Press release
Alternative Fuel Vehicles Market Growth to be Driven by Emerging Trends | $1418.45 Billion by 2029
Alternative Fuel Vehicles
What is the Projected Market Size of the Alternative Fuel Vehicles Industry?
In the last few years, the market size of alternative fuel vehicles has experienced tremendous growth. It is projected to expand from $620.62 billion in 2024 to $726.28 billion in 2025, with a compound annual growth rate (CAGR) of 17.0%. The historic period's growth can be traced back to factors like fluctuation in oil prices, increasing environmental consciousness, concerns over energy security, advancement in infrastructure, investments from automakers and advancements in innovation.
What Will Be the Size of the Alternative Fuel Vehicles Market by 2029?
The market size of alternative fuel vehicles is projected to witness a swift escalation in the upcoming years. It is predicted to attain a value of $1418.45 billion by the year 2029, growing at a compound annual growth rate (CAGR) of 18.2%. The anticipated growth in the forecast period is credited to factors such as customer acceptance and preferences, global outreach and market infiltration, competitive market scenario and cost curtailment, rising environmental awareness, and consistent regulatory backing. Key trends expected to shape the forecast period involve the evolution of hydrogen fuel cells, biofuels and renewable resources, the expansion of electric vehicles, regulatory initiatives for reduced emissions, and the growth of charging infrastructures.
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What Are the Key Drivers Accelerating Growth in the Alternative Fuel Vehicles Market?
The escalating costs of fossil fuels are predicted to drive the expansion of the alternative fuel vehicles market. Fossil fuels, containing hydrocarbons of biological origin found within the earth's crust, serve as a significant energy source. Due to inflating fuel prices, developing and underdeveloped nations rely heavily on foreign countries for fossil fuel imports, which not only puts pressure on emerging economies but also triggers increased demand for the alternative fuel vehicles market. This situation leads to an upsurge in the uptake of vehicles powered by alternative fuels such as CNG, hydrogen, and electric vehicles, among others. For example, a preliminary analysis of 2023 data by NASA, a US government agency, in March 2024, reveals a 1.1 percent increase in fossil fuel emissions compared to 2022, bringing total emissions to 36.8 billion metric tons of carbon dioxide. Consequently, the soaring prices of fossil fuels are fueling the growth of the alternative fuel vehicles market.
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How Is the Alternative Fuel Vehicles Market Segmented by Type, Application, and Region?
The alternative fuel vehicles market covered in this report is segmented -
1) By Fuel Type: CNG, Hydrogen, Electric, Other Fuel Types
2) By Vehicle Type: Passenger Cars, Commercial Vehicle
3) By Application: Transportation, Chemical, Agricultural, Industrial, Other Applications
Subsegments:
1) By CNG: Light-Duty CNG Vehicles, Heavy-Duty CNG Vehicles, CNG Buses, CNG Trucks
2) By Hydrogen: Hydrogen Fuel Cell Vehicles (FCVs), Hydrogen Buses, Hydrogen Trucks, Hydrogen Forklifts
3) By Electric: Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Electric Buses, Electric Trucks
4) By Other Fuel Types: Biodiesel Vehicles, Ethanol Vehicles, Propane (LPG) Vehicles, Renewable Diesel Vehicles
What Are the Key Trends Driving Growth in the Alternative Fuel Vehicles Market?
A significant trend in the alternative fuel vehicles market is the growing acceptance of clean mobility options aimed at reducing fossil fuel emissions. Vehicles powered by alternative fuels like CNG, hydrogen, biofuel, biodiesel, and more emit fewer carbon emissions than those fueled by petroleum and diesel. This, coupled with growing environmental concerns among consumers, is leading governments worldwide to favor clean mobility solutions through alternative fuel vehicles. For example, Maruti Suzuki India Limited, a prominent player in the alternative fuel vehicles market, launched a new CNG variant of the All-New Celerio in January 2022. This move is part of the company's push to enhance its green vehicle lineup in India. Similarly, Jaguar Land Rover Automotive PLC, a multinational company based in the UK that also operates in the alternative fuel vehicles market, developed a hydrogen-powered Land Rover Defender fuel cell prototype in June 2021. The company's objective is to attain zero tailpipe and carbon emissions across its products, supply chain, and operations with such launches.
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Who Are the Leading Companies Driving Growth in the Alternative Fuel Vehicles Market?
Major companies operating in the alternative fuel vehicles market include Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Mitsubishi Motors Corporation, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., BYD Auto Co. Ltd., BYD Company Limited, Zhejiang Geely Holding Group Co. Ltd, NIO Inc., Arrival Ltd., Xpeng Inc., Rivian Automotive Inc., Lucid Motors Inc., Faraday Future Inc., Proterra Inc., Karma Automotive LLC, Lordstown Motors Corp., Mahindra Electric Mobility Limited, Workhorse Group Inc., Canoo Inc., Bollinger Motors LLC, Lightning eMotors Inc., Arcimoto Inc., Fisker Inc., Atlis Motor Vehicles Inc., Aptera Motors Corp., ElectraMeccanica Vehicles Corp., Lion Electric Company, Elio Motors Inc., Nikola Corporation, Hino Motors Ltd., Tata Motors Limited, SAIC Motor Corporation Limited, Zhongtong Bus Holding Co. Ltd., Xiaopeng Motors, Volta Trucks Limited
Which Is the Leading Region in the Global Alternative Fuel Vehicles Market?
Asia-Pacific was the largest region in the alternative fuel vehicle market in 2024. The regions covered in the alternative fuel vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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