About Alternative Fuel Vehicle
Alternative Fuel Vehicles are known as a vehicle that runs on a fuel other than traditional diesel or gasoline any method of powering an engine which does not involve petroleum. Due to a combination of heavy taxes on fuel, especially in Europe, also tightening environmental laws, especially in California, and the possibility of any further restrictions on the emissions of greenhouse gas, work on alternative power systems for the vehicles has become a high priority for vehicle manufacturers and governments around the world. Current research and development are largely centered on the "hybrid" vehicles which use both internal combustion and electric power.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 12.0% |
The leading market players in the Alternative Fuel Vehicle market have focused on expanding their business operations in the fast-growing emerging countries. The companies operating in the Alternative Fuel Vehicle market have consistently introduced innovative solutions to enhance their product portfolio. Product development and partnerships are the two prominent growth strategies adopted by key market players operating in the Alternative Fuel Vehicle market. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Alternative Fuel Vehicle market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ford Motor Company (United States), Jaguar Land Rover Limited (United Kingdom), Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), Sono Motors (Germany), General Motors (United States), Nissan Motor Co., Ltd. (Japan), Honda Motor Co., Ltd. (Japan), Shell International B.V. (The Netherlands) and BYD Company Limited (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Daimler AG (Germany), Honda Motor Co., Ltd. (Japan), Mitsubishi Motors (Japan), Xpeng Motors (China) and Lucid Motors (United States).
Segmentation Overview
AMA Research has segmented the market of Global Alternative Fuel Vehicle market by , Application (Two Wheelers, Passenger Cars and Commercial Vehicles (Light & Medium Vehicles, Heavy Vehicles)) and Region.
On the basis of geography, the market of Alternative Fuel Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Alternative Fuel, the sub-segment i.e. Gaseous Fuels will boost the Alternative Fuel Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Class, the sub-segment i.e. Economical will boost the Alternative Fuel Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Trend of Electric Vehicles is Increasing the Popularity of Alternative Fuel Vehicles
Market Growth Drivers:
Increasing Environmental and Health Concern among People, Strict Government Regulation Related to the Emission due to Air Pollution and High Fuel Efficiency over Traditional Vehicles
Challenges:
Competition from Traditional Vehicles and Limited Charging Infrastructure of Electrical Vehicles
Restraints:
High Purchase Cost and Operational Cost of Alternative Fuel Vehicle
Opportunities:
Increasing Innovation and Implementation of New Methods for Manufacturing of Alternative Fuel Vehicle
Market Leaders and their expansionary development strategies
In September 2022, Ford Motor Company partnered with Ferguson Enterprises, to place a first-of-its-kind F550 Fuel Cell Prototype Chassis Work Truck, a DOE SuperTruck 3 Initiative, in service within Ferguson's daily fleet operations for six months. This partnership helped the company to expand its presence in the alternative fuel vehicle market
In January 2023, General Motors unveiled the electric version of its Silverado pickup truck, aimed at taking on Ford's F-150 Lightning. The Silverado EV promises long-range, fast charging, and impressive towing capabilities. This launch helped the company to expand its presence in the alternative fuel vehicle market
Key Target Audience
Alternative Fuel Vehicle Manufacturers, Technology Investors, Alternative Fuel Vehicle Sub Component Manufacturers, Alternative Fuel Vehicle Traders/Distributors, Alternative Fuel Vehicle Importer/Exporter, Regulatory & Government Bodies and Downstream Vendors
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.