According to a new report published by Allied Market Research, titled, “Alternative Fuel and Hybrid Vehicle Market,” The alternative fuel and hybrid vehicle market was valued at $352.0 billion in 2020, and is estimated to reach $7,976.0 billion by 2030, growing at a CAGR of 34.5% from 2021 to 2030.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 – (220 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/1741
In recent years, different countries have started to adopt electric vehicles across the globe to meet their emission standards. Global sale of electric car reached 3 million in 2020, with an increase of 40% from 2019. The global electric car stock reached 10 million in 2020, of which, battery electric vehicles accounted for two-thirds of the global electric car fleet. Europe experienced a significant increase in electric car registrations in 2020. The implementation of 2020 corporate average CO2 emissions standards in European Union, purchase subsidies, and favourable cash-for-clunker schemes contributed significantly to higher EV sales in 2020 despite the pandemic.
Drivers, restraints, and opportunities
Growth in prices of fossil fuels, surge in adoption of clean mobility solutions, and strict government norms for emission control coupled with supportive government policies have boosted the growth of the global alternative fuel and hybrid vehicle market. However, low fuel economy & performance associated with alternative fuel vehicles and dearth of infrastructure to support alternative fuel vehicles hinder the market growth. On the contrary, advancements in charging infrastructure, technological developments, and electrification of public fleet are expected to open new opportunities in the future.
The battery electric vehicles segment to manifest the highest CAGR through 2030
By fuel type, the battery electric vehicles segment is estimated to register the highest CAGR of 36.6% during the forecast period, as these vehicles are expected to have lower emissions at relatively lower costs. However, the hybrid vehicles segment dominated the global alternative fuel and hybrid vehicle market in terms of revenue in 2020, contributing to more than two-fifths of the market, due to rise in environmental concerns and strict emission norms implemented by governments and environmental agencies.
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The passenger cars segment held the largest share
By vehicle type, the passenger cars segment held the largest share in 2020, contributing to more than four-fifths of the global alternative fuel and hybrid vehicle market, owing to rise in adoption of clean mobility solutions, development of charging infrastructure, and proactive government initiatives. However, the heavy commercial vehicles segment is estimated to register the highest CAGR of 39.1% during the forecast period, owing to rise in demand for zero emission vehicles and surge in demand for better and efficient heavy commercial vehicle.
Europe, followed by Asia-Pacific and North America, to showcase the highest CAGR by 2030
By region, the market across Europe, followed by Asia-Pacific and North America, is projected to portray the highest CAGR of 35.7% during the forecast period, due to high adoption rates of smart mobility solutions, surge in fuel prices, and government regulations supporting adoption of alternative fuel and hybrid vehicles. However, the global alternative fuel and hybrid vehicle market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market, due to high disposable income, surge in prevalence of safety protocols, and increase in environmental concerns.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/alternative-fuel-and-hybrid-vehicle-market/purchase-options
Major market players
- BMW Group
- Honda Motor Co., Ltd
- Ford Motor Company
- Mitsubishi Motors Corporation
- Mercedes-Benz Group AG
- Tesla, Inc.
- Nissan Motor Co., Ltd
- Volkswagen AG
- Toyota Motor Corporation
- BYD Company Ltd.
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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