Press release
Alternative Fuel And Hybrid Vehicle Market revenue will reach $819 billion by 2024
As per the report "Alternative Fuel And Hybrid Vehicle Market, By Alternative fuel type, (Gaseous, Electric), By Vehicle type, (Two Wheelers, Passenger Cars, Battery Electric Passenger Cars, Hybrid Electric Passenger Cars, Alternative Fuel Passenger Cars, Commercial Vehicles), Estimation & forecast, 2016 - 2024." The global alternative fuel and hybrid vehicle (AFHV) market was valued at $318 billion in 2016, and is projected to reach $819 billion by 2024, growing at a CAGR of 12.8% from 2017 to 2024. In 2016, the passenger cars segment generated the highest revenue share in the global alternative fuel and hybrid vehicle market. Among major regions, Asia Pacific alternative fuel and hybrid vehicle market was the highest revenue generating market valued at $149 billion in 2016.“Research, development, and deployment (RD&D) and mass production prospects are leading to rapid battery cost declines and increase in energy density. Signs of continuous improvements from technologies currently being researched confirm that this trend will continue, narrowing down the cost competitiveness gap between EVs and internal combustion engines (ICEs)”
To know more about the report, visit at https://www.esticastresearch.com/market-reports/alternative-fuel-and-hybrid-vehicle-market
Governmental support pertaining to the use of electric fuel likely to boost the growth of the AFHV market
In 2016, electric fuel led the alternative fuel and hybrid vehicle market accounting for more than half of the market share. The AFHV market has witnessed healthy growth in the recent years due to increase in the demand for fuel-efficient vehicles, stringent government laws & regulations toward vehicle emission, and increase in public charging infrastructure. Technological advancements in alternative fuel vehicles and proactive government initiatives such as investment in electric and hybrid buses for public transit are propelling the market growth.
Passenger cars led the global alternative fuel and hybrid vehicle market in 2016
The passenger cars segment accounted for the major share of the global alternative fuel and hybrid vehicle market in 2016. China is a potential market as it has the maximum percentage of electric passenger vehicles. As per the Global EV Outlook 2015, China holds 230 million e-bikes, 83,000 e-cars, and 36,500 e-buses. Passenger cars comprise vehicles such as sedans, hatchback, sports utility vehicles (SUV), multi-utility vehicles (MUV), electric cars (battery electric vehicle (BEV), and hybrid electric vehicle (HEV).
Asia Pacific has the largest market share for alternative fuel and hybrid vehicle, owing to stringent government emission laws and regulations
Asia Pacific led the global alternative fuel and hybrid vehicle market by holding nearly half of the shares. It is expected to continue its dominance throughout the forecast period. Such growth in the market is attributed to the increase in public awareness toward fuel-efficient vehicles, increase in adoption of electric vehicles, and enforcement of laws & regulations by government authorities regarding vehicle emissions.
The leading market players in the AFHV market have focused on expanding their business operations in the fast-growing emerging countries of Asia Pacific. Plug Power Inc. is expanding its technology to Asia, where fuel cells are being incorporated into the long-term initiatives of several nations. In China, these markets represent near term opportunities superior than those in the United States.
ALTERNATIVE FUEL AND HYBRID VEHICLE MARKET KEY FINDINGS
• Electric segment led the overall market by holding more than half of the total market share, in 2016.
• Technological advancement in the AFHV sector is expected to boost the market growth in developing economies such as LAMEA and Asia-Pacific.
• In 2016, the passenger car segment accounted for a major share of the AFHV market and is expected to grow at a CAGR of 11.7%.
• The Asia-Pacific region led the global alternative fuel and hybrid vehicle market by holding nearly half of the total share.
Some prominent market players profiled in this report are Toyota Motor Corporation, Tesla Motors, AUDI AG, BMW Group, General Motors, Ford Motor Company, Honda Motor Co., Ltd., BYD Company Limited, Daimler AG, and Zero Motorcycles, Inc. Mahindra & Mahindra (M&M) and Ford Motor Company inked a pact to explore a strategic alliance covering areas like product development, electric vehicles and distribution in India and abroad. Under the agreement, teams from both companies would collaborate and work together for up to 3 years to leverage benefits of Ford's global reach and expertise and Mahindra's scale in India.
Esticast Research & Consulting is a research firm providing research reports on various industries with a unique combination of authenticity, extensive research, and infallibility. We provide syndicated market research reports, customization services, and consulting services to help businesses across the world in achieving their goals and overcoming complex challenges. We specialize in providing 360 degree view of the markets to assist clients in determining new opportunities and develop business strategies for the future with data and statistics on changing market dynamics. Esticast Research & Consulting has expert analysts and consultants with an ability to work in collaboration with clients to meet their business needs and give opportunities to thrive in a competitive world. A comprehensive analysis of industries ranging from healthcare to consumer goods and ICT to BFSI is provided by covering hundreds of industry segments. The research reports offering market forecasts, market entry strategies, and customer intelligence will help clients across the world in harnessing maximum value on their investment and realize their optimum potential.
410 State Route 57 East,#206, Washington, NJ 07882
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Alternative Fuel And Hybrid Vehicle Market revenue will reach $819 billion by 2024 here
News-ID: 780432 • Views: …
More Releases from Esticast Research & Consulting

