Alternative Fuel Vehicle Market Size, Share, Growth Report 2030

Alternative Fuel Vehicle Market

Alternative Fuel Vehicle Market By Alternative Fuel Type (Gaseous Fuels, Electric, Bio Fuels, Liquid Nitrogen, And Others) For Vehicle Type (Two Wheelers, Passenger Cars, And Commercial Vehicles) - Global Industry Perspective, Comprehensive Analysis And Forecast, 2020-2028

Category: Automotive Report Format : PDF Pages: 130 Report Code: ZMR-2671 Published Date: May-2021 Status : Published
Market Size in 2020 Market Forecast in 2028 CAGR (in %) Base Year
USD 357 Billion USD 980.1 Billion 13.4% 2020

Alternative Fuel Vehicle Market

Alternative Fuel Vehicle Market: Overview    

The Global Alternative Fuel Vehicle Market accounted for USD 357 Billion in 2020 and is expected to reach USD 980.1 Billion by 2028, growing at a CAGR of around 13.4% between 2021 and 2028.   

Alternative fuel vehicles are seen as a necessary component of the automobile industry in order to improve poor urban air quality, reduce greenhouse gas pollution, and reduce dependency on fossil fuels. Alternative fuels are non-petroleum and non-diesel fuels that are found in internal combustion engines. Biofuels such as biodiesel and ethanol, biogas, CNG, LPG, hydrogen gas, fuel cells, power, and solar batteries are examples of alternative fuels. Concerns over the level of pollution from the use of fossil fuels are forcing people to shift towards the biofuels. Despite the fact that renewable fuels are more expensive than fossil fuels, they have many advantages over the use of fossil fuels.

Due to increased demand for fuel-efficient vehicles, strict government laws and regulations on vehicle emissions, and increased public charging infrastructure, the global alternative fuel vehicle industry has seen steady growth in recent years. The rapid decline of crude oil reserves and other fuels is expected to increase the product's use in the coming years.

COVID-19 Impact Analysis

Due to government-imposed lockdowns to prevent the spreading of COVID, the global Alternative Fuel Vehicle industry has seen a small decrease in revenues in the short term. Because of the pandemic, global supply chain stopped working and hence the transportation industry has been put on break which has impacted on Alternative Fuel Vehicle market growth negatively. Also, as a result of lockdown, travelling of people around the world has stopped which has resulted in decline in the sales of automobiles.  However, the global markets are slowly opening to their full potential and theirs a surge in demand of Alternative Fuel Vehicle. The market would remain bullish in the upcoming year. 

The significant decrease in the global Alternative Fuel Vehicle market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.

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Alternative Fuel Vehicle Market: Growth Factors

The growth of the alternative fuel vehicle industry is expected to be boosted in the coming years by an increase in demand for environmentally sustainable fuels, as well as stringent regulations regulating fuel emissions and air quality. The rapid decline of crude oil reserves and other fuels is expected to increase the product's use in the coming years. Furthermore, fluctuation of crude oil prices and the availability of a safer substitute in the form of green fuels such as biodiesel with low fuel emitting characteristics are expected to drive demand for alternative fuel vehicles in the near future.

Increases in installation and inventory prices, on the other hand, are expected to stymie the growth of the alternative fuel vehicle industry in the coming years.

Report Scope: 

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Fuel Type Segment Analysis Preview 

Fuel type segment includes gaseous fuels, electric, biofuels, liquid nitrogen, and others. The electric vehicle segment is growing at a significant rate and is expected to dominate the market in the coming time.

Vehicle Type Segment Analysis Preview 

Vehicle types segmented in this market are two-wheelers, passenger cars, and commercial vehicles. The division of passenger cars accounts for the majority of global vehicle sales and will continue to dominate the market.

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Alternative Fuel Vehicle Market: Key Players & Competitive Landscape

Some of the major players in the global Alternative Fuel Vehicle 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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The global Alternative Fuel Vehicle Market is segmented as follows:

By Fuel Type

By Vehicle Type

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of The Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

The global Alternative Fuel Vehicle Market was valued at USD 357 billion in 2020.

The global Alternative Fuel Vehicle Market is expected to reach USD 980.1 billion by 2028, growing at a CAGR of 13.4% between 2021 to 2028.

The growth of the alternative fuel vehicle industry is expected to be boosted in the coming years by an increase in demand for environmentally sustainable fuels, as well as stringent regulations regulating fuel emissions and air quality. The rapid decline of crude oil reserves and other fuels is expected to increase the product's use in the coming years.

Regionally, North America has been leading the worldwide alternative fuel vehicle market and is anticipated to continue on the dominant position in the years to come, states the alternative fuel vehicle market study. The countries such as the U.S. in North America are offering various incentives to the customers to boost the sale of alternative fuel. Thereby further supporting the growth of the alternative fuel vehicle market in the region.

Some of the major players of global Alternative Fuel Vehicle market includes 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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