Alternative Fuel Vehicle Market 2022-2030: Expected To Drive The Growth Of The Market During The Forecast Period.
The Global Alternative Fuel Vehicle (Afv) Market size is expected to reach USD 2,646.41 Billion in 2030 and register a revenue CAGR of 24.5% over the forecast period, according to latest report by Reports and Data. Increasing fuel prices are accelerating adoption of AFVs, as people are shifting towards alternate fuels, which in turn, is driving market revenue growth.
Volatile prices of conventional fuels, such as petrol and diesel, are accelerating adoption of AFVs in various applications, including commercial applications. AFVs are powered by clean energies, such as biofuel, biodiesel, electric, hydrogen-powered fuel cells, and other energies generated from renewable sources, such as biomass, biogas, solar energy, and hydroelectricity. Therefore, AFVs remain unaffected by increasing fuel prices, as they do not require conventional fuels, which is increasing use of AFVs by individual users and various organizations.
Farmers are widely using biofuels, such as ethanol, as alternative fuels in farming. Ethanol is produced from biomass and is used in flexible fuel vehicles and light-duty vehicles. Cellulosic ethanol improves energy balance and lowers greenhouse gas (GHG) emissions. Farmers are also using hydrogen fuel-powered tractors for various purposes. In November 2021, JCB, which is a UK-based machinery manufacturer, made an investment of USD 134.36 million to develop hydrogen engines. Use of hydrogen-powered fuel-cell tractors in the agricultural sector would help to reduce emissions and contribute towards a cleaner environment, as compared to regular diesel-powered tractors.
Increasing demand for electric two-wheelers is expected to boost market revenue growth during the forecast period. Electric two-wheelers can be expensive, but declining demand for conventional fuels, due to their rising prices, makes these two-wheelers an economical choice for long-run use. Thus, rising fuel prices are accelerating the shift towards electric two-wheelers among individual users. Another factor driving revenue growth of the global alternative fuel vehicle market is the simple mechanism of electric scooters or bikes, which results in lower maintenance costs compared to regular two-wheelers. Additionally, electric two-wheelers can help to curb air pollution significantly as compared to any other fuel-powered two-wheelers, by reducing the consumption of fossil fuels.
The key players studied in the report are:
- Motors Company,
- Nissan Motor Co., Ltd,
- Tesla, Inc.,
- Volkswagen AG
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The study covers latest industry information, growth opportunities, and trends. It further explains in detail the competitive landscape of the industry with regional and global analysis and profiles of each competitor. The report highlights the recent mergers and acquisitions, collaborations, joint ventures, government initiatives, product launch or brand promotion, licensing agreements, and memorandum of understandings happening in the market. The report further offers data about key competitors including their manufacturing and production capacities, product portfolio, gross profit margins, strategic expansion plans, and projects and products in pipeline.
The automotive industry has expanded significantly over the recent past with a rapid rise in technology-driven trends such as diverse mobility, electrification of transportation sectors, autonomous driving, and integration of advanced technologies such as AI, ML, and deep learning in autonomous driving systems. Increasing trend of self-driving cars across the globe, rising investment in development of sophisticated and luxurious autonomous cars, and growing shift towards electric and hybrid vehicles to curb carbon emissions are some factors expected to drive revenue growth of the market over the forecast period. Trend of micromobility, connected and shared mobility, and increasing popularity of vehicle connectivity are disrupting the automotive industry and are expected to boost sales of autonomous and advanced cars over the coming years. In addition, rapid emergence of ride sharing platforms and apps, increasing investment to develop robust electric vehicle charging stations, and rising reliance on real-time predictive analytics to inform users of incoming traffic, navigations, and quicker routes are some other factors contributing to rapid growth of the automotive industry.
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Major geographical regions analysed in the report include: –
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report offers a country-wise and region-wise analysis to provide better understanding of the geographical expansion of the market and the current trends, demand and supply, customer trends, production and consumption trends, and import/export of each country in the region.
Further, the report segments the Alternative Fuel Vehicle market on the basis of products, applications, and end-use, among other segments and offers details about the segment expected to account for largest revenue share or rapid revenue CAGR and the key trends and factors influencing the revenue growth.
On the basis of Type:
On the basis of Fuel Type Outlook:
On the basis of Data Type Vehicle Type Outlook:
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