Global Alternative Fuel Vehicle Market (2021-2026) by Fuel Type, Vehicle Type, Application, and Geography, Competitive Analysis, and the Impact of Covid-19 with Ansoff Analysis

The Global Alternative Fuel Vehicle Market is estimated to be USD 289.27 Bn in 2020 and is expected to reach USD 487 Bn by 2026, growing at a CAGR of 10.98%

Market Dynamics

Awareness for the use of Fuel Efficient vehicles is a substantial cause in the increasing demand for Alternative Fuel Vehicles in the Market. Government Laws and Regulations on fuel emission will Strengthen the Alternative Fuel Vehicle Market. Public Charging Stations will give an easy-to-use and quick replacement for traditional fuel stations. High investment in the initial stage is required for the installation of public charging stations. The increases in the use of Alternative Fuel Vehicles effects adversely on traditional Fuel Based Vehicle Economy.
As the Non-renewable resources are sacres and the increasing environmental problems arising out of the use of the same, governments are looking for alternative fuels to replace the traditional fuel market. To support the use of renewable energy, the government gives subsidiary or tax relief. Many governments (states) are increasingly investing in alternative fuels. These initiatives from the government will help flourish the Alternative Fuel Vehicle Market. Advancement in the field of technology will assist the growth of the Alternative Fuel Market.

(In 2018, California Air Resources Board has introduced the Multi-State Zero Emission Vehicle (ZEV) Action Plan for 2018-2021 aiming to support the successful implementation of the states; ZEV programs. Moreover, the European Directives have restricted the amount of regulated pollutants that can be emitted by new motor vehicles and engines sold in the European Union. As a result of these regulations, there has been a surge in demand and adoption for alternative fuel vehicles globally.)

Market Segmentation

The Global Alternative Fuel Vehicle Market is segmented further based on Fuel Type, Vehicle Type, Application, and Geography.

By Fuel Type, the market is classified into Gaseous Fuel Such as LPG, CNG, and LNG. Pure Electric fuel and Other including Biofuel, Bio-diesel, Fuel Cell, Liquid Nitrogen, and Dimethyl Ether.

By Vehicle Type, the market is classified into Two-wheeler, Passenger cars, Commercial vehicles. Amongst these, the Passenger Vehicles segment holds a large share of the Alternative Fuel Vehicle Market.

By Application, the market is classified as Transportation, Agricultural, Industrial, and Others. The Transportation segment is expected to hold the largest share in the Alternative Fuel Vehicles market.

By Geography, North America is projected to lead the market.

Recent Developments

1. Maruti Suzuki chairman sees hydrogen as 'interesting alternative'-2nd August 2021 explain
2. Toyota Motor to partner with other Japanese vehicle makers to explore the viability of alternative green fuels for internal combustion engine cars, including hydrogen and synthetic fuels derived from biomass.. - 13th November 2021
3. Chevron USA Inc., (Chevron Products Co.), and Cummins Inc., a global power and hydrogen technologies firm, have entered into a memorandum of understanding to explore a strategic alliance to develop commercially viable business opportunities in hydrogen and other alternative energy sources.. - 19th July 2021
4. Honeywell announced it is developing a power source for hybrid-electric aircraft that will run on sustainable aviation fuel (SAF).. - 10th March 2021
5. Air BP’s Hydrant dispenser vehicle in Portugal now will have stop-start technology-1st March 2021
6. Toyota Motor Corp, unveiled a redesigned hydrogen-power fuel cell car in a bid to revive demand for technology that aims to compete with the rise of California-based Tesla Inc.. - 11th October 2019

Company Profiles

Some of the companies covered in this report are Toyota Motor Corporation, Tesla Motors, Audi AG, BMW Group, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Alternative Fuel Vehicle Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
• The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report also contains the competitive analysis using Positioning Quadrants, the analyst's Proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market