Global Alternative Fuel Vehicles Market Report Size, Trends & Growth Opportunity, By Application (Transportation, Chemical, Agricultural, Industrial, Others), By Fuel Type (Compressed Natural Gas (CNG), Methanol, Electric, Others), By Vehicle Type (Commercial Vehicle, Passenger Vehicle), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) And Forecast Till 2030.
Global Alternative Fuel Vehicles Market
The Global Alternative Fuel Vehicles Market is estimated to be USD 550.55 Bn in 2022 and is projected to reach USD 1356.75 Bn by 2030, growing at a CAGR of 9.61%.
Vehicles that are seen as an essential part of the automotive industry to improve city air quality, lessen discharges of greenhouse gases, and reduce dependence on foreign oil are alternative fuel vehicles.
Market Drivers
One of the major driving factors for the growth of the market is the growing demand for vehicles that offer better fuel proficiency and declined emissions.
Additionally, an amalgamation of government regulations, customer demand, and technological advancements are also some factors that drive the market growth.
Furthermore, the expansion of charging infrastructure is important to promote the adoption of electric vehicles, hence government and private organizations are participating in the development of charging infrastructure. This also boosts market growth.
Market Restraints
Major restraining factors that hamper the Alternative Fuel Vehicles Market growth are the high costs of fuel and therefore the high initial cost of infrastructure.
Market Segmentation
The alternative Fuel Vehicles Market is segmented into major 4 categories. Based on Application, the market is segmented into Transportation, Chemical, Agricultural, Industrial, and Others. Based on Vehicle Type, the market is divided into Commercial Vehicle, Passenger Vehicle. Based on Fuel Type, the market is segmented into Compressed Natural Gas (CNG), Methanol, Electric, and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.
Regional Analysis
Asia Pacific region is expected to dominate the global market owing to it being a vast market for vehicles, like heavy trucks, construction machinery, and agricultural machinery. India and China are some of the prime markets for automobiles in the world that contribute to almost 20% of global commercial vehicle sales.
North America is likely to witness lucrative growth in the forecast period due to government initiatives like the Zero Emission Vehicle program in California, and customer demand for more environmentally-friendly options.
Market Key Players
Some of the key players operating in the Global Alternative Fuel Vehicles Market are General Motors Company, Nissan Motor Co., Ltd, Tesla, Inc., Volkswagen AG, Ford Motor Company, BYD Auto Co., Ltd, Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Company, and Daimler AG., and Jaguar Land Rover Automotive PLC.
Industry development
On 15 June 2021, Jaguar Land Rover Automotive PLC, which is a UK-based automotive company, made an announcement of developing a prototype hydrogen Fuel Cell Electric Vehicle (FCEV). The aim of the FCEV concept is to attain zero tailpipe emissions by 2036 and zero carbon emissions across its products, operation, and supply chain by 2039.
In September 2022, BYD introduced its new eBus range, eBus Blade battery platform, and two new battery electric trucks for the European market at IAA Transportation in Germany.
In February 2021, Ford Motors Company announced that its European division would soon phase out of internal combustion engine (ICE) vehicle production, and by 2026 Ford will only offer plug-in hybrid and electric models. Furthermore, automakers such as Volkswagen, Lincoln, Jaguar Land Rover, and others have also committed to turning their vehicle volume emission-free in years to come.
Global Alternative Fuel Vehicles Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Alternative Fuel Vehicles Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn
4.2.6 Post covid-19 world Supply& Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Alternative Fuel Vehicles Market, By Fuel Type
5.1 Y-o-Y Growth Comparison, By Fuel Type
5.2 Alternative Fuel Vehicles Market Share Analysis, By Fuel Type
5.3 Alternative Fuel Vehicles Market Size and Forecast, By Fuel Type
5.3.1 Compressed Natural Gas (CNG)
5.3.2 Methanol
5.3.3 Electric
5.3.4 Others
6 Alternative Fuel Vehicles Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Alternative Fuel Vehicles Market Share Analysis, By Application
6.3 Alternative Fuel Vehicles Market Size and Forecast, By Application
6.3.1 Transportation
6.3.2 Chemical
6.3.3 Agricultural
6.3.4 Industrial
6.3.5 Other
7 Alternative Fuel Vehicles Market, By Vehicle Type
7.1 Y-o-Y Growth Comparison, By Vehicle Type
7.2 Alternative Fuel Vehicles Market Share Analysis, By Vehicle Type
7.3 Alternative Fuel Vehicles Market Size and Forecast, By Vehicle Type
7.3.1 Commercial Vehicle
7.3.2 Passenger Vehicle
8 Alternative Fuel Vehicles Market, By Region
8.1 Alternative Fuel Vehicles Market Share Analysis, By Region
8.2 Alternative Fuel Vehicles Market Share Analysis, By Region
8.3 Alternative Fuel Vehicles Market Size and Forecast, By Region
9 North America Alternative Fuel Vehicles Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Alternative Fuel Vehicles Market Share Analysis, By Fuel Type
9.3 North America Alternative Fuel Vehicles Market Size and Forecast, By Application
9.4 North America Alternative Fuel Vehicles Market Size and Forecast, By Vehicle Type
9.5 North America Alternative Fuel Vehicles Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Alternative Fuel Vehicles Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Alternative Fuel Vehicles Market Share Analysis, By Fuel Type
10.3 Europe Alternative Fuel Vehicles Market Size and Forecast, By Application
10.4 Europe Alternative Fuel Vehicles Market Size and Forecast, By Vehicle Type
10.5 Europe Alternative Fuel Vehicles Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11 Asia Pacific Alternative Fuel Vehicles Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Alternative Fuel Vehicles Market Share Analysis, By Fuel Type
11.3 Asia Pacific Alternative Fuel Vehicles Market Size and Forecast, By Application
11.4 Asia Pacific Alternative Fuel Vehicles Market Size and Forecast, By Vehicle Type
11.5 Asia Pacific Alternative Fuel Vehicles Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Alternative Fuel Vehicles Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Alternative Fuel Vehicles Market Share Analysis, By Fuel Type
12.3 Latin America Alternative Fuel Vehicles Market Size and Forecast, By Application
12.4 Latin America Alternative Fuel Vehicles Market Size and Forecast, By Vehicle Type
12.4 Latin America Alternative Fuel Vehicles Market Size and Forecast, Country
12.5.1. Brazil
12.5.2. Rest of Latin America
13 Middle East Alternative Fuel Vehicles Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Alternative Fuel Vehicles Market Share Analysis, By Fuel Type
13.3 Middle East Alternative Fuel Vehicles Market Size and Forecast, By Application
13.4 Middle East Alternative Fuel Vehicles Market Size and Forecast, By Vehicle Type
13.5 Middle East Alternative Fuel Vehicles Market Size and Forecast, By Country
13.5.1. Saudi Arabia
13.5.2. UAE
13.5.3. Egypt
13.5.4. Kuwait
13.5.5. South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 General Motors Company
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Nissan Motor Co., Ltd
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Tesla, Inc.
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Volkswagen AG
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Ford Motor Company
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 BYD Auto Co., Ltd
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Toyota Motor Corporation
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Honda Motor Co., Ltd.
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Hyundai Motor Company, and Daimler AG.
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Jaguar Land Rover Automotive PLC.
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
