Alternative Fuel Vehicle Market To Record Massive Growth, Revenue To Surge To US$592.30 Billion Bn By 2022
With the presence of a large pool of participants, the global alternative fuel vehicle market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Jaguar Land Rover Limited, Mitsubishi Motors, Shell International B.V., Toyota Motor Corporation, and BYD Company Limited are some of the key vendors of alternative fuel vehicle across the world. These players across alternative fuel vehicle market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the alternative fuel vehicle market study.
In a major boost the alternative fuel vehicle business, on August 16, 2018, the Clean Communities of Western New York (Buffalo) inaugurated the 2018 Alternative Fuels Ride & Drive and Expo in association with Propane Education & Research Council. The strategic move is aimed at promoting clean & cost-effective fuel solution for school transportation and fleet operator transport needs.
In another event, recently, China Association of Automobile Manufacturers declared that the country’s alternative fuel vehicles production & sales doubled during the first seven months of 2018 as compared to the same span last year.
As estimated in this report, the global alternative fuel vehicle market stood at US$ 255.01 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in alternative fuel vehicle market is expected to reach US$ 592.30 billion by the end of the forecast period. The main types available in alternative fuel vehicle market are gaseous fuels, liquid nitrogen, electric, and biofuels.
Growing Trend Towards Environmental Protection To Boost Market Growth
“Rise in demand for eco-friendly fuels along with strict legislations controlling fuel emissions & air quality is anticipated to boost the growth of alternative fuel vehicle market over the coming years,” says the author of this study. Apart from this, a swift depletion of crude oil reserves and other fuels is anticipated to enhance the application of the product over the next few years. In addition to this, oscillation in the crude oil costs and availability of cleaner alternative in the form of renewable fuel such as biodiesel with low fuel emitting features is likely to spur the alternative fuel vehicle market demand in the forthcoming period.
Increase in the installation costs as well as product costs, however, are anticipated to hinder the progression of alternative fuel vehicle market over the years to come.
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Strict Legislations Pertaining To Fuel Emissions To Support Regional Growth
Regionally, North America has been leading the worldwide alternative fuel vehicle market and is anticipated to continue on the dominant position in the years to come, states the alternative fuel vehicle market study. The strict legislations pertaining to vehicular emission control in countries such as the U.S. is the main factor behind the dominance of the North America alternative fuel vehicle market. The countries such as the U.S. in North America are offering various incentives to the customers to boost the sale of alternative fuel. Thereby further supporting the growth of the alternative fuel vehicle market in the region.