Alternative Fuel Vehicles Market - Forecast(2021 - 2026)

 

Alternative Fuel Vehicles Market Overview

The global Alternative Fuel Vehicles Market is estimated to surpass $892.57 billion mark by 2026 growing at an estimated CAGR of more than 12.9% during the forecast period 2021 to 2026. Alternative fuel vehicle market is witnessing fast growth due to various driving factors including the increasing stringent regulations issued by various regulatory bodies to control emissions. Alternative fuel vehicle refers to the vehicles that use substances other than traditional gas and diesel as their source of energy. These alternative sources include solar, biodiesel, compressed air, liquid natural gas and others. The alternative fuel vehicles facilitate convenience, enhanced energy security, improved performance an above all reduced fuel costs, thereby boosting its demand among various industries.


Report Coverage

The report: “Alternative Fuel Vehicles Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Alternative Fuel Vehicles Market.
By Type: Biodiesel, Ethanol, Methanol,  CNG,  LPG and Others
By Capacity: Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles
By Application: Transportation, Agricultural, Industrial, Warehouse/Logistics and Others
By Sales Channel: Online, Offline
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa).


Key Takeaways

  • shift towards clean transportation and the increased rate of depletion of oil and petroleum reserves globally will drive market adoption
  • Increasing usage and growth of alternative fuels in transportation is driven by the concern over the level of emissions from the use of fossil fuels.
  • Increasing oil prices, increasing dependence on foreign countries for oil as well the environmental benefits of alternative fuels have prompted the growth of alternative fuels.


Alternative Fuel Vehicles Market Segment Analysis - By Type 

Alternative Fuel Vehicles are driven by the significant adoption of LPG in automotive sector. LPG is significantly used, particularly in light commercial vehicles market. As of 2019, Europe has over 15 million vehicles that are powered by Autogas (LPG) with over 46,000 refueling stations across various countries. Italy is the largest market for the LPG and other alternate fuel vehicles in Europe. In 2019, Italy has sold the highest number of natural gas vehicles in European market of about 37,406 and this market is not significantly impacted by the launch of the electric vehicle. In 2018, Eni SpA has announced that it will invest $7.71 billion in Italy for the next four years out of which $1.1 billion is towards green activities including the decarbonisation process such as R&D and so on. Such investments towards decarbonisation include reduced usage of conventional fuel vehicles and also the development and usage of alternate fuel vehicles. Therefore the increased investments due to the environmental impact in Italy and also the European region is boosting the alternative fuel vehicle market.


Alternative Fuel Vehicles Market Segment Analysis - By Application

The transportation sector dominates the alternative fuel vehicles market driven by significant adoption in commercial vehicles. This segment is projected to remain the largest market as heavy commercial vehicles in particular are becoming a growing market for technology. Alternate fuel vehicles are majorly being deployed for public transportation applications owing to their lower carbon emissions and the significant environmental impact. Government bodies are planning to decrease the crude oil imports thereby upsurge in the demand for alternative fuel vehicles is increasing and driving the alternative fuel vehicle market. In 2018, Indian Government has stated that it is aimed in enhancing $15.47K of methanol economy to $281.35M in order to promote cleaner fuel and also cutting down the higher crude oil import bills, thereby boosting the alternate fuel vehicle market.
Location: United States

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