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Global Alternative Fuel Vehicles Market Share, Forecast: By Fuel Type: Compressed Natural Gas (CNG), Hydrogen, Electric, Others; By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Medium and Heavy-duty Commercial Vehicles; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Alternative Fuel Vehicles Market Outlook
The global alternative fuel vehicles market is expected to grow at a CAGR of 11.6% during the period 2024-2032.
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Global Alternative Fuel Vehicles Market Likely to be Driven by Regulations Seeking to Reduce Emissions and Oil Imports, and Promote Cleaner Fuels
The global alternative fuel vehicles market is expected to be driven by efforts to reduce dependence on fossil fuels, reduce imports of oil, and seek and develop cleaner sources of energy to power vehicles. Individual consumers also are showing increasing interest in such vehicles. While North America and Europe are major markets, the market is expanding to developing nations such as India also. In 2021, Minister of Road Transport and Highways of India, announced that India was framing policies to promote the use of clean fuels, including electric vehicles, and strengthening emission norms to meet carbon reduction targets, and that the aim was to slowly shift to fuels that were import substitutes, cost effective, indigenous and pollution free. The Government of India is making efforts to promote electric vehicles as well as considering other alternative fuel options.
Use of alternative fuel vehicles helps conserve fuel and lessen vehicle emissions. Examples of alternative fuels are given below.
- Biodiesel: Can be produced from vegetable oils, animal fats, or recycled cooking grease for use in diesel vehicles.
- Electricity: Used to power plug-in electric vehicles. Hybrids use electricity to boost efficiency.
- Ethanol: Widely employed renewable fuel produced from corn and other plant material. Mixed with gasoline for use in vehicles.
- Hydrogen: A potentially emissions-free alternative fuel.
- Natural gas: Gaseous fuel with potentially significant fuel cost advantages over gasoline and diesel fuel.
- Propane: Readily available gaseous fuel. Has been widely used in vehicles across the world for decades.
Other alternative fuels include biobutanol, dimethyl ether, methanol and renewable hydrocarbon biofuels (renewable diesel, renewable gasoline, and sustainable aviation fuel).
Examples of alternative fuel vehicles are given below.
- Fuel Cell Electric Vehicles (FCEVs): These vehicles are powered by hydrogen, more efficient than traditional internal combustion engine vehicles and release no tailpipe emissions. Car manufacturers are increasingly offering FCEVs to customers. Examples include Toyota Mirai and Hyundai Nexo.
- Natural Gas Vehicles (NGVs): Due to their potential to give similar fuel range support for applications that stay within a region supported by dependable CNG fueling, NGVs are suited for high-mileage, centrally-fueled fleets. Liquefied natural gas (LNG) has a higher energy density than compressed natural gas (CNG), making its range equivalent to that of conventional gasoline. Thus, LNG is more suitable for vehicles travelling long distances. There are three types of NGVs:
- Dedicated: Run only on natural gas.
- Bi-fuel: Such vehicles carry two distinct fueling systems enabling them to run on natural gas or gasoline.
- Dual-fuel: Such vehicles carry fuel systems that run on natural gas but use diesel fuel for ignition assistance. This arrangement is generally restricted to heavy-duty vehicles.
- Propane Vehicles: Several propane vehicles are employed in fleet applications, such as school buses, shuttles, and police vehicles. While original equipment manufacturers (OEMs) provide propane vehicles, such vehicles can be developed via a conversion. Propane engines and fuelling systems are also available for heavy-duty vehicles.
Government Efforts, Increased Electric Vehicle Adoption Across the Goble Expected to Boost the Market
In 2023, the Washington DC Auto Show particularly emphasized showcasing electric vehicles. The US government aims to achieve 50% zero-emission vehicles on the road by 2030. The auto show sought to reflect the increased adoption of electric vehicles on a global scale. The event also highlighted that there was an expanding market for electric vehicles in the USA.
Europe also is pushing to do away with combustion engines in passenger vehicles by 2035. The first such ban would be enforced in Norway in 2025. In 2021, electric cars explained over 60% of Norway’s vehicle sales. In light of the above, it is expected that the market for alternative fuels will likely be driven by increased adoption of electric vehicles.
Lack of Current Infrastructure May Hinder the Market
The incompatibility of current petroleum and natural gas pipeline networks and refuelling stations with alternative fuels is one of the primary issues facing the alternative fuel vehicle market. Such infrastructure is necessary for the expansion of the market.
