Alternative Fuel Vehicle Market Set for Rapid Growth, to Reach Around USD 592.30 Billion by 2022

According to the report, global alternative fuel market was valued at approximately USD 255.01 Billion in 2016 and is expected to reach approximately USD 592.30 Billion by 2022, growing at a CAGR of around 13.1% between 2017 and 2022.

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Using alternative fuel in vehicles improves air quality and reduces the emission of greenhouse gases. However, traditional fuels such as petrol and diesel are expensive and also a major cause of environmental hazards. Vehicles using alternative fuel have distinct advantages over conventional fuel driven vehicles. Biodiesel, electric and propane based are the most common types of engines used in the alternative fuel vehicles or hybrid vehicles. Biodiesel is a renewable fuel and its physical properties are similar to petroleum diesel. They provide a cleaner alternative and have less emission as compared to other conventional fuel. Ethanol is made from plant based materials such as corn and other agro waste materials, and is combined with gasoline to be used in alternative fuel vehicle.

After decades of dominance by internal combustion engines, the automobile industry is diversifying at a rapid pace. Consumer’s desire for fuel efficient vehicles and cleaner form of transportation is primarily driving the growth of alternative fuel vehicle market. Plug-in hybrid and battery electric models are increasing in number. Increasing availability of electric vehicles and recharging points in public or private outlets is further expected to drive the growth of the alternative fuel vehicle market. Moreover, fluctuation in prices of traditional petroleum fuel has upset the major world economies. Hence, to avoid the adverse effect, many countries are focusing on alternative fuel engines and this factor is also expected to spur the growth of alternative fuel vehicle market across the globe.

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Furthermore, rapid decrease in oil reserves and development of efficient alternative fuel has been aiding the adoption of alternative fuel vehicles across the globe. Another driving factor behind shifting consumer preference towards alternative fuel vehicles is the aim to reduce import dependency on foreign countries, which has been burdening the economy. However, some hybrid vehicles cost a lot more than the conventional fuel-driven vehicles. This factor is considered to be a major restraint for the growth of alternative fuel vehicle market. Moreover, high initial cost of alternative fuel production is also expected to restrain the growth of this market.

Alternative fuel vehicle market is segmented on the basis of fuel type, vehicle type and region. Fuel type segment consists of gaseous fuels, electric, bio fuels, liquid nitrogen, and others. Vehicle types segmented in this market are two wheelers, passenger cars, and commercial vehicles. The regional segmentation included in this market are North America, Europe, Asia Pacific, Latin America and Middle East and Africa with its further bifurcation into major countries including U.S., Canada, Mexico, Poland, Russia, France, UK, Germany, South Korea, China, India, Japan, Brazil and Argentina.

Key players profiled in this market include Ford Motor Company, Jaguar Land Rover Limited, Toyota Motor Corporation,Hyundai Motor Company, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., Shell International B.V., BYD Company Limited, Daimler AG, Honda Motor Co., Ltd., Mitsubishi Motors, and others.

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