Press release
Alternative Fuel Market Poised for Strong Growth Amid Rising Fuel Prices and Demand for Clean Mobility Solutions
Alternative Fuel Market
Alternative fuels are energy sources derived from options other than petroleum and include natural gas, biodiesel, ethanol, and hydrogen. These fuels are gaining traction across various industries including transportation, agriculture, chemicals, and electricity generation, due to their cleaner-burning nature and potential to reduce greenhouse gas (GHG) emissions.
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One of the key drivers of market growth is the rising cost of fossil fuels, prompting industries to invest in alternative options that can reduce operational costs and environmental impact in the long term. Additionally, technological advancements and research investments by manufacturers are helping to improve the availability and affordability of alternative fuels.
A recent collaboration between Neste and Scania highlights innovation in this space. On February 10, 2023, the companies tested a digital solution that tracks and verifies renewable fuel usage in trucks. This system provides accurate data on emissions and supports fleet operators in making more sustainable decisions.
However, the report also outlines some challenges. High production costs, limited infrastructure, and complex manufacturing processes continue to slow down the widespread adoption of alternative fuels. Some of these fuels are still more expensive than fossil fuels, making it harder for certain regions or industries to make the switch.
Market Segment Highlights
By Type:
The natural gas segment held the largest share of the global alternative fuel market in 2022. Natural gas is in high demand for electricity generation and heating due to its efficiency and lower emissions. Its use also supports solar energy systems, enhancing their performance and visibility.
By Vehicle Type:
Passenger cars dominated the market due to increasing population and demand for affordable, fuel-efficient transportation. These vehicles offer lower maintenance and are more suited for clean mobility solutions like electric or biofuel-powered cars. Data from the European Automobile Manufacturers' Association shows that although 18% of new car sales in the EU were electric or hybrid in 2021, they still only account for 1.1% of cars on the road.
By Application:
Electricity generation was the leading application area in 2022. Alternative fuels are widely used in power plants and residential buildings, reducing reliance on fossil fuels while supporting the growing demand for cleaner energy sources.
By End-Use:
The transportation sector is expected to register the fastest growth during the forecast period. As cities grow and mobility demands increase, clean-burning fuels like biodiesel and hydrogen are being adopted for vehicles and public transport systems. These fuels contribute to reduced emissions, greater energy efficiency, and longer engine life.
Alternative Fuel Market Top Companies and Competitive Landscape
The global alternative fuel market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective alternative fuel.
Some of the major companies included in the global alternative fuel market report are:
Tesla
BMW Group
Mercedes Benz Group AG
Ford Motor Company
Honda Motor Co. Ltd
Nissan Motor Co. Ltd
ADM
Chevron
Cosan
INEOS
Mitshubishi Motors
Tata Motors
Audi AG
Toyota Motor Corporation
Hyundai Motor Company
General Motors
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Alternative Fuel Market Latest Industry Updates
On June 22, 2023, Mitsubishi Corporation (MC) announced the establishment of Eneco Diamond Hydrogen B.V. to develop green hydrogen and related renewable energy in Europe. Eneco Diamond Hydrogen is a joint venture between MC and its subsidiary N.V. Eneco, an integrated energy company also headquartered in Rotterdam.
On 9 May 2023, Ford announced three-year hydrogen fuel cell project. Ford has been at the forefront of research into hydrogen's potential as an on-board energy source for its popular E-Transit. The project will determine whether hydrogen fuel cell technology can provide greater zero-emissions range for customers transporting heavy-duty electronics traveling high distances with maximum payload, ancillary equipment such as cooling and limited charging opportunities during the shift.
Alternative Fuel Market Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented global alternative fuel market on the basis of type, vehicle type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Natural Gas
Biodiesel
Ethanol
Hydrogen
Others
Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
Passenger Cars
Commercial Vehicles
Two Wheelers
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Electricity Generation
Geothermal Energy
Solar Energy
Wind energy
Cooking
Others
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Transportation
Chemical
Agricultural
Industrial
Others
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Coverage of the Alternative Fuel Market:
Insightful information regarding the global Alternative Fuel market
Identification of growth in various segments and sub-segments of the Alternative Fuel market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision-making process through the availability of the drivers and limitations
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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