A Key Driver Transforming the Alternative Fuel Vehicles Market 2024: Escalating Fossil Fuel Prices Drives The Market
Alternative Fuel Vehicles Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—for a limited time only!
LONDON, GREATER LONDON, UNITED KINGDOM, December 18, 2024 /EINPresswire.com/ --
The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
The alternative fuel vehicles market size has grown rapidly and its growth is set to continue due to escalating demands. This market is expected to grow from $527.77 billion in 2023 to $628.58 billion in 2024, recording a Compound Annual Growth Rate CAGR of 19.1%. This significant growth in the historic period can be attributed to complex factors such as oil price volatility, rises in environmental awareness, escalating energy security concerns, infrastructural development, automaker investments, and innovation.
What Are the Projections for the Alternative Fuel Vehicles Global Market Size?
The alternative fuel vehicles market size is anticipated to witness a swift growth over the next few years. It is projected to expand to $1244.04 billion in 2028, showing a compound annual growth rate CAGR of 18.6%. The anticipated growth in the forecast period is driven by several factors such as consumer acceptance and preferences, global expansion and market penetration, market competitiveness and cost reduction, a surge in environmental concerns, and support from regulatory bodies. Dominant trends in the forecast period include the progression of hydrogen fuel cell technology, the evolution of biofuels and sustainable sources, boosted electric vehicle growth, stern regulatory push for low emissions, and the proliferation of charging infrastructure.
Gain an in-depth understanding of the alternative fuel vehicles market with a detailed sample report here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7108&type=smp
What Fuels the Growth of The Alternative Fuel Vehicle Market?
The escalating prices of fossil fuels are a significant factor propelling the growth of the alternative fuel vehicles market. Fossil fuels, referring to hydrocarbon-containing materials of biological origin found within the earth's crust, serve as a vital energy source. Considering the rising fuel prices, developing and underdeveloped countries are increasingly dependent on foreign countries for significant fossil fuel imports. This imposes a growing pressure on emerging economies, thereby enhancing the demand for the alternative fuel vehicles market. The result is an increase in adoption of vehicles using alternative fuels, such as CNG, hydrogen, and electric vehicles. For instance, in 2021, per the International Energy Agency, a France-based intergovernmental organization, the crude oil price rose from $20 per barrel in mid-2020 to approximately $70 per barrel in mid-2021, thus driving the alternative fuels vehicle market.
Access the full report for a broader understanding of the industry, it's trends and opportunities:
https://www.thebusinessresearchcompany.com/report/alternative-fuel-vehicles-global-market-report
Who Are The Major Businesses in the Alternative Fuel Vehicle 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., and Nissan Motor Co. Ltd. Others include 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., and Faraday Future Inc.
What is the Underlying Trend Shaping the Alternative Fuel Vehicle Market?
The key emerging trend is the rising adoption of clean mobility solutions to reduce emissions from fossil fuels. Vehicles running on alternative fuels such as CNG, hydrogen, and biofuels produce less carbon emissions compared to those using conventional fuels like petroleum and diesel. Consequently, due to mounting environmental concerns among consumers, governments worldwide are investing in clean mobility solutions through alternative fuel vehicles, driving the market growth.
How is the Alternative Fuel Vehicle Market Segmented?
The alternative fuel vehicles market outlined in this report is segmented as follows:
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
What Does the Regional Analysis Say About the Alternative Fuel Vehicle Market?
Asia-Pacific emerged as the largest region in the alternative fuel vehicle market in 2023. On a larger scale, the alternative fuel vehicles market report examines regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Browse Through More Similar Reports By The Business Research Company:
EV Battery Recycling Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/ev-battery-recycling-global-market-report
Automotive Relay Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/automotive-relay-global-market-report
Electric Cars Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/electric-cars-global-market-report
About The Business Research Company
Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn
Distribution channels: Automotive Industry, Business & Economy, Companies, International Organizations, World & Regional
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release