Alternative Fuel and Hybrid Vehicle Market size to Hit USD 7,976.0 Bn, Globally, by 2030 Accelerating at 34.5% Compound Annual Growth Rate (CAGR)

Allied Market Research recently published a report, titled, "Alternative Fuel and Hybrid Vehicle Market 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): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global alternative fuel and hybrid vehicle industry was pegged at $352.0 billion in 2020, and is estimated to reach $7,976.0 billion by 2030, growing at a CAGR of 34.5% from 2021 to 2030.

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In recent years, different countries have started to adopt electric vehicles across the globe to meet their emission standards. Global sale of electric car reached 3 million in 2020, with an increase of 40% from 2019. The global electric car stock reached 10 million in 2020, of which, battery electric vehicles accounted for two-thirds of the global electric car fleet. Europe experienced a significant increase in electric car registrations in 2020. The implementation of 2020 corporate average CO2 emissions standards in European Union, purchase subsidies, and favourable cash-for-clunker schemes contributed significantly to higher EV sales in 2020 despite the pandemic.

Asia-Pacific is expected to dominate the alternative fuel and hybrid vehicle market owing to supportive government policies for adoption of alternative fuel and hybrid vehicles. Moreover, Asia-Pacific offers lucrative opportunities for developing low cost fuel efficient automobiles and alternate fuel public charging infrastructure.

The significant factors impacting the growth of the alternative fuel and hybrid vehicle industry include decrease in oil reserves across the globe, growth in prices of fossil fuels, increase in adoption of clean mobility solutions, stringent government norms for emission control, and growth in supportive government policies to promote adoption of alternative fuel vehicles. Moreover, low fuel economy & performance associated with alternative fuel vehicles, and lack of infrastructure to support alternative fuel vehicles are factors that hamper the market growth. Development of charging infrastructure, electrification of public fleet, and technological advancements are expected to offer growth opportunities during the forecast period.

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Major market players

BMW Group
Honda Motor Co., Ltd
Ford Motor Company
Mitsubishi Motors Corporation
Mercedes-Benz Group AG
Tesla, Inc.
Nissan Motor Co., Ltd
Volkswagen AG
Toyota Motor Corporation
BYD Company Ltd.

The battery electric vehicles segment to manifest the highest CAGR through 2030

By fuel type, the battery electric vehicles segment is estimated to register the highest CAGR of 36.6% during the forecast period, as these vehicles are expected to have lower emissions at relatively lower costs. However, the hybrid vehicles segment dominated the global alternative fuel and hybrid vehicle market in terms of revenue in 2020, contributing to more than two-fifths of the market, due to rise in environmental concerns and strict emission norms implemented by governments and environmental agencies.

The passenger cars segment held the largest share

By vehicle type, the passenger cars segment held the largest share in 2020, contributing to more than four-fifths of the global alternative fuel and hybrid vehicle market, owing to rise in adoption of clean mobility solutions, development of charging infrastructure, and proactive government initiatives. However, the heavy commercial vehicles segment is estimated to register the highest CAGR of 39.1% during the forecast period, owing to rise in demand for zero emission vehicles and surge in demand for better and efficient heavy commercial vehicle.

By region, the market across Europe, followed by Asia-Pacific and North America, is projected to portray the highest CAGR of 35.7% during the forecast period, due to high adoption rates of smart mobility solutions, surge in fuel prices, and government regulations supporting adoption of alternative fuel and hybrid vehicles. However, the global alternative fuel and hybrid vehicle market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market, due to high disposable income, surge in prevalence of safety protocols, and increase in environmental concerns.

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Covid-19 scenario:

The Covid-19 pandemic led to disrupted supply chain, halt in production of vehicles, and decline in sales of passenger cars across the globe.
Government-enforced lockdown decreased the production and resulted in reduced demand for alternative vehicles.
However, as the world is recovering from the pandemic, the sales of electric cars is expected to increase.

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