by The global alternative fuel vehicle market size is forecasted to reach from US$ 468.83 billion in 2021 to US$ 1,331.57 Billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 12.3% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2021 to 2030.
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The global alternative fuel market has witnessed a significant growth rate owing the rising demand for the fuel efficient vehicles and eco-friendly transportation solutions. The stringent government regulations to curb the emission of greenhouse gases is encouraging the customers to opt for alternative fuel vehicles across the globe. The rising investments of the vehicle manufacturers in the production of alternative fuel vehicles and the government subsidies sanctioned to them is boosting the overall growth of the global alternative fuel vehicle market.
The technological advancements and increasing government investments in the development of clean transportation for public is driving the sales of electric buses. Moreover, the rising awareness among the population regarding the deteriorating environmental conditions due to the rising pollution levels is encouraging them to demand for the alternative fuel vehicles, especially in the developed markets like Europe and North America. The oil reserves are depleting rapidly across the globe. Government of various nations are heavily investing towards the development of the renewable energy sources. Hence, the alternative fuel vehicle market is estimated to grow at a rapid pace during the forecast period.
Alternative Fuel Vehicle Market Share, By Vehicle Type, 2020 (%)
| Vehicle Segment | 2020 (%) | |
| Passenger Vehicles | 60 | % |
| Commercial Vehicles | 40 | % |
Competitive Landscape Analysis:
Some of the leading companies operating in the alternative fuel vehicle market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
Major companies operating in this report are
- Volkswagen AG
- Toyota Motor Corporation
- Tesla Motors
- AUDI AG
- BMW Group
- General Motors
- Ford Motor Company
- Honda Motor Co., Ltd.
- BYD Company Limited
- Daimler AG
- Zero Motorcycles, Inc.
- Nissan Motor Corporation
- Mitsubishi Motors Corporation
- Nikola Motor Company
- Renault
- Tata Motors
- Polaris Industries
- Scania
Scope of the Alternative Fuel Vehicle Market
| Report Highlights | Details |
| Market Size in 2030 | USD 1,331.57 Billion |
| Growth Rate | CAGR of 12.3% From 2021 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Vehicle Type, Fuel Type, Region |
Report Highlights
- Based on the vehicle type, the passenger vehicle segment dominated the global alternative fuel vehicle market in 2020. The rising disposable income, desire for luxury vehicles, and improved standard of living has significantly fostered the adoption of various passenger vehicles. Moreover, changing demographic of the middle class consumers and shifting preferences of the consumers towards eco-friendly fuel is further expected to drive the segment growth during the forecast period.
- Based on the fuel type, the electric segment was the dominating segment in 2020 and is expected to be the fastest-growing segment during the forecast period. The increased pollution levels and growing initiatives of the government and the corporate sector to reduce carbon footprint in order to achieve sustainability in the long-term is rapidly boosting the adoption of the electric fuel across the globe.
Market Dynamics
Driver
The stringent government norms and regulations regarding emission
The enforcement of vehicle emission laws in the prominent nations like China, Germany, U.S., and Italy have encouraged the manufacturers to ramp up the production of the alternative fuel vehicles. The rising popularity of the zero emission vehicle is boosting the sales of the electric powered and fuel-cell powered vehicles. Hence, the government regulations is expected to play a crucial role in driving the growth of the alternative fuel vehicle market.
Restraints
High initial cost of acquiring electric vehicles
The cost of buying electric vehicles is high. Therefore, its adoption is limited in the low and middle income countries. The consumers in the low and middle income countries, especially the middle class consumers are expected to resist the adoption of the costly electric vehicles owing to their low affordability.
Opportunities
Product launches and various developmental strategies to drive the market growth
The alternative fuel vehicle market is fragmented owing to the presence of numerous big market players. The various developmental strategies adopted by them such as new product launches, acquisitions, and partnerships are expected to significantly drive the market growth in the forthcoming years. For instance, in September2019, Ford Motor collaborated with Electrify America to offer ultra-fast charging for their electric vehicle.
Challenges
Lack of infrastructure in the developing and underdeveloped regions
The lack of proper infrastructure in the underdeveloped and developing nations is hampering the penetration of the alternative fuel vehicle. The lack of the adequate number of charging stations and other alternative fuel stations may slow down the adoption. Further, the lack of proper government regulations regarding the vehicle emissions is a major challenge to the market players.
Regional Snapshot
Asia Pacific was the dominant alternative fuel vehicle market in 2020. The rising income levels of the consumers and growing awareness regarding the negative effects of rising pollution levels on the environment is encouraging the people to opt for alternative fuel vehicles to curb the vehicle emissions. Moreover, the rising pollution levels owing to rapid industrialization in the economies like China and India has forced the government to take necessary steps to curb the carbon emissions. Hence, the government regulations to restrict the vehicle emission is playing an exceptional role in the growth of the alternative fuel vehicle market.
On the other hand, North America is expected to be the fastest-growing market. The increased disposable income of the consumers coupled with the rising demand for the sustainable and eco-friendly products is fostering the demand for the alternative fuel vehicles. The US government is playing a significant role by enforcing appropriate laws regarding the vehicle emission, which is anticipated to drive the market growth during the forecast period.
Market Segmentation
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Fuel Type
- Electric
- Biofuels
- Gas Fuels
Regional Segmentation
– North America (U.S. and Canada)
– Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
– Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
– Latin America (Brazil and Rest of Latin America)
– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Why should you invest in this report?
If you are aiming to enter the global alternative fuel vehicle market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for alternative fuel vehicle are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Alternative Fuel Vehicle Market
5.1. COVID-19 Landscape: Alternative Fuel Vehicle Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Alternative Fuel Vehicle Market, By Vehicle
8.1. Alternative Fuel Vehicle Market, by Vehicle Type, 2021-2030
8.1.1. Passenger Vehicle
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Commercial Vehicle
8.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Alternative Fuel Vehicle Market, By Fuel
9.1. Alternative Fuel Vehicle Market, by Fuel, 2021-2030
9.1.1. Electric
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Biofuels
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Gas Fuels
9.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Alternative Fuel Vehicle Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.1.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.1.3.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.1.4.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.2.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.2.3.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.2.4.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.2.5.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.2.6.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.3.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.3.3.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.3.4.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.3.5.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.3.6.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.4.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.4.3.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.4.4.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.4.5.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.4.6.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.5.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.5.3.2. Market Revenue and Forecast, by Fuel (2019-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)
10.5.4.2. Market Revenue and Forecast, by Fuel (2019-2030)
Chapter 11. Company Profiles
11.1. Volkswagen AG
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Toyota Motor Corporation
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Tesla Motors
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. AUDI AG
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. BMW Group
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. General Motors
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Ford Motor Company
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Honda Motor Co., Ltd.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. BYD Company Limited
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Daimler AG
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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