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)”
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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.
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