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Global Air Powered Vehicle Market to Grow at a CAGR of 25.00% During 2022-2027, Aided by the Stringent Government Regulations to Control the Carbon Emissions

According to a new report by EMR titled, ‘Global Air Powered Vehicle Market Report and Forecast 2022-2027’, the the market attained a value of nearly USD 331.5 million in 2021. The industry is further expected to grow at a CAGR of 25.00% in the forecast period of 2022-2027 to reach almost USD 1252.3 million by 2027.

The growing consumer demand for fossil fuel alternatives is driving the market for air powered vehicle. This can be attributed to the growing demand for passenger vehicles, fuelled by the rising disposable incomes and improved living standards. This vehicle uses compressed air as the fuel which is environmentally friendly, as it emits no greenhouse gases and causes no pollution. In addition, the increasing awareness among people about the health hazards caused due to the excessive burning of fossil fuels is leading to the increased adoption of air powered vehicles, thus, aiding the market growth. Furthermore, the imposition of stringent government regulations to control the carbon emissions in an endeavour to control the air pollution is also projected to invigorate the air powered vehicle industry growth.

The growing demand for air powered vehicles is leading the key market players to compete and collaborate to bring forward environmentally friendly solutions, which is predicted to aid the market growth. In January 2022, Tata Motors Limited (NYSE: TTM) announced the launch of New Forever range of passenger vehicles in Bhutan. This launch of the new generation Tiago, Tigor, Altroz, Nexon, Harrier the flagship SUV, and the Safari is in association with Samden Vehicles Pvt. Ltd., an authorised distributor of passenger vehicles in the country. The launch of these vehicles are in compliance with the environment protection emission norms and is expected to gain wider customer base, owing to their superior styling and exceptional safety standards. Such developments are expected to invigorate the market growth in the forecast period.

Market Analysis by Product Type, Vehicle Type, and Region:

  • The air powered vehicle industry, on basis of product type, is categorised into single energy mode and dual energy mode.
  • Based on vehicle type, the market can be divided into passenger cars and commercial vehicles.
  • The regional markets for air powered vehicle include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for air powered vehicle is being driven by the growing demand for alternative fuels for conventional fossil fuels.
  • The increasing awareness about the health hazards caused by conventional fuels and the cost effectiveness of air powered vehicles compared to petroleum is leading to its increased adoption, further augmenting the market growth.
  • The enforcement of stringent government regulations to control the CO2 emissions is also invigorating the market for air powered vehicles.
  • The rapid technological advancements and the increasing investments by the key players of the industry in the research and development activities are expected to propel the market in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for air powered vehicle for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the product types, vehicle types, and major regions of air powered vehicle.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global air powered vehicle market are Motor development international SA, Tata Motors Limited, Peugeot S.A, Engineair Pty Ltd, and Honda Motor Company, Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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