Increasing demand for zero-emission vehicles is driving alternative fuel vehicle market revenue growth
The global Alternative Fuel Vehicle (AFV) market size is expected to reach USD 2,607.63 Billion in 2030 and register a revenue CAGR of 24.5% over the forecast period, according to latest report by Reports and Data. Increasing fuel prices are accelerating adoption of AFVs, as people are shifting towards alternate fuels, which in turn, is driving market revenue growth.
Volatile prices of conventional fuels, such as petrol and diesel, are accelerating adoption of AFVs in various applications, including commercial applications. AFVs are powered by clean energies, such as biofuel, biodiesel, electric, hydrogen-powered fuel cells, and other energies generated from renewable sources, such as biomass, biogas, solar energy, and hydroelectricity. Therefore, AFVs remain unaffected by increasing fuel prices, as they do not require conventional fuels, which is increasing use of AFVs by individual users and various organizations.
The report offers key insights into the market landscape to assist the stakeholders and clients formulate fruitful investment strategies. The report also analyzes the factors and initiatives contributing to the market growth. The report analyzes the macro and micro economic factors affecting the market growth. It offers a comprehensive analysis of the competitive landscape of the Alternative fuel vehicle market along with key collaborations and partnerships between key players of the market. The report investigates key aspects such as financial standing, research and development, product offerings, current deals, investments, and strategic alliances such as mergers and acquisitions, joint ventures, product launches, brand promotions, and corporate deals, among others.
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Farmers are widely using biofuels, such as ethanol, as alternative fuels in farming. Ethanol is produced from biomass and is used in flexible fuel vehicles and light-duty vehicles. Cellulosic ethanol improves energy balance and lowers greenhouse gas (GHG) emissions. Farmers are also using hydrogen fuel-powered tractors for various purposes. In November 2021, JCB, which is a UK-based machinery manufacturer, made an investment of USD 134.36 million to develop hydrogen engines. Use of hydrogen-powered fuel-cell tractors in the agricultural sector would help to reduce emissions and contribute towards a cleaner environment, as compared to regular diesel-powered tractors.
Increasing demand for electric two-wheelers is expected to boost market revenue growth during the forecast period. Electric two-wheelers can be expensive, but declining demand for conventional fuels, due to their rising prices, makes these two-wheelers an economical choice for long-run use. Thus, rising fuel prices are accelerating the shift towards electric two-wheelers among individual users. Another factor driving revenue growth of the global alternative fuel vehicle market is the simple mechanism of electric scooters or bikes, which results in lower maintenance costs compared to regular two-wheelers. Additionally, electric two-wheelers can help to curb air pollution significantly as compared to any other fuel-powered two-wheelers, by reducing the consumption of fossil fuels.
Some Key Highlights from the Report
- In June 2021, Jaguar Land Rover Automotive PLC, which is a UK-based automotive company, made an announcement of developing a prototype hydrogen Fuel Cell Electric Vehicle (FCEV). The aim of the FCEV concept is to attain zero tailpipe emissions by 2036 and zero carbon emissions across its products, operation, and supply chain by 2039. FCEV generates electricity from hydrogen to power electric motors, and this helps Battery Electric Vehicles (BEVs) to achieve zero vehicle emissions.
- Biofuel segment revenue is expected to register a steady growth rate during the forecast period. Biofuel can reduce carbon emissions and is composed of a wide range of materials. Ethanol, which is a type of biofuel, is presently the lowest-cost and highest-octane motor fuel on the planet. Any current engine design can easily adapt to biofuels, and there is no need for engine conversion, which is likely to increase adoption of biofuels. Moreover, increasing demand for biofuel is expected to lower its price in the future, and in this regard, the U.S. Department of Energy (DOE) granted USD 73.0 million for 35 bioenergy research & development projects, with the aim to produce biofuel from biomass and other waste resources, and reduce biopower production costs to make biofuels cheaper.
- Market in North America accounted for largest revenue share in the global alternative fuel vehicle market in 2021. Increasing support from the U.S. Department of Energy (DOE) and National Labs, private-sector companies, and universities towards R&D activities to boost the use of AFVs, is contributing to overall market revenue growth in North America. In addition, the Clean Cities program sponsored by the U.S. DOE is playing a major role in market expansion, as it encourages deployment of AFVs to reduce vehicle emissions. Zero Emission Vehicle Infrastructure Program (ZEVIP) initiated by the Natural Resources Canada (NRCan), which is a five-year program from 2019 to 2024, is expected to affect AFV market revenue growth by expanding hydrogen refueling opportunities and providing easy availability of localized charging stations where people live, work, and play.
- Companies profiled in the global market report include Volkswagen AG, Ford Motor Company, BYD, Toyota Motor Corporation, Honda Motor Co., Ltd., Hyundai Motor Company, Daimler AG, General Motors, Nissan, and Tesla.
For this report, Reports and Data has segmented the global AFV market based on fuel type, vehicle type, application, end-use, and region:
Fuel Type Outlook (Revenue, USD Billion; 2019–2030)
- Gaseous Fuel
- Fuel Cell
- Liquid Nitrogen
- Dimethyl Ether
Vehicle Type Outlook (Revenue, USD Billion; 2019–2030)
- Passenger Cars
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle
- Commercial Vehicle
Application Outlook (Revenue, USD Billion; 2019–2030)
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Government Vehicle
- Private Fleets
- Industrial Transportation
- Domestic User’s Vehicle
Regional Analysis Covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered in the Report:
- Who are the prominent distributors, vendors, and manufacturers of the market?
- What are the driving and restraining factors of the growth of Alternative fuel vehicle (AFV) Market throughout the forecast period?
- What are the current and future market trends of the Alternative fuel vehicle (AFV) market?
- What are the expected opportunities for the companies and new entrants in the coming years?
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