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Alternative fuel vehicles (AFV) market is expected to reach USD 954.78 Billion by 2028, according to a new report by Reports and Data.

NEW YORK, NY, UNITED STATE, October 27, 2021 /EINPresswire.com/ -- The global Alternative Fuel Vehicle (AFV) Market is expected to reach USD 791.23 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the rise of fuel-efficient vehicles and depletion in the number of oil reserves.

Traditional fuels sources, including petroleum, is said to be depleting, since these fuels are typically not renewable, due to which there is a possibility that a day would come when the demand for these fuels may be more than their supply, creating a considerable world crisis. Also, the majority of oil fields (situated in the Middle East) in the world are associated with both economic and political problems. Determining a new method or solution for finding different countries to create new fuels would reduce the unrest and conflict resulting from the world’s dependence on fuel supply.

The high initial costs involved in the manufacturing of the alternative fuel market may hinder the growth of the market.

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Further key findings from the report suggest

The market is segmented on the basis of fuel type into gaseous fuels, electric, biofuel, biodiesel, fuel cell, liquid nitrogen, and dimethyl ether. Dimethyl Ether segment accounted for over USD 63.42 billion in 2018 and is forecasted to grow at the highest rate of 12.1% during the forecast period.
Rising consumer preferences and growing environmental concerns shift for less hazardous and improved quality is likely to increase the growth of the overall dimethyl ether segment. Also, the compound’s clear burning property is the primary factor likely to drive the market.
The market is segmented on the basis of vehicle type into electric two-wheeler, passenger cars, and commercial vehicle. The passenger cars dominate the segment in 2018 and is forecasted to have a CAGR of 8.7%, during the forecast period, due to the rising demand of hatchback, sedans, multi-utility vehicles (MUV), sports utility vehicles (SUV), and electric cars (battery electric vehicle (BEV) and hybrid electric vehicle (HEV)).
The market is segmented on the basis of end users into private fleets, government vehicles, industrial transportation, and domestic user’s vehicle. The government vehicles formed the largest share of about 31.2% of the market in 2018. This is majorly due to government investments and stringent regulations laid for environmental benefits.
The market is segmented on the basis of application into transportation, chemical, agricultural, industrial and others. The transportation segment is forecasted to witness the highest growth with a CAGR of 12.0%, during the forecast period, closely followed by the industrial applications. The demand for commercial and passenger alternative fuel vehicles will fuel the demand in the transportation application segment.
The market is segmented on the basis of geography into North America, Europe, Asia Pacific, Latin America, and North America, particularly The U.S., dominates the market throughout the forecast period with a CAGR of 9.6%, due to stringent laws imposed in the region. Moreover, the major focus of the region is to reduce the import dependency on fuels.
Key participants include Geely, Volvo, Jaguar Land Rover Limited, Ford Motor Company, Hyundai Motor Company, Toyota Motor Corporation, Mercedes-Benz, Gree, Honda Motor Co., Ltd., Wuliangye, Nissan Motor Co., Ltd., BYD Company Limited, Shell International B.V., Honda Motor Co., Ltd., Daimler AG, and Mitsubishi Motors, among others.
The companies have adopted various strategies including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.

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For the purpose of this report, Reports and Data have segmented global Alternative fuel vehicle (AFV) Market on the basis of fuel type, vehicle type, application, end user, and region:

Fuel type Outlook (Revenue, USD Billion; 2018-2026)

Gaseous fuels
LPG
CNG
LNG
Electric
Biofuel
Biodiesel
Fuel Cell
Liquid Nitrogen
Dimethyl Ether

Vehicle type Outlook (Revenue, USD Billion; 2018-2026)

Electric Two wheeler
Passenger cars
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Alternative Fuel
Commercial Vehicle

End users Outlook (Revenue, USD Billion; 2018-2026)

Government Vehicles
Private Fleets
Industrial Transportation
Domestic User’s Vehicle

Application Outlook (Revenue, USD Billion; 2018-2026)

Transportation
Chemical
Agricultural
Industrial
Others

Regional Outlook (Revenue, USD Billion; 2018-2026)

North America
U.S.
Europe
Germany
UK
Asia Pacific
China
India
South-east Asia
Latin America
Brazil
MEA

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Table of Content:

Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2016 – 2026
Chapter 3. Indicative metrics
3.1. Emergence of hybrid vehicles
3.2. Increasing concerns relating to pollution globally
3.3. Depleting ozone layer due to global warming
Chapter 4. Alternative fuel vehicle (AFV) Segmentation & Impact Analysis
4.1. Alternative fuel vehicle (AFV) Segmentation Analysis
4.2. Alternative fuel vehicle (AFV) Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Alternative fuel vehicle (AFV) Market Impact Analysis
4.4.1. Market driver analysis
4.4.1.1. Rise of fuel-efficient vehicles
4.4.1.2. Depletion in the number of oil reserves
4.4.1.3. Need to reduce import dependency among the countries
4.4.1.4. Stringent government regulations against pollution and global warming
4.4.2. Market restraint analysis
4.4.2.1. High manufacturing costs
4.4.2.2. High fuel costs
4.5. Key opportunities prioritized
4.6. Alternative fuel vehicle (AFV) Pricing Analysis
4.7. Industry analysis - Porter's
4.8. Alternative fuel vehicle (AFV) PESTEL Analysis...

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Reports and Data 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 analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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