Alternative Fuel Vehicle (AFV) Market Overview, Cost Structure Analysis and Forecast to 2028

05th Aug 2020 – The global Alternative Fuel Vehicle (AFV) Market is anticipated to grow at a significant rate during the forecast period. Alternative fuel constitutes a large market on an international level. CNG, NGV, Ethanol, LPG and others are some types of alternative fuel for vehicles. Biodiesel is a common form of diesel fuel produced from animal fats, vegetables or restaurant greases. Advantages in using biodiesel as a vehicle fuel leads in producing less air pollutants, produces low smoke and safe to handle.

 

On the other hand, fuel cell vehicles (FCV) somehow depict battery-operated vehicle model. The only difference between battery operated model and fuel cell vehicle is, FCVs can create their own electricity while installed in the vehicle using a chemical process between air and hydrogen. FCVs can also be fuelled with hydrogen gas for storing in high-pressure tanks and also blended with ethanol, methanol, natural gas and gasoline.

 

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Alternative fuel vehicle market is driven by leading potential in upcoming years due to rising vehicle pollution and environmental degradation. The market is significantly driven by greater adoption of alternative fuel vehicle (AFV) owing to stringent emission norms to lessen the carbon footprint. Also, the rise in commercial and government fleet management is now relying on effective fuel management systems in order to optimise the fuel cost and budget. Urbanization is a big factor in shaping the market growth followed by eco-friendly initiatives under the public-private partnership model.

 

Alternative fuel vehicle (AFV) market is segmented by type into gaseous and electric. Gaseous segment is categorised as LPG, LNG and CNG. By vehicle type, market is segmented as hybrid electric vehicle and passenger cars. Passenger car segment accounts for a greater market share in the forecast period.

 

Leading players of Alternative Fuel Vehicle (AFV) including:

  • BMW Group
  • Ford Motor Company
  • Tesla Motors, Inc.
  • Toyota Motor Corporation
  • General Motors
  • Daimler AG
  • Honda Motor Co., Ltd.
  • Hyundai Motor Company
  • Nissan Motor Company Ltd
  • Groupe Renault

 

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Geographical segmentation for alternative fuel vehicle (AFV) industry spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America and Europe market is anticipated to grow at a significant rate in the forecast period owing to fuel replacement initiatives.

Asia-Pacific regions are likely to grow at a significant rate due to change in vehicle emission norms and international regulations. Europe market is anticipated to rise at higher CAGR during the forecast period due to use of eco-friendly fuel, low traffic and positive initiatives.

 

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