Air Powered Vehicle Market To Expand with Significant CAGR During 2021-2031
The global air powered vehicle market valued at US$ 32.4 Mn in 2020
It is estimated to expand at a CAGR of 59% from 2021 to 2031
The global air powered vehicle market is expected to exceed the value of US$ 5.3 Bn by the end of 2031
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Favorable Advantages of Air Powered Vehicles Steering Market Growth
Air powered vehicles are a breakthrough innovation in the global automotive industry. Since the global air powered vehicle market is positioned to expand at an astonishing rate, automotive giants are bullish on investments in this sector. One of the major advantages of air powered vehicles is low to no pollution in the environment, as these cars run on compressed air.
Automotive companies are joining forces to invest in the engineering of air powered vehicles. They are innovating in compressed air engines to enable mass production of air powered vehicles. Companies are increasing R&D in innovative, full hybrid petrol solutions that combines the environmental advantages of compressed air, and performance of a petrol engine without using electricity.
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High Risk-High Reward Concept to Gain Prominence Post COVID-19 Period
Experts in the air powered vehicle market are operating from the mindset of high risk-high reward concept to establish long-term revenue opportunities throughout the assessment period post the coronavirus outbreak. Automotive companies are taking data-driven decisions before investing in new technologies or new manufacturing techniques to make optimum use of their financial budgets. Predictive analysis for ever-evolving demands of individuals is another strategy to tackle volatility in demand and supply trends.
Companies in the air powered vehicle market are bullish on investments in robotics such as deployment of collaborative robots (cobots) and automation technologies to gain a competitive edge over other automotive giants. Apart from being the first at introducing technologies, automotive companies are striving to maintain their global rankings to expand their revenue streams.
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Can Electric Vehicles Stifle Sales of Air Powered Vehicles in Future?
Similar to autonomous vehicles, air powered vehicle are anticipated to face challenges in testing programs. Hence, there is a need for standardization of regulations to introduce several air powered vehicles in the market. Thus, automotive companies should actively participate in forming regulatory policies for the testing of air powered vehicles before making inroads in new regions.
On the other hand, companies in the air powered vehicle market are facing a stiff competition with the sales of electric vehicles (EVs). Thus, the degree of safety, comfort, technology, and emissions is emerging as differentiating factors that will decide which class of vehicles will be mass adopted by the common people.
Custom-designed Air Powered Vehicles Helping to Reduce Environmental Pollution
Companies in the air powered vehicle market are developing single fuel engines that rely solely upon compressed air and are ideal only for urban areas. This is evident since the demand for emission-free vehicles is higher in urban cities and developing towns. The single energy mode air powered vehicle employs only compressed air as a power source.
Whereas, innovations in a duel fuel version uses compressed air and a combustible fuel engine. Rising disposable incomes and living standards of individuals in Asia Pacific is contributing to the market expansion. Increasing awareness among the population about the dangerous hazards posed by vehicles running on fossil fuels for both the environment and the human health holds promising possibilities for growing adoption of air powered passenger cars.
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OEMs and Aftermarkets to be Crucial in Upcoming Decade
An increasing number of OEMs and stakeholders in aftermarkets are anticipated to play a key role in the growth of the air powered vehicle market, since manufacturing of storage tanks and pressure gauges among other components is crucial. Manufacturers in the air powered vehicle market are increasing output capacities in plastic piping systems and compressed air engines to support mass production of robust cars.
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