The Alternative Fuel Vehicles Global Market Report 2023 by The Business Research Company, provides alternative fuel vehicles market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032
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According to The Business Research Company’s Alternative Fuel Vehicles Global Market Report 2023, the market size will grow from $446.27 billion in 2022 to $536.79 billion in 2023 at a compound annual growth rate (CAGR) of 20.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The alternative fuel vehicles market size is expected to grow to $1125.24 billion in 2027 at a CAGR of 20.3%
The rising prices of fossil fuel is expected to propel the growth of the alternative fuel vehicles market going forward. Fossil fuel refers to hydrocarbon-containing materials of biological origin occurring within the earth’s crust that can be used as a source of energy. Owing to the rising fuel prices the developing and underdeveloped countries are depending on foreign countries to import fossil fuels significantly which will increase the pressure on emerging economies leading to a boost in the demand for the alternative fuel vehicles market. This results in the increasing adoption of vehicles that run on alternative fuels such as CNG, hydrogen, electric vehicles, and others.
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The alternative fuel vehicles market is segmented:
1) By Fuel Type: CNG, Hdrogen, Electric, Other Fuel Types
2) By Vehicle Type: Passenger Cars, Commercial Vehicle
3) By Application: Transportation, Chemical, Agricultural, Industrial, Other Applications
The rising adoption of clean mobility solutions to reduce the emissions from fossil fuels is the key trend gaining traction in the alternative fuel vehicles market. The carbon emissions from the vehicles that run on alternative fuels such as CNG, hydrogen, biofuel, biodiesel, and others are less compared to the carbon emissions from vehicles that run using fuels such as petroleum and diesel. Hence due to the increasing environmental concerns among the consumers, the governments across the world are focusing on adopting clean mobility solutions through alternative fuel vehicles. For instance, in January 2022, Maruti Suzuki India Limited, an Indian automobile manufacturer operating in the alternative fuel vehicles market, launched a new CNG variant of stylish and urban All-New Celerio. With this launch, the company aims to strengthen its green vehicle portfolio in India. Similarly, in June 2021, Jaguar Land Rover Automotive PLC a UK-based multinational company operating in the alternative fuel vehicles market, developed a fuel cell prototype for a hydrogen-powered land rover defender, with this launch the company aims to achieve zero tailpipe and carbon emissions across their products, supply chain, and operations
Top 5 Major Key Players Are:
Ford Motor Company
Toyota Motor Corporation
Nissan Motor Corporation
Honda Motor Company
BYD Auto Co. Ltd
Table Of Contents
1. Executive Summary
2. Alternative Fuel Vehicles Market Characteristics
3. Alternative Fuel Vehicles Market Trends And Strategies
4. Alternative Fuel Vehicles Market – Macro Economic Scenario
5. Alternative Fuel Vehicles Market Size And Growth
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26. Africa Alternative Fuel Vehicles Market
27. Alternative Fuel Vehicles Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Alternative Fuel Vehicles Market
29. Alternative Fuel Vehicles Market Future Outlook and Potential Analysis
30. Appendix
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