The global demand for Alternative Fuel and Hybrid Vehicle Market is presumed to reach the market size of nearly USD 2537.57 MN by 2028 from USD 302.58 MN in 2021 with a CAGR of 35.5% under the study period 2022 - 2028.
Alternative Fuel and Hybrid Vehicle (AFHV) run on fuels other than conventional ones. An Alternative fuel vehicle is powered by compressed natural gas, electricity, biofuel, biodiesel, fuel cell, liquid nitrogen, and dimethyl ether. Alternative fuel vehicles emit little to no CO2 and contribute to pollution reduction. On the other hand, hybrid vehicles use both conventional and alternative fuels as a power source. AFHV emits less harmful compounds such as carbon, nitrogen, and sulphur oxides as their exhaust, thus making AFHV eco-friendly.
Market Dynamics
The Alternative Fuel and Hybrid Vehicle market are expected to be driven by worldwide growing pollution levels and strict government norms to reduce them. Moreover, increasing demand for vehicles and increase in purchasing power of the people as their income levels have risen driven the growth of the AFHV market. Furthermore, the development of charging infrastructure, electrification of the public fleet, and technological advancements are expected to propel market growth. However, the high initial cost of vehicles, the low fuel economy and performance associated with alternative fuel vehicles, and the lack of infrastructure to support alternative fuel vehicles are expected to restrict the market growth.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of alternative fuel and hybrid vehicle. The growth and trends of alternative fuel and hybrid vehicle industry provide a holistic approach to this study.
Market Segmentation
This section of the alternative fuel and hybrid vehicle market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Fuel Type
- Hybrid Vehicles
- Plugin Hybrid Vehicles
- Battery Electric Vehicles
- Others (Gaseous Fuels, Biofuels)
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Vehicle Class
- Economical Vehicles
- Mid-Priced Vehicles
- Luxury Vehicles
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Alternative Fuel and Hybrid Vehicle market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Alternative Fuel and Hybrid Vehicle Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the alternative fuel and hybrid vehicle market include BMW Group, Ford Motor Company, Honda Motor Co., Ltd, Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Nissan Motor Co., Ltd, Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, BYD Company Ltd. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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