Kitchen Appliances Market Revenue Will Reach $297.1 Billion By 2024, Says Estica …
Global Kitchen Appliances Report concentrates on the strong analysis of the present state of Kitchen Appliances industry which will help the readers to develop innovative strategies that will act as a catalyst for the overall growth of their industry. This research report segments the Kitchen Appliances industry according to Type, Application and regions. This thorough Kitchen Appliances Market analysis report incorporates shortly on these trends that may assist the companies…

Global Automotive Test Equipment Market Overview 2019 – Honeywell Internationa …
Automotive test equipment enables a manufacturer to verify if a vehicle adheres to the government safety standards, in order to ensure the safety of the passengers. These equipment are required for lubricant aeration, engine oil consumption, and measuring the engine wear, fuel dilution & evaporation.
Get Sample PDF of a Report at https://www.esticastresearch.com/market-reports/automotive-test-equipment-market/request-sample
Global Automotive Test Equipment market research report delivers an in depth study with present and future Opportunities to clarify…

Global IT Relocation Services Market 2019-2025 - Curvature, OPUS IT, IDM Works
Global IT Relocation Services Market research report is delivering key insights and providing a competitive advantage to clients through a detailed report. The IT Relocation Services report is helpful for new manufacturer entrants in the market are finding it hard to compete with the international vendors based on quality, reliability, and innovations in technology.
Ask Sample PDF of IT Relocation Services Market Report: https://www.esticastresearch.com/market-reports/it-relocation-services-market/request-sample
IT Relocation Services Market – Overview
The data associated…

Intelligent Virtual Assistant Market Analysis and in-Depth Research on Market Dy …
Global Intelligent Virtual Assistant Market research report is delivering key insights and providing a competitive advantage to clients through a detailed report. The Intelligent Virtual Assistant report is helpful for new manufacturer entrants in the market are finding it hard to compete with the international vendors based on quality, reliability, and innovations in technology.
Intelligent Virtual Assistant Market was valued at $1.1 billion in 2016 and is projected to reach $11.9…
More Releases for VEHICLE
Transformative Trends Impacting the Vehicle-to-Vehicle (V2V) Communication Marke …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
How Large Will the Vehicle-to-Vehicle (V2V) Communication Market Size By 2025?
The size of the vehicle-to-vehicle (V2V) communication market has seen significant expansion in the most recent years. The market is projected to surge from $24.28 billion in 2024 to $27.1 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.6%. The…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to the report published by Allied Market Research, the global electric vehicle motor market generated $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, witnessing a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific market. Moreover, various technological…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
According to a recent report published by Allied Market Research, titled,"Truck Platooning Market by Technology, Platooning Type, and Communication Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global truck platooning market size was valued at $500.9 million in 2017, and is projected to reach $4,590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025.
To Explore More, Download Sample Report: https://www.alliedmarketresearch.com/request-sample/5245
Global truck platooning market is segmented…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to a new report published by Allied Market Research, titled, "Electric Vehicle Motor Market," The global electric vehicle motor market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the…
Electric Vehicle Power Inverter Market : Hybrid Vehicle, Plug in Hybrid Vehicle, …
The electric vehicle power inverter market was valued at $8.67 billion in 2021, and is estimated to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.
Download Sample Report at https://www.alliedmarketresearch.com/request-sample/9122
Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission and…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025 by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I),…