend in the alternative fuel vehicles market is the escalating adoption of clean mobility solutions to mitigate emissions stemming from traditional fossil fuels. Vehicles utilizing alternative fuels like CNG, hydrogen, biofuel, and biodiesel emit considerably fewer carbon emissions compared to those powered by petroleum or diesel.
This surge in environmental awareness has prompted governments globally to embrace clean mobility solutions through the integration of alternative fuel vehicles. This shift is exemplified by recent developments such as the launch of a CNG variant of the All-New Celerio by Maruti Suzuki India Limited, aimed at fortifying their green vehicle portfolio.
Similarly, Jaguar Land Rover Automotive PLC unveiled a hydrogen-powered fuel cell prototype for a land rover defender, aligning with their commitment to zero tailpipe emissions and carbon neutrality across their offerings.
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.
Strategic Acquisitions and Industry Advancements
In a strategic move, US-based automotive manufacturer Ford acquired Electriphi, Inc. in June 2021, enhancing their prowess in pro electric vehicles and services. This acquisition positions Ford as a singular solution provider for charging challenges in commercial fleet depots, thus complementing their impending launch of electric versions of commercial vehicles.
Another instance of industry advancement is showcased by UK-based multinational Jaguar Land Rover Automotive PLC's hydrogen-powered land rover defender prototype. These initiatives underscore the industry's dedication to innovative technologies and sustainable practices.
Market Dynamics and Regional Dominance
The Asia-Pacific region led the alternative fuel vehicles market in 2022, underscoring the region's increasing commitment to clean mobility solutions. Encompassing regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, this report provides a comprehensive view of market dynamics across the globe. Covered countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Fossil Fuel Prices Catalyze Market Expansion
The mounting prices of fossil fuels play a pivotal role in driving the growth of the alternative fuel vehicles market. The dependence of developing and underdeveloped nations on imported fossil fuels has placed significant strain on emerging economies. Consequently, this has spurred a heightened demand for alternative fuel vehicles, including those utilizing CNG, hydrogen, and electric power. As evidence, Brent petroleum prices surged from an average of $46 per barrel to $105 per barrel in March 2021, compelling the adoption of alternative fuel vehicles as a viable and sustainable solution.
Holistic Market Overview with Vital Insights
The alternative fuel vehicles market encompasses natural gas vehicles, fuel cell electric vehicles, and flexible fuel vehicles. It delves into 'factory gate' values, covering the monetary worth of goods sold by manufacturers or creators to downstream entities, wholesalers, distributors, retailers, and end customers. The market value reflects revenues generated from the sale of goods and services within a specified market and geography. However, it excludes resales along the supply chain.
Key Questions Answered for Informed Decision-Making
This comprehensive report not only deciphers the market's characteristics, size, growth, and segmentation but also navigates the competitive landscape and market trends. It answers critical questions, such as:
- Where is the largest and fastest growing market for alternative fuel vehicles?
- How does the market intertwine with the overall economy and demography?
- What forces are poised to mold the market's trajectory in the foreseeable future?
- By providing in-depth insights, the report empowers you to make informed decisions based on reliable data, trends, and strategies.
Unveiling a New Paradigm in Alternative Fuel Vehicles
This report stands as a testament to the alternative fuel vehicles market's rapid evolution and its intertwining with global economic and geopolitical shifts. As the industry propels forward amidst environmental concerns and technological advancements, this comprehensive report equips stakeholders with the knowledge needed to navigate this dynamic landscape and seize opportunities for growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $536.79 billion |
| Forecasted Market Value (USD) by 2027 | $1125.24 billion |
| Compound Annual Growth Rate | 20.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1x0zn9
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