Global Alternative Fuel Vehicles Market Segmentation
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By fuel type, the market is segmented into:
- Compressed Natural Gas (CNG)
- Hydrogen
- Electric
- Others
By vehicle type, the market is classified into:
- Passenger Vehicles
- Light Commercial Vehicles
- Medium and Heavy-duty Commercial Vehicles
By region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Industry Players in the Global Alternative Fuel Vehicles Market
The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Tesla, Inc.
- Bayerische Motoren Werke AG (BMW)
- Audi AG
- Suzuki Motor Corporation
- Ford Motor Company
- Honda Motor Company
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| 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- Fuel Type, Vehicle Type, Region |
| Breakup by Fuel Type | Compressed Natural Gas (CNG), Hydrogen, Electric, Others |
| Breakup by Vehicle Type | Passenger Vehicles, Light Commercial Vehicles, Medium and Heavy-duty Commercial Vehicles |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Tesla, Inc., Bayerische Motoren Werke AG (BMW), Audi AG, Suzuki Motor Corporation, Ford Motor Company, Honda Motor Company, Others |
| 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 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Alternative Fuel Vehicles Market Analysis
8.1 Key Industry Highlights
8.2 Global Alternative Fuel Vehicles Historical Market (2018-2023)
8.3 Global Alternative Fuel Vehicles Market Forecast (2024-2032)
8.4 Global Alternative Fuel Vehicles Market by Fuel Type
8.4.1 Compressed Natural Gas (CNG)
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Hydrogen
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Electric
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Alternative Fuel Vehicles Market by Vehicle Type
8.5.1 Passenger Vehicles
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Light Commercial Vehicles
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Medium and Heavy-duty Commercial Vehicles
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.6 Global Alternative Fuel Vehicles Market by Region
8.6.1 North America
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
9 North America Alternative Fuel Vehicles Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Alternative Fuel Vehicles Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Alternative Fuel Vehicles Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Alternative Fuel Vehicles Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Alternative Fuel Vehicles Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 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 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Tesla, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Bayerische Motoren Werke AG (BMW)
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Audi AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Suzuki Motor Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Ford Motor Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Honda Motor Company
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Alternative Fuel Vehicles Market: Key Industry Highlights, 2018 and 2032
2. Global Alternative Fuel Vehicles Historical Market: Breakup by Fuel Type (USD Million), 2018-2023
3. Global Alternative Fuel Vehicles Market Forecast: Breakup by Fuel Type (USD Million), 2024-2032
4. Global Alternative Fuel Vehicles Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
5. Global Alternative Fuel Vehicles Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
6. Global Alternative Fuel Vehicles Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Alternative Fuel Vehicles Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Alternative Fuel Vehicles Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Alternative Fuel Vehicles Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Alternative Fuel Vehicles Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Alternative Fuel Vehicles Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Alternative Fuel Vehicles Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Alternative Fuel Vehicles Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Alternative Fuel Vehicles Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Alternative Fuel Vehicles Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Alternative Fuel Vehicles Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Alternative Fuel Vehicles Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Alternative Fuel Vehicles Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 11.6% between 2024 and 2032.
The major drivers of the market include the thriving automotive industry, increasing demand for commercial and passenger vehicles, growing use of compressed natural gas (CNG), and increasing inclination of car users towards using cleaner sources of energy owing to the rising pollution levels.
The growing R&D activities to enhance the production of fossil fuel alternatives are expected to be the key trends guiding the growth of the industry.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Compressed natural gas (CNG), hydrogen, and electric, among others are the different fuel types based on which the market has been segmented.
Passenger vehicles, light commercial vehicles, and medium and heavy-duty commercial vehicles are the significant vehicle types included in the market report.
The major players in the industry are Tesla, Inc., Bayerische Motoren Werke AG (BMW), Audi AG, Suzuki Motor Corporation, Ford Motor Company, and Honda Motor Company, among others.
Analyst Review
The global alternative fuel vehicles market is being driven by the stringent government regulations against air pollution, growing expansion of the transportation industry, and rapid advancements in the automotive infrastructure. Aided by the increasing inclination towards cleaner sources of energy due to the increasing environmental consciousness, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 11.6%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on fuel type, the market is segmented into compressed natural gas (CNG), hydrogen, and electric, among others. On the basis of vehicle type, the market is divided into passenger vehicles, light commercial vehicles, and medium and heavy-duty commercial vehicles. The major regional markets for alternative fuel vehicles are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Tesla, Inc., Bayerische Motoren Werke AG (BMW), Audi AG, Suzuki Motor Corporation, Ford Motor Company, and Honda Motor Company, 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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