Alternative Fuel Vehicles Global Market Report 2023
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LONDON, GREATER LONDON, UK, November 16, 2023 /EINPresswire.com/ — The global alternative fuel vehicles market, currently valued at $446.27 billion in 2022, is projected to achieve $536.79 billion in 2023, demonstrating a substantial Compound Annual Growth Rate (CAGR) of 20.3%. Despite the short-term challenges posed by the Russia-Ukraine conflict on the global economic recovery from the COVID-19 pandemic, the market is anticipated to experience robust growth, reaching an estimated valuation of $1125.24 billion by 2027. This growth trajectory is primarily driven by the escalating prices of fossil fuels, leading to a heightened demand for alternative fuel vehicles, such as those powered by CNG, hydrogen, and electric sources. The surging prices of fossil fuels have significantly influenced the global adoption of alternative fuel vehicles. With developing and underdeveloped
Key Players and Rising Adoption of Clean Mobility Solutions
Major players such as Ford Motor Company, Toyota Motor Corporation, and Nissan Motor Corporation are actively involved in the alternative fuel vehicles market, emphasizing the adoption of clean mobility solutions to mitigate emissions from fossil fuels. The reduced carbon emissions from vehicles powered by alternative fuels, such as CNG, hydrogen, biofuels, and biodiesel, have significantly attracted attention in the market. As environmental concerns continue to gain prominence among consumers, governments worldwide are increasingly focusing on embracing clean mobility solutions through the adoption of alternative fuel vehicles. Notably, the launch of a new CNG variant of the All-New Celerio by Maruti Suzuki India Limited in January 2022 and the development of a fuel cell prototype for a hydrogen-powered Land Rover Defender by Jaguar Land Rover Automotive PLC in June 2021 exemplify the industry’s commitment to reducing carbon emissions.
Explore the global alternative fuel vehicles market with a comprehensive sample report:
• Fuel Type: CNG, Hydrogen, Electric, Other Fuel Types
• Vehicle Type: Passenger Cars, Commercial Vehicle
• Application: Transportation, Chemical, Agricultural, Industrial, Other Applications
Geographical Insights: Asia-Pacific Leading Market Share
In 2022, Asia-Pacific emerged as the largest region in the alternative fuel vehicles market and is expected to maintain its leading position throughout the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
Access the complete report for an in-depth analysis of the global alternative fuel vehicles market:
Alternative Fuel Vehicles Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Alternative Fuel Vehicles Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on alternative fuel vehicles market size, alternative fuel vehicles market drivers and trends, alternative fuel vehicles market major players, alternative fuel vehicles market competitors’ revenues, market positioning, and alternative fuel vehicles market growth across geographies. The alternative fuel vehicles market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Global Alternative Fuel Vehicles Market Set to Reach $1125.24 Billion by 2027