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Air Powered Vehicle Market to Garner $8.69 Billion by 2035: Allied Market Research

Increase in awareness about environmentally friendly vehicles among people across the globe, rise in fuel prices, increase in traffic congestion among densely populated region in several countries, and prevalence of stringent government norms and emission standards to reduce carbon footprints are expected to drive the growth of the global air powered vehicle market. Closure of various manufacturing facilities, drop in automotive sales, reduction in workforce, and other supply chain challenges during the pandemic had a negative impact on the market.

/EIN News/ -- Portland, OR, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global air powered vehicle market to generate $339.4 million in 2025, and is projected to reach $8.69 billion by 2035, registering a CAGR of 38.3% from 2025 to 2035. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Air Powered Vehicle Industry Report Coverage & Details:

Report Coverage Details
Forecast Period 2025­–2035
Base Year 2025
Market Size in 2025 $339.4 million
Market Size in 2035 $8.68 billion
CAGR 38.3%
No. of Pages in Report 343
Segments Covered Product type, vehicle type, range, top speed, and region
Drivers Increase in the standard of living
Increase in awareness about environmentally friendly vehicles among people across the globe
Opportunities Rise in fuel prices
Prevalence of stringent government norms and emission standards to reduce carbon footprints
Restrains Increasing adoption of battery electric vehicles (BEVs) & hybrid electric vehicles (HEVs)
Low speed of vehicles

COVID-19 Scenario:

  • The outbreak of COVID-19 has had a negative impact on the growth of the global air powered vehicle, owing to the occurrence of lockdowns in various countries around the world, which led to the closure of various manufacturing facilities, including the automotive sector, which adversely impacted the growth of the market. In addition, there was a considerable drop in automobile sales during the pandemic, which further added to the impact.
  • Furthermore, shortage of raw materials due to ban on import and export of items further aggravated the impact on the market.
  • These restrictions were imposed by the government to limit the spread of the virus during the pandemic.
  • However, the market is expected to recoup soon with rise in fuel prices and growing environmental concerns.

The report offers detailed segmentation of the global air powered vehicle market based on product type, vehicle type, range, top speed, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and the highest revenue generation that is mentioned in the report.

Based on vehicle type, the passenger vehicle segment to occupy the largest market share in 2025, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The commercial vehicle segment, on the other hand, is expected to cite the fastest CAGR of 41.0% during the forecast period.

Based on product type, the single energy mode segment to occupy the largest market share in 2025, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The dual energy mode segment, on the other hand, is expected to cite the fastest CAGR of 39.6% during the forecast period.

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Based on range, the more than 200km segment to occupy the largest market share in 2025, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The 100-200km segment, on the other hand, is expected to cite the fastest CAGR of 41.5% during the forecast period.

Based on region, the market across the Asia-Pacific region to occupy the largest market share in 2025, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 44.3% during the forecast period.

The key players analyzed in the global air powered vehicle market report include AB Volvo, Audi AG, Ballard Power Systems, BMW AG, Engineair Pty Ltd, General Motors, Honda Motor Co., Ltd., Hyundai Motor Company, Man SE, Mercedes-Benz Group AG, Motor Development International SA, Peugeot S.A., Phinergy, Suzuki Motor Corporation, Tata Motors, Toyota Motor Corporation, and Volkswagen AG.

The report analyzes these key players in the global air powered vehicle market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market. 

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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