Pune, India, December 14, 2021 (GLOBE NEWSWIRE) – The world alternative fuel vehicle market The market size was $ 293.45 billion in 2020. The market is expected to grow from $ 330.45 billion in 2021 to $ 1,681.80 billion by 2028, showing a compound annual growth rate (CAGR) of 26 , 2% over the forecast period. This information is published by Fortune Business Insights ™, in its report entitled “Alternative Fuel Vehicles Market, 2021-2028”.
May 2021: Shell New Energies NL BV has entered into a strategic agreement with Daimler Truck AG to collectively lead the implementation of hydrogen fuel cell trucks in the European region.
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According to our expert analysts, technological developments in alternative fuels combined with rigorous government standards to exterminate dependence on fossil fuels are encouraging the growth of the market. In addition, features such as rising oil prices, the prospect of peak oil, as well as environmental concerns reassure automakers to intensively fund R&D activities for clean alternative fuel vehicles.
Conductors and constraints
Strict government regulation of automotive emissions control to drive market growth
Rising pollution levels, global warming and deteriorating air superiority in urban areas have become a global concern. As a result, governments around the world are presenting several sets of stringent guidelines to reduce carbon emissions from automobiles.
Likewise, government organizations have defined numerous emission criteria for producers in order to limit the emissions of pollutants from vehicle exhaust fumes. Along with the protocols, government initiatives to finance electric and hybrid fleet for public transport system are expected to drive the growth of alternative fuel vehicles market during the mentioned period.
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- In terms of fuel type, the market is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell vehicle (FCV), CNG, biofuels and other fuels. gaseous. .
- On the basis of vehicle type, this market is categorized into passenger cars and commercial vehicles. Passenger car segment accounts for the major market share in 2020 and is also expected to dominate the market during the forecast period.
- Geographically, this market is categorized into EMEA, Asia-Pacific, and the Americas.
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- Asia-Pacific is estimated to hold the maximum market share for alternative fuel vehicles. This region includes India, South Korea, Japan, and China, among other countries. In addition, the increasing number of monitoring guidelines and the implementation of cleaner fuels primarily drive regional growth during the forecast period.
- On the contrary, the EMEA is expected to be the fastest growing region between 2020 and 2028. This is due to growing and positive government initiatives in technological developments, such as capitalization in electric buses for public transport.
- In addition, the American regions are among the most attractive markets for AFVs. The numerous protocols of organizations such as the Alternative Fuels Data Center (AFDC) and the US government to regulate automotive emissions and the import of fuels have authenticated the benefits of alternative fuels.
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Major Market Players Focus On Partnering Tactics To Gain Competitive Advantage
Leading players are constantly looking for effective strategies to execute in order to strengthen their global position. Among many such approaches, one of these strategies is to initiate collaborative contracts and partnerships.
In addition, the escalation of competition in the industry to suffice the state of emission-free vehicles and the automaker’s growing emphasis on financing armored vehicles such as electric or natural gas vehicles are driving the market. In addition, the number of car manufacturers committing to achieving zero emissions is increasing rapidly.
List of key players covered by 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, United States)
- BYD Company Ltd. (Shenzhen, China)
- Ford Motor Company (Michigan, United States)
- MITSUBISHI MOTORS CORPORATION. (Tokyo, Japan)
- SHELL International BV (The Hague, The Netherlands)
- JAGUAR LAND ROVER AUTOMOTIVE PLC (Coventry, United Kingdom)
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