Alternative Fuel Vehicles Market Is Expected To Grow 1341.57 billion by 2030 At A CAGR Of 12.3% Over Forecast Period 2022-2030

Alternative Fuel Vehicles refers to motor vehicles that run on alternative fuel such as hydrogen powered fuel cells rather than conventional petroleum fuel.

The Global Alternative Fuel Vehicles (AFVs) Market Size is expected to be worth USD 478.83 million in 2021. The market is estimated to reach up to USD 1341.57 billion by 2030, at a compound annual growth rate (CAGR) of 12.3% during the forecast period. Several factors responsible for industry growth include the global decline in oil reserves and the rise in fossil fuel prices.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭@ https://www.extrapolate.com/sample/Automotive/alternative-fuel-vehicles-market/26026

Alternative fuel vehicles are motor vehicles such as cars or bikes which can be powered by alternative fuels rather than traditional fuels. Alternative fuels are basically utilized in internal combustion engines instead of gasoline and diesel. Some of the alternative fuels are biofuels such as biodiesel and ethanol, CNG, biogas, LPG, fuel cells, hydrogen gas, electricity, and solar batteries.

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞 𝐓𝐨 𝐈𝐧𝐯𝐞𝐬𝐭 𝐈𝐧 𝐓𝐡𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐀𝐧𝐝 𝐇𝐲𝐛𝐫𝐢𝐝 𝐅𝐥𝐞𝐞𝐭 𝐅𝐨𝐫 𝐓𝐡𝐞 𝐏𝐮𝐛𝐥𝐢𝐜 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐒𝐲𝐬𝐭𝐞𝐦 𝐓𝐨 𝐏𝐫𝐨𝐩𝐞𝐥 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐅𝐮𝐞𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The growth of the alternative fuel industry is driven by several factors including the increasing cost of fossil fuels in many nations around the world as well as emphasis on the expansion of clean mobility solutions. Along with this, to minimize the dependency on fossil fuels, governments of developed as well as developing countries are encouraging their population to opt for alternative fuel vehicles such as electric cars by providing various tax benefits and subsidies.

Another growth attribute responsible for the elevation of this market is government initiatives to invest in the electric and hybrid vehicles for public transportation system in order to reduce carbon emissions and is also enhancing the global alternative fuel market value. Additionally, focus on developing better public charging infrastructure is also beneficial for the expansion of alternative fuel vehicles.

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐓𝐨 𝐈𝐧𝐯𝐞𝐬𝐭 𝐇𝐞𝐚𝐯𝐢𝐥𝐲 𝐈𝐧 𝐑&𝐃 𝐀𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬 𝐅𝐨𝐫 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐎𝐟 𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐅𝐮𝐞𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬

Prominent players in the global alternative fuel vehicles market are focusing on investing heavily in research and development activities to develop advanced alternative fuel vehicles. In addition to this, company Mergers, acquisitions, and joint ventures can provide assistance to key players in order to expand their global presence.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂@ https://www.extrapolate.com/Automotive/alternative-fuel-vehicles-market/26026

𝐊𝐞𝐲 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐨𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐅𝐮𝐞𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:
-Honda Motor Co., Ltd.
-Toyota Motor Corporation
-Nissan Motor Corporation
-Daimler AG
-Tesla
-BYD Company Ltd.
-Ford Motor Company
-MITSUBISHI MOTORS CORPORATION.
-SHELL International B.V.
-JAGUAR LAND ROVER AUTOMOTIVE PLC

𝐑𝐞𝐜𝐞𝐧𝐭 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬

● In 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.

𝐑𝐢𝐬𝐢𝐧𝐠 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐎𝐟 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐈𝐬 𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐓𝐨 𝐃𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐌𝐚𝐣𝐨𝐫 𝐒𝐡𝐚𝐫𝐞 𝐎𝐟 𝐓𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐅𝐮𝐞𝐥𝐬 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The global alternative fuel vehicle market is mainly segmented into fuel type and vehicle type. Segmentation on the basis of the alternative fuel type, the market is further categorized into BEV, HEV, PHEV, FCV, CNG, Biofuels, and Other Gaseous Fuels. Among these, BEV i.e Battery Electric Vehicles is expected to dominate the market owing to the rising adoption of battery electric vehicles to reduce carbon footprint.

On the basis of vehicle type, the market is segmented into Passenger Cars, Light Commercial Vehicles, and Medium & Heavy-duty Commercial Vehicles. The passenger cars segment is witnessing high growth rate and is expected to dominate the alternative fuels vehicle market in forthcoming years. It includes several types of vehicles such as SUV cars, sedans, electric cars and hybrid electric cars among others.

𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐑𝐞𝐩𝐨𝐫𝐭@ https://www.extrapolate.com/enquire/Automotive/alternative-fuel-vehicles-market/26026

𝐖𝐢𝐭𝐡 𝐒𝐭𝐫𝐢𝐜𝐭 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐅𝐨𝐫 𝐄𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 𝐈𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐛𝐢𝐥𝐞𝐬 𝐓𝐡𝐞 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐈𝐬 𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐓𝐨 𝐃𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐓𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐅𝐮𝐞𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The regional segmentation of the global alternative fuel vehicles market points that the north america region is expected to dominate the market share owing to the strict regulation for emission control in this region. This significant growth is a result of a number of 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, the Asia Pacific region is anticipated to witness fast paced developments in the alternative fuel vehicles market. Growth attributes favorable for this industry includes expansion of alternative fuel stations as well as public charging infrastructure.

𝐓𝐀𝐁𝐋𝐄 𝐎𝐅 𝐂𝐎𝐍𝐓𝐄𝐍𝐓𝐒:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Alternative Fuel Vehicles Market
Chapter 5. Global Alternative Fuel Vehicles Market Overview, By Vehicle Type, 2017 - 2030(USD Million)
Chapter 6. Global Alternative Fuel Vehicles Market Overview, By Fuel Type, 2017 - 2030(USD Million)
Chapter 7. Global Alternative Fuel Vehicles Market Overview, By Geography, 2017 - 2030(USD Million)
Chapter 8. North America Alternative Fuel Vehicles Market Overview, By Countries, 2017 - 2030(USD Million)
Chapter 9. Europe Alternative Fuel Vehicles Market Overview, By Countries, 2017 - 2030(USD Million)
Chapter 10. Asia Pacific Alternative Fuel Vehicles Market Overview, By Countries, 2017 - 2030 (USD Million)
....Continued

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:
Extrapolate
Phone: (+1) 888 328 2189
E-mail: talk@extrapolate.com
Website: https://www.extrapolate.com
Blog: https://www.extrapolate.com/blog

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
Extrapolate bridges the gaps in information with the latest reports published across industries and geographies, covering minute details to put the power of decision-making in your hands. Our focus is to help our partners grow with the power of Insight.

In a connected world, merely being informed is not enough, the speed of information dissemination is a crucial determinant of success. Our team of dedicated subject matter experts and research specialists deep dive into the most complex markets and produce insights that will help shape the way your business moves forward. Our research process harnesses the latest in technology and the best SMEs to build relevant reports that can future-proof your business.

This release was published on openPR.