The global alternative fuel vehicles market size is likely to rise at a significant pace in the coming years on account of the increasing prices of crude oil and depleting number of oil reserves. Vehicles running on alternative fuel will help cut down the level of carbon emission and contribute to a positive environment. An upcoming report by Fortune Business Insights titled, “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, 2019-2026,” describes the market and its prime growth trajectories in details.
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List of Companies Profiled in the Report:
- Daimler AG
- Ford Motor Company
- Jaguar Shell International B.V.
- Honda Motor Co. Ltd.
- BYD Company Limited
- Hyundai Motor Company
- Nissan Motor Co. Ltd.
- Toyota Motor Corporation
Drivers & Restraints-
Constant Innovations in Automotive Industry to Propel Growth
The increasing consumption of energy and the exhaustion of natural resources have created a huge demand for alternative energy. This stands as a key factor boosting the global alternative fuel vehicles market growth. In addition to this, the advent of hybrid as well as electric vehicles will add impetus to the growth of the market.
However, the high cost of electric vehicles and lack of proper infrastructure to charge them may cause hindrance to the market in the coming years. Nevertheless, the massive growth in population and the rapid industrialization have increased the level of environmental degradation. Manufacturers are investing heavily in research and development of viable alternatives to suffice to the increasing need for fuel, thereby, creating lucrative growth opportunities for the market in the coming years.
Detailed Segmentation of the Alternative Fuel Vehicles Market include:
The market for alternative fuel vehicles is segmented into fuel type, vehicle type, and region. The vehicle type is bifurcated into commercial vehicles, and passenger cars. With respect to fuel type, the market is categorized into biofuels (methanol, biodiesel, and ethanol); electric (BEV, HEV, PHEV, FCEV), and gaseous fuels (CNG, LPG, LNG).
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North America Dominated the Market Accounting to Large Number of Electric Vehicles
Geographically, North America accounted for the largest alternative fuel vehicles market share attributing to the increasing production of zero-emission vehicles by players. This, coupled with the presence of a large number of electric vehicles, is expected to help this region continue dominating the market in the coming years. On the other side, the market in Europe will showcase significant growth in the forecast period owing to the continuous investment in research and development for manufacturing viable alternatives. This region also holds the base for some of the key companies operating in this market especially for trucking. Furthermore, the market in Asia Pacific is likely to showcase significant growth on account of the growing production of automobiles and the need to control vehicular pollution especially from emerging nations such as India and China.
Key Strategy Adopted by Vendors – Collaborative Agreements with Fellow Competitors
The primary objective of alternative fuel vehicles market manufacturers is to gain a competitive edge over the market and earn the highest revenue. Some of the players are engaging in collaborative efforts such as agreements and contracts, joint ventures, and others whereas others are investing heavily on cost efficient vehicles for running on alternative fuel to earn a significant position in the market competition.
October 2019 – Vattenfall and Honda Motor Co. entered into a joint venture for the development of cost-effective, climate-smart, and effective charging solutions for electric vehicles in Europe.
September 2019 – Electrify America and Ford Motor Company engaged in a joint venture for providing ultra-fast charging services for electric vehicles such as the Mustang SUV. The Ford EV will provide information to the user about the availability of the closest real-time charging location and will show charging status data via its in-vehicle applications.
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