Air Powered Vehicle Market Size, Share & Industry Analysis, By Product Type ( Single Energy Mode, Dual Energy Mode ), By Vehicle Type ( Passenger Cars, Commercial Vehicles ) and regional Forecast, 2024-2032

Region :Global | Report ID: FBI104090 | Status : Ongoing

KEY MARKET INSIGHTS

The air powered vehicles or compressed air vehicles are green vehicles that use compressed air engines a substitute to internal combustion engines (IC) for impulsion and function according to the principles of compressed air technology (CAT). Air powered vehicles use the expansion of compressed air as a power source to propel the piston of an engine. The engine used in a pneumatic vehicle is called an air powered engine, which is an inflation actuator that generates useful energy by expanding compressed air. As the fuels does not mix with the air in this engine, thus combustion does not takes place in air powered vehicles. Moreover, the increasing cost of fuels, along with the rise in the demand for emission-free vehicle, as well as low inventory and easy availability are altogether fuelling the development of air powered vehicles. Also, these vehicles provide low toxicity of compressed air, longer service life, and high energy density as compared to the conventional vehicles. The rise in the depletion of fossil fuels globally has leveraged the demand for alternative fuels for vehicles. As electric vehicles are now being adopted over conventional vehicles, similarly, air powered vehicles are also gaining high traction in the market and are expected to witness a great demand in the coming years.

Market Segmentation:

Globally, the Air Powered Vehicle market is segmented by product type, by vehicle type, and by geographic coverage. The product type is further segmented into single energy mode and dual energy mode. The single energy mode is expected to lead the global air powered vehicle market as the air powered vehicles with single energy mode only uses compressed air for propulsion. Also, developing countries and cities have a higher demand for emission free vehicles which is expected to hold a significant share in the market during the forecast period. The vehicle type is further segmented into passenger cars and commercial vehicles. The passenger cars segment holds the major share in the global market owing to the improvement in the urban and suburban emission regulation and as the air powered vehicles are emission free which complies with the emission regulations. This in turn, is projected to fuel the demand for air powered vehicle market in passenger cars segment over the forecast period. Furthermore, the increasing demand for compact and lightweight vehicles is expected to boost the air powered vehicle market across the globe.

Key Market Driver -

Increasing demand for alternate fuels for vehicles is expected to drive the growth of the market in the forecast period.

Key Market Restraint -

Low speed of the air powered vehicles along with lack of refuelling infrastructure may hinder the growth of the market during the forecast period.

Key Players:

Major players operating in the global Air Powered Vehicle market include Motor Development International SA, Tata Motors, Magnetic Air Car, Inc., Groupe PSA, Engineair Pty Ltd, Magnetic Air Car, Inc., and Honda Motor Co., Ltd. among others.

Key Insights

New Advancements in Air Powered Vehicle

Number of Products, Key Countries, 2019

New Product Launches, Key Players

Regional Analysis:

Geographically, the Air Powered Vehicle market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific holds the largest share in the global market and is expected to maintain its dominance over the forecast period. This region is categorised by a number of emerging countries, including China, India, Indonesia, and Malaysia which are major contributors in the automotive market. In addition, several government initiatives related to the environmental protection have also promoted the demand for air powered vehicles in the region. Also, this region is a largest exporter of air powered vehicles owing to the low raw material and manufacturing cost, low cost labour, and technologically advanced infrastructure. Europe and North America also shows an exponential growth in the global market. The increasing awareness regarding maintaining the clean and pollution free environment along with the development of emission free vehicles is anticipated to boost the demand for air powered vehicles in these regions.

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Segmentation

ATTRIBUTES	DETAILS
By Product Type	Single Energy Mode Dual Energy Mode
By Vehicle Type	Passenger Cars Commercial Vehicles
By Geography	North America (USA, Canada, and Mexico) Europe (Germany, France, U.K., and Rest of Europe) Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific) Rest of the World

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PUBLISHING STATUS: Ongoing
BASE YEAR: 2023
HISTORICAL DATA: 2019-2022

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