The Alternative Fuel Vehicles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Alternative Fuel Vehicles Global Market Report 2024, The alternative fuel vehicles market size has grown rapidly in recent years. It will grow from $527.77 billion in 2023 to $628.58 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth in the historic period can be attributed to oil price volatility, environmental awareness, energy security concerns, infrastructure development, automaker investments and innovation.
The alternative fuel vehicles market size is expected to see rapid growth in the next few years. It will grow to $1244.04 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to consumer acceptance and preferences, global expansion and market penetration, market competitiveness and cost reduction, rise in environmental concerns, continued regulatory support. Major trends in the forecast period include hydrogen fuel cell development, biofuels and sustainable sources, electric vehicle growth, regulatory push for low emissions, expansion of charging infrastructure.
The rising prices of fossil fuels are 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. For instance, in 2021, according to The International Energy Agency, a France-based intergovernmental organization, the price of crude oil rose from $20 per barrel in mid-2020 to approximately $70 per barrel in mid-2021. Therefore, the rising prices of fossil fuels are driving the alternative fuel vehicles market.
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The alternative fuel vehicles market covered in this report is segmented –
1) By Fuel Type: CNG, Hydrogen, Electric, Other Fuel Types
2) By Vehicle Type: Passenger Cars, Commercial Vehicle
3) By Application: Transportation, Chemical, Agricultural, Industrial, Other Applications
Major companies operating in the alternative fuel vehicles market are adopting a strategic partnership approach to enhance innovation and expand market reach. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in September 2022, Ferguson Enterprises LLC, a US-based distributor of plumbing supplies collaborated with Ford Motor Company, a US-based automobile manufacturer to develop alternative fuel sources. This pilot program seeks to assess the performance of fuel cell technology within the Ferguson fleet and simultaneously offer Ford valuable real-world usage data. Ferguson will furnish Ford with vehicle data and insights on the technology, assisting Ford in refining the engineering specifications for commercial vehicle duty cycles.
The alternative fuel vehicles market report table of contents includes:
1. Executive Summary
2.Alternative Fuel Vehicles Market Characteristics
3.Alternative Fuel Vehicles Market Trends And Strategies
4. Alternative Fuel Vehicles market analysis
5.Alternative Fuel Vehicles Market Size And Growth
6.Alternative Fuel Vehicles Segmentation
7. Alternative Fuel Vehicles Regional And Country Analysis
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27.Alternative Fuel Vehicles Competitive Landscape And Company Profiles
28.Alternative Fuel Vehicles Key Mergers And Acquisitions
29.Alternative Fuel Vehicles Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Volkswagen AG
- Toyota Motor Corporation
- Ford Motor
- CompanyGeneral Motors Company
- Mitsubishi Motors Corporation
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