Global Alternative Fuel and Hybrid Vehicle Market expected to reach $819 billion by 2024
Global Alternative Fuel And Hybrid Vehicle Market Trends, Estimation and Forecast | 2024
(EMAILWIRE.COM, February 06, 2018 ) Alternative fuel and hybrid vehicle market was valued at $318 billion in 2016 and is expected to reach $819 billion by 2024, having a CAGR of 12.8% during the forecast period of 2017 to 2024. The passenger car segment garnered the highest revenue share in the global alternative fuel and hybrid vehicle market.
Browse details of 162 pages research report developed on Global Alternative Fuel And Hybrid Vehicle Market @ https://www.researchcosmos.com/reports/global-alternative-fuel-and-hybrid-vehicle-market-trends-estimation-and-forecast-2024/162548146
Alternative fuel and hybrid vehicles (AFHV) are vehicles that run on fuels other than conventional types such as gasoline and diesel. The depletion of oil reserve at an alarming rate has given rise to the adoption of these vehicles across the globe. In addition, the emission of less harmful compounds such as oxides of carbon, nitrogen, and sulfur from these vehicles make them eco-friendly. Moreover, electric vehicles use electricity as their power source, in which electric energy is stored in the vehicular batteries and can be recharged at charging stations. On the other hand, hybrid vehicles use both conventional and alternative fuels as a source of power. Passengers can actually switch between these two powers while driving as per their feasibility and usage. The electricity based vehicle provides an attractive prospect by offering easily chargeable and noiseless urban transportation. In 2016, the total sale of electric drive vehicles in US alone stood at 5, 04,060 units.
Market Determinants
The world AFHV market has witnessed healthy growth in the recent years due to increase in demand for fuel-efficient vehicles, stringent government laws & regulations toward vehicle emission, and increase in public charging infrastructure. Technological advancements in alternative fuel vehicles and proactive government initiatives such as investment in electric and hybrid buses for public transit are propelling the market growth. Such a scenario represents both a challenge and an opportunity to capitalize on new vehicle technologies, and in the process, reap substantial economic development benefits. However, high costs of fuel, lack of awareness and high initial cost of infrastructure act as the major obstacles in the growth of the market. On the other hand, advancement in alternative fuel technologies, increasing interest in eco-friendly vehicles and upsurge in government initiatives are expected to create huge opportunities for the growth of market in the coming years.
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Market Segmentation
The alternative fuel and hybrid vehicles market is segmented on the basis of alternative fuel type, vehicle type and geography. By alternative fuel type, the market is segmented into gaseous fuels, electric and others. On the basis of vehicle type, the market is segmented as two wheelers, passenger cars, and commercial vehicles. Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is the largest AFHV market in terms of revenue. However, North America and Europe are expected to witness the fastest growth with a CAGR of 15% during the forecast period of 2017-2024.
Some prominent market players are Toyota Motor Corporation, Tesla Motors, AUDI AG, BMW Group, General Motors, Ford Motor Company, Honda Motor Co., Ltd., BYD Company Limited, Daimler AG, and Zero Motorcycles, Inc. Mahindra & Mahindra (M&M) and Ford Motor Company inked a pact to explore a strategic alliance covering areas like product development, electric vehicles and distribution in India and abroad. Under the agreement, teams from both companies would collaborate and work together for up to 3 years to leverage benefits of Ford's global reach and expertise and Mahindra's scale in India.
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GLOBAL ALTERNATIVE FUEL AND HYBRID VEHICLE MARKET SEGMENTATION
By Alternative fuel type
Gaseous (LPG, CNG, and LNG)
Electric
Others (Biofuel, Biodiesel, Fuel Cell, Liquid Nitrogen, and Dimethyl Ether)
By Vehicle type
Two Wheelers
Passenger Cars
Battery Electric Passenger Cars
Hybrid Electric Passenger Cars
Alternative Fuel Passenger Cars
Commercial Vehicles
Battery Electric Commercial Vehicles
Hybrid Electric Commercial Vehicles
Alternative Fuel Commercial Vehicles
By Geography
North America
U.S
Canada
Mexico
Europe
U.K
Germany
The Netherlands
Norway
France
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of APAC
Rest of the World
Latin America
Middle East
Africa
KEY MARKET PLAYERS
Toyota Motor Corporation
Tesla Motors
AUDI AG
BMW Group
General Motors
Ford Motor Company
Honda Motor Co., Ltd.
BYD Company Limited
Daimler AG
Zero Motorcycles, Inc.
