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Global Air Powered Vehicle Market Size, Share, Value: By Product Type: Single Energy Mode, Dual Energy Mode; By Vehicle Type: Passenger Cars, Commercial Vehicles; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global Air Powered Vehicle Market Outlook
The global air powered vehicle market stood at a value of USD 517.97 million in 2023. The market is further expected to grow at a CAGR of 24.8% in the forecast period of 2024-2032 to attain a value of USD 3821.72 million by 2032.
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Passenger Cars to Account for a Substantial Market Share in the Air Powered Vehicle Industry
The growing consumer demand for passenger vehicle is projected to support the market growth. This can be attributed the rising living standards and the inflating disposable incomes. In addition, the increasing awareness among the population about the dangerous hazards posed by vehicles running on conventional fuels for both the environment and human health is leading to the increased adoption of air powered passenger cars. Further, these air powered vehicles are cost-effective as they run on compressed air and do not require high-cost fuels like petroleum. Also, the production costs of air powered vehicle are low as they require no cooling systems or starter motors. These factors are estimated to contribute to the growth of the industry.
The Asia Pacific Region to Provide Lucrative Growth Opportunities to the Air Powered Vehicle Industry
The Asia Pacific region is projected to account for a significant share of the air powered vehicle industry due to the heightened production of automobiles and vehicular parts in the region. This can be associated with the presence of leading market players, low raw material costs, and availability of a large workforce. Additionally, the strict government regulations to curb environmental pollution are further estimated to bolster the industry growth in the coming years.
Air Powered Vehicle Market Segmentation
Air powered vehicle is a zero-emissions vehicle that uses compressed air as an energy source. This vehicle comprises an air tank, a compact air engine, and a control system. It is a favoured mode of short-distance transport that is eco-friendly, sustainable, and cost-effective as no combustion process occurs in this vehicle.
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Based on product type, the market is categorised into:
- Single Energy Mode
- Dual Energy Mode
By vehicle type, the market can be divided into:
- Passenger Cars
- Commercial Vehicles
The regional markets for air powered vehicle can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for Fossil Fuel Alternatives, Stringent Government Regulations, and Technological Advancements to Augment the Market Growth of Air Powered Vehicle Industry
The demand for fossil fuels is increasing day by day owing to the rising population. This is leading to a decline in natural resources like petroleum, while also adding to the growing pollutions levels worldwide. As a result, the increased demand for alternative fuel solutions like compressed air is projected to surge in the forecast period. Further, the governments across the globe are promoting these alternative fuels by providing incentives and tax rebates. In addition, the stringent government regulations and policies promoting the use of zero-emission vehicles are also projected to propel the market growth in the forecast period. For instance, at the recent United Nations Climate Change Conference, the world leaders expressed their growing focus in promoting the production and sales of zero-emission vehicles by 2040. Moreover, the technological developments in the production of new valves, prototypes, pneumatic hybridisation, and the efficient conversion of compressed air to mechanical energy are expected to impel the air powered vehicle industry in the forecast period.
Key Industry Players in the Global Air Powered Vehicle Market
The report gives a detailed analysis of the following key players in the global air powered vehicle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Motor development international SA
- Tata Motors Limited
- Peugeot S.A
- Engineair Pty Ltd
- Honda Motor Company, Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Vehicle Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Air Powered Vehicle Market Analysis
8.1 Key Industry Highlights
8.2 Global Air Powered Vehicle Historical Market (2018-2023)
8.3 Global Air Powered Vehicle Market Forecast (2024-2032)
8.4 Global Air Powered Vehicle Market by Product Type
8.4.1 Single Energy Mode
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Dual Energy Mode
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Air Powered Vehicle Market by Vehicle Type
8.5.1 Passenger Cars
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Commercial Vehicles
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Air Powered Vehicle Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Air Powered Vehicle Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Air Powered Vehicle Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Air Powered Vehicle Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Air Powered Vehicle Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Air Powered Vehicle Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Motor development international SA
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Tata Motors Limited
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Peugeot S.A
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Engineair Pty Ltd
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.3.4 Certifications
16.2.5 Honda Motor Company, Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Air Powered Vehicle Market: Key Industry Highlights, 2018 and 2032
2. Global Air Powered Vehicle Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. Global Air Powered Vehicle Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Global Air Powered Vehicle Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
5. Global Air Powered Vehicle Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
6. Global Air Powered Vehicle Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Air Powered Vehicle Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Air Powered Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Air Powered Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Air Powered Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Air Powered Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Air Powered Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Air Powered Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Air Powered Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Air Powered Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Air Powered Vehicle Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Air Powered Vehicle Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Air Powered Vehicle Market Structure
Key Questions Answered in the Report
In 2023, the global air powered vehicle market attained a value of nearly USD 517.97 million.
The market is projected to grow at a CAGR of 24.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 3821.72 million by 2032.
The major industry drivers include the rising living standards, growing awareness among people about the harmful hazards of conventional fuels, rising disposable incomes, and growing demand for passenger vehicles.
The key industry trends include the imposition of stringent government regulations to combat environmental pollution, and technological advancements.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major market divisions, based on product type, include single energy mode and dual energy mode.
The significant market segments, based on vehicle type, include passenger cars and commercial vehicles.
The major players in the industry are Motor development international SA, Tata Motors Limited, Peugeot S.A, Engineair Pty Ltd, and Honda Motor Company, Ltd., among others.
Analyst Review
The global air powered vehicle market attained a value of nearly USD 517.97 million in 2023, driven by the rising demand for passenger vehicles. Aided by the imposition of stringent government regulations to mitigate the carbon emissions, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 24.8%. The market is projected to reach about USD 3821.72 million by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product type, the market is categorised into single energy mode and dual energy mode. By vehicle type, the market can be divided into passenger cars and commercial vehicles. The major regional markets for air powered vehicle are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Motor development international SA, Tata Motors Limited, Peugeot S.A, Engineair Pty Ltd, and Honda Motor Company, Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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