Alternative Fuel Vehicle Market 2022-2030: increasing investments for setting up a chain of EV charging stations
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
·
Others
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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:
- BEV
- HEV
- PHEV
- FCV
- Others
On the basis
of Fuel Type Outlook:
- Biodiesel
- Electricity
- Ethanol
- Hydrogen
On the basis
of Data Type Vehicle Type
Outlook:
- Passenger
- Commercial
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