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About Research Cosmos:
Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. Were associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
Contact Us:
Kevin Stewart
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Research Cosmos
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kevin@researchcosmos.com
# +1 888 709 8757
Browse details of 162 pages research report developed on Global Alternative Fuel And Hybrid Vehicle Market @ https://www.researchcosmos.com/reports/global-alternative-fuel-and-hybrid-vehicle-market-trends-estimation-and-forecast-2024/162548146
Alternative fuel and hybrid vehicles (AFHV) are vehicles that run on fuels other than conventional types such as gasoline and diesel. The depletion of oil reserve at an alarming rate has given rise to the adoption of these vehicles across the globe. In addition, the emission of less harmful compounds such as oxides of carbon, nitrogen, and sulfur from these vehicles make them eco-friendly. Moreover, electric vehicles use electricity as their power source, in which electric energy is stored in the vehicular batteries and can be recharged at charging stations. On the other hand, hybrid vehicles use both conventional and alternative fuels as a source of power. Passengers can actually switch between these two powers while driving as per their feasibility and usage. The electricity based vehicle provides an attractive prospect by offering easily chargeable and noiseless urban transportation. In 2016, the total sale of electric drive vehicles in US alone stood at 5, 04,060 units.
Market Determinants
The world AFHV market has witnessed healthy growth in the recent years due to increase in demand for fuel-efficient vehicles, stringent government laws & regulations toward vehicle emission, and increase in public charging infrastructure. Technological advancements in alternative fuel vehicles and proactive government initiatives such as investment in electric and hybrid buses for public transit are propelling the market growth. Such a scenario represents both a challenge and an opportunity to capitalize on new vehicle technologies, and in the process, reap substantial economic development benefits. However, high costs of fuel, lack of awareness and high initial cost of infrastructure act as the major obstacles in the growth of the market. On the other hand, advancement in alternative fuel technologies, increasing interest in eco-friendly vehicles and upsurge in government initiatives are expected to create huge opportunities for the growth of market in the coming years.
Avail Sample Market Brochure of the report for more information to evaluate report usefulness, Get a Copy @ https://www.researchcosmos.com/request/162548146
Market Segmentation
The alternative fuel and hybrid vehicles market is segmented on the basis of alternative fuel type, vehicle type and geography. By alternative fuel type, the market is segmented into gaseous fuels, electric and others. On the basis of vehicle type, the market is segmented as two wheelers, passenger cars, and commercial vehicles. Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is the largest AFHV market in terms of revenue. However, North America and Europe are expected to witness the fastest growth with a CAGR of 15% during the forecast period of 2017-2024.
Some prominent market players are Toyota Motor Corporation, Tesla Motors, AUDI AG, BMW Group, General Motors, Ford Motor Company, Honda Motor Co., Ltd., BYD Company Limited, Daimler AG, and Zero Motorcycles, Inc. Mahindra & Mahindra (M&M) and Ford Motor Company inked a pact to explore a strategic alliance covering areas like product development, electric vehicles and distribution in India and abroad. Under the agreement, teams from both companies would collaborate and work together for up to 3 years to leverage benefits of Ford's global reach and expertise and Mahindra's scale in India.
Got some questions, Inquire @ https://www.researchcosmos.com/inquire/162548146
GLOBAL ALTERNATIVE FUEL AND HYBRID VEHICLE MARKET SEGMENTATION
By Alternative fuel type
Gaseous (LPG, CNG, and LNG)
Electric
Others (Biofuel, Biodiesel, Fuel Cell, Liquid Nitrogen, and Dimethyl Ether)
By Vehicle type
Two Wheelers
Passenger Cars
Battery Electric Passenger Cars
Hybrid Electric Passenger Cars
Alternative Fuel Passenger Cars
Commercial Vehicles
Battery Electric Commercial Vehicles
Hybrid Electric Commercial Vehicles
Alternative Fuel Commercial Vehicles
By Geography
North America
U.S
Canada
Mexico
Europe
U.K
Germany
The Netherlands
Norway
France
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of APAC
Rest of the World
Latin America
Middle East
Africa
KEY MARKET PLAYERS
Toyota Motor Corporation
Tesla Motors
AUDI AG
BMW Group
General Motors
Ford Motor Company
Honda Motor Co., Ltd.
BYD Company Limited
Daimler AG
Zero Motorcycles, Inc.
Buy this report @ https://www.researchcosmos.com/buynow/162548146
About Research Cosmos:
Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. Were associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
Contact Us:
Kevin Stewart
Sales Manager
Research Cosmos
www.researchcosmos.com
kevin@researchcosmos.com
# +1 888 709 8757
Contact Information:
Research Cosmos
Kevin
Tel: +1 888 709 8757
Email us
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Research Cosmos
Kevin
Tel: +1 888 709 8757
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results