• John Watson

Global Alternative Fuel Vehicles Market Size to grow by US$ 1341.57 Bn in 2030

Global Alternative Fuel Vehicles Market Size is expected to be worth USD 478.83 million in 2021 and is estimated to reach up to USD 1341.57 billion by 2030, at a compound annual growth rate (CAGR) of 12.3% from 2022 to 2030.


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Alternative fuel vehicles (AFVs) use fuels besides common ones like gasoline and diesel. These alternative fuels include hydrogen gas, fuel cells, LPG, biogas, ethanol, and biodiesel as well as biofuels like electricity and solar batteries.


It is anticipated that switching automakers from producing conventional vehicles to emission-free vehicles will open up lucrative opportunities for the growth of the alternative fuel vehicle market. By offering future clean mobility solutions, automakers can seize the early revenue growth opportunities.


Additionally, the emergence of alternative fuel or pure electric vehicle producers like Tesla Inc. is anticipated to have an impact on the market in the years to come. Additionally, rising consumer demand for emission-free automobiles spurs producers to boost and expand their capacity to produce alternatively powered vehicles (AFVs).


In addition, with the great recovery of the automobile industry, AFVs such as natural gas vehicles may have eye-catching expansion. For instance, it is anticipated that the public sector budget will be destroyed in the wake of the Covid19 pandemic. Therefore, the government would find it difficult to defend spending hundreds of billions of dollars on EV subsidies that would result in subsidy reductions. The demand for natural gas automobiles is also predicted to increase in the coming years due to diminishing subsidies.


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Urban air quality is deteriorating, global warming is becoming worse, and pollution levels are rising. As a result, governments all over the world are enacting a number of stringent laws to cut down on vehicular carbon emissions. In order to limit the emissions of pollutants from automobile exhaust, the government set a variety of emission standards for the manufacturers. Over the course of the forecast period, laws and government initiatives to invest in electric and hybrid fleets for the public transportation system are expected to fuel market expansion.


The cost of fossil fuels is increasing in a number of nations around the world. Due to a number of circumstances, including limited Russian gas supplies, severe weather, low storage levels, and carbon pricing, Europe saw a spike in gas prices in 2021. When a future mobility solution, alternative fuel vehicles are used as the cost of fossil fuels rises. Additionally, cars powered by fossil fuels release toxic gases and raise pollution levels. Alternative fuel vehicles are an effective mobility solution with minimal running costs because they don't produce dangerous gases or CO2 emissions. Therefore, an increase in the cost of fossil fuels is anticipated to result in a rise in the use of alternative fuels and hybrid vehicles throughout the forecast period.


North America is expected to dominate the market share of the global alternative fuel vehicles market owing to the strict regulation for emission control in automotive. The benefits of alternative fuels have been supported by some rules put in place by institutions like the alternative fuels data center and the U.S. government to regulate vehicle emissions and fuel imports. However, Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. India, China, South Korea, Japan, and other nations are part of the Asia-Pacific area. Additionally, over the course of the forecast period, the use of cleaner fuels and an increase in regulatory regulations will be the key drivers of regional growth.


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KEY INDUSTRY DEVELOPMENTS:


June 2021- Jaguar Land Rover will create a prototype hydrogen-powered Defender fuel cell vehicle. An announcement regarding the creation of a defense fuel cell prototype fueled by hydrogen was made by Jaguar Land Rover Automotive PLC. In 2021, the business will begin testing hydrogen fuel cell electric vehicles (FCEV). The initiative is a component of the company's goal to reach carbon emissions zero across the supply chain, operations, products, and services by 2039 and zero tailpipe emissions by 2036.


October 2020- To create a joint venture for the development of commercial battery electric vehicles, BYD and Hino will sign a contract. A joint venture agreement was struck by Hino Motors, Ltd. (Hino) and BYD Company Ltd. to create a new business for the development of commercial BEVs.


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