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Alternative Fuel Vehicles Market Size, Share & Industry Analysis, By Fuel Type (Gaseous Fuels (CNG, LPG, LNG), Electric (BEV, HEV, PHEV, FCEV), Biofuels (Ethanol, Biodiesel, Methanol)), By Vehicle Type (Passenger Cars, Commercial Vehicles)and Regional Forecast, 2021-2028

Region : Global | Report ID: FBI102518 | Status : Ongoing

 

KEY MARKET INSIGHTS

The increase in energy consumption and the rapid growth of the automotive industry in the past few years have raised concerns over the exhaustion of vital non-renewable energy sources. Rapid industrialization and massive growth in population levels have increased the dependence on and the use of conventional fossil fuels. These fuels are also an environmental hazard, along with being expensive. There is a need to avert the adverse effects of rising fuel prices, especially in developing regions, and provide viable environment-friendly solutions to current vehicles. This factor is expected to fuel the development of alternative fuel vehicles (AFV). AFVs produce very low carbon-related compounds such as carbon, nitrogen, etc. which makes them an eco-friendly alternative in the automotive industry. Electric cars use electricity as their power source using on-board batteries and capable of recharging using a public or private charging stations. Hybrid vehicles use conventional fuel as well as alternative fuels, providing the use of either fuel depending on driving requirements. Technological advancements in alternative fuels and government regulations to eliminate dependency on fossil fuels are driving the growth of AFVs. Factors such as high oil prices, the potential for peak oil, and environmental concerns are driving vehicle manufacturers to invest heavily in the R&D of cleaner alternative fuel vehicles.


Key Market Driver -

Rising fuel prices and stricter emissions control to safeguard the human health and environment expected to drive the growth of this market.

Key Market Restraint -

Lower fuel economy and the high cost of electric vehicles is expected to restrain the growth of this market.


The high initial cost of such vehicles, lack of reliable charging infrastructure, and low fuel economy compared to conventional vehicles is expected to restrain the growth of this market.


Market Segmentation:


Globally, the alternative fuel vehicles have been segmented by fuel type, by vehicle type, and by region. By fuel type, the market is segmented into gaseous fuels, electric vehicles, and others. The gaseous fuel segment includes LPG, CNG, and LNG vehicles. LPG vehicles provide similar benefits to conventional cars despite low maintenance costs and are used in light commercial vehicles as well as heavy-duty vehicles such as step vans and school buses. CNG vehicles have increased over the past few years owing to ease of operation, refueling, and storage of the gas and reduction of GHG footprint. LNG vehicles have witnessed increased research and development owing to its benefits in the long-haul trucking industry, as its energy density is similar to gasoline. Hence the gasoline fuel segment is projected to show significant growth in this market over the forecast period. The electric vehicles segment includes battery-electric (BEV), hybrid electric (HEV), plug-in (PHEV), and fuel cell electric (FCEV) vehicles. BEVs are witnessing increased production owing to benefits such as zero tailpipe emissions, long driving range, and increased adoption by consumers in developed regions. HEVs which eliminate the use of charging stations are also seeing steady growth owing to their increased adoption in developing regions. PHEVs which provide both conventional and electric power source options and FCEVs, which provide quicker refueling options coupled with long driving range, are also expected to show good growth in this market. Hence, the electric vehicle segment is anticipated to show steady growth in this market. Biofuels segment includes ethanol, biodiesel, and methanol. Ethanol has been increasingly adopted owing to its use in applications such as flexible-fuel vehicles that use E85 (up to 83% ethanol blended with gasoline) effective in reducing emissions and current fuel consumption. Methanol fuel is also seeing steady growth owing to its use in race cars and less expensive production costs. Biodiesel has also seen good growth owing to increased R&D by manufacturers to provide a higher blend of diesel and the increasing use of this fuel in the long-haul trucking industry. Hence, the biofuels segment is expected to show good growth in this segment. By vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment is expected to hold the largest market share owing to increasing consumer inclination towards electric and hybrid vehicles and the development of low cost and technologically advanced AFVs. The commercial vehicle segment is also estimated to show steady growth owing to the need for reducing transportation emissions and reducing fuel consumption of heavy-duty application vehicles.


Key Players Covered:


The major companies in the global dynamic steering response system market include Volvo, Ford Motor Company, Toyota Motor Corporation, Daimler AG, Hyundai Motor Company, Honda Motor Co. Ltd., Nissan Motor Co. Ltd., BYD Company Limited, Jaguar Shell International B.V., among others.


Key Insights



  • New Advancements in Alternative Fuel Vehicles

  • Number of Products, Key Countries, 2018

  • New Product Launches, Key Players


Regional Analysis:


Geographically, the alternative fuel vehicle market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is anticipated to hold the largest market share for this technology, owing to stringent government regulations to combat emissions, increasing push by manufacturers to develop zero-emission vehicles, and a large number of electric vehicles in this region.


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Europe is expected to show significant growth in this market over the forecast period. The presence of key manufacturers investing heavily in R&D to produce viable alternatives, particularly for the trucking, is expected to drive market growth in this region. Asia-Pacific is also projected to show significant growth in this market over the forecast period owing to the increasing production of automobiles and the need to reduce vehicular emissions contributing to depleting air quality in regions such as China and India.


Segmentation






















 ATTRIBUTE


 DETAILS

By Fuel Type




  • Gaseous Fuels (CNG, LPG, LNG)

  • Electric (BEV, HEV, PHEV, FCEV)

  • Biofuels (Ethanol, Biodiesel, Methanol)



By Vehicle Type




  • Passenger Cars

  • Commercial Vehicles



By Region




  • 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



 Alternative Fuel Vehicle Industry Developments



  • September 2019: Ford Motor Company announced a collaboration with Electrify America to provide public ultra-fast charging services for their all-electric vehicles such as the Mustang SUV. The Ford EV using an in-vehicle app enables access to information such as real-time location and charger status data for Electrify America’s network of ultra-fast charging stations.

  • October 2019: Honda Motor Co. and Vattenfall signed an agreement to develop climate-smart and cost-effective, effective charging solution specifically for electric vehicle owners in Europe. This collaboration allows for widespread access to a fast, domestic charge point.


Alternative Fuel Vehicles Market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019

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