LONDON, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the alternative fuel vehicles market, the rising prices of fossil fuel is expected to propel the growth of the alternative fuel vehicles market going forward. Fossil fuel refers to hydrocarbon-containing materials of biological origin occurring within the earth's crust that can be used as a source of energy. Owing to the rising fuel prices the developing and underdeveloped countries are depending on foreign countries to import fossil fuels significantly which will increase the pressure on emerging economies leading to a boost in the demand for the alternative fuel vehicles market. This results in the increasing adoption of vehicles that run on alternative fuels such as CNG, hydrogen, electric vehicles, and others. For instance, in November 2020, according to the article by the U.S. energy information administration, a principal agency of the U.S. federal statistical system, Brent's petroleum prices averaged USD 46 per barrel, increasing significantly to a mean price of USD 105 per barrel in March 2021. Therefore, the rising prices of fossil fuel is driving the alternative fuel vehicles market.
The global alternative fuel vehicles market size is expected to grow $329.93 billion in 2021 to $440.05 billion in 2022 at a compound annual growth rate (CAGR) of 33.4%. The global alternative fuel vehicles market size is expected to grow to $879.76 billion in 2026 at a compound annual growth rate (CAGR) of 18.6%.
The rising adoption of clean mobility solutions to reduce the emissions from fossil fuels is gaining traction among the alternative fuel vehicles market trends. The carbon emissions from the vehicles that run on alternative fuels such as CNG, hydrogen, biofuel, bio-diesel, and others are less compared to the carbon emissions from vehicles that run using fuels such as petroleum and diesel. Hence due to the increasing environmental concerns among the consumers, the governments across the world are focusing on adopting clean mobility solutions through alternative fuel vehicles. For instance, in January 2022, Maruti Suzuki India Limited, an Indian automobile manufacturer operating in the alternative fuel vehicles market, launched a new CNG variant of stylish and urban All-New Celerio. With this launch, the company aims to strengthen its green vehicle portfolio in India. Similarly, in June 2021, Jaguar Land Rover Automotive PLC a UK-based multinational company operating in the alternative fuel vehicles market, developed a fuel cell prototype for a hydrogen-powered land rover defender, with this launch the company aims to achieve zero tailpipe and carbon emissions across their products, supply chain, and operations.
Major players in the alternative fuel vehicles market are Ford Motor Company, Toyota Motor Corporation, Nissan Motor Corporation, Honda Motor Company, BYD Auto Co. Ltd., Daimler AG, Tesla Inc, Bayerische Motoren Werke AG (BMW), Audi AG, Volkswagen AG, Hyundai Motor Company, Mitsubishi Motors Corporation, Suzuki Motor Corporation, General Motors, Zero Motorcycles Inc., and Tata Motors Limited.
The global alternative fuel vehicles market analysis is segmented by fuel type into CNG, hydrogen, electric, others; by vehicle type into passenger cars, commercial vehicle; by application into transportation, chemical, agricultural, industrial, others.
Asia-Pacific was the largest region in the alternative fuel vehicle market in 2021. The regions covered in the global alternative fuel vehicles market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Alternative Fuel Vehicles Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide alternative fuel vehicles market overviews, alternative fuel vehicles market analyze and forecast market size and growth for the whole market, alternative fuel vehicles market segments and geographies, alternative fuel vehicles market trends, alternative fuel vehicles market drivers, alternative fuel vehicles market restraints, alternative fuel vehicles market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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