Published on : Jan 08, 2021
Making use of alternative fuel options in vehicles betters the quality of air and diminishes the emission of greenhouse gases. On the other hand, conventional fuels such as diesel and petrol are costly and a leading cause of environmental pollution. Vehicles utilizing alternative option of fuel come with certain advantages over the traditional fuel driven vehicles, which is why the global alternative energy vehicles market is expected to observe considerable growth in the years to come.
Electric and propane-based fuel, biodiesel are some of the most common types of engines that are utilized in the vehicles running on alternative or hybrid fuel. Biodiesel is a renewable source of fuel and its properties are quite similar to that of petroleum diesel. Biodiesel offer a much cleaner substitute of petroleum diesel and comes with less emission in comparison with other traditional fuel options. Ethanol is produced from materials that are plant based. Materials such as corn and agro-waste substances are mixed with gasoline so as to use it as an alternative fuel solution for vehicle. Environment friendliness of alternative vehicles are expected to foster growth of the global alternative energy vehicles market in the years to come.
The global alternative energy vehicles market is marked with the presence of many market players. Toyota Motor Corporation, Honda Motor Co., Ltd., Ford Motor Company, Nissan Motor Co., Ltd, Shell International B.V., and Jaguar Land Rover Limited are some of the prominent players in the global alternative energy vehicles market.
Support from the Governments to Play Important Role in Growth of the North America Market
The global alternative energy vehicles market has been categorized broadly into the five key territories of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The need for territory-based segmentation lies in the importance of an in-depth assessment of the regional markets over the years of projection.
North America is likely to observe moderate growth in alternative fuel vehicle market. The government in the U.S. government has come up with new plans that would support the use and sales of alternative fuel-based vehicles such as trucks and cars that operate on natural gas and hydrogen. The government in the US is offering tax credits for vehicles with advanced technology. This factor is expected to propel growth of the alternative energy vehicles market in North America.
The Asia Pacific is one of the prominent and rapidly growing territories in the global alternative energy vehicles market. A rising number of policies together with regulatory support for the adoption of environment friendly, cleaner fuel alternatives are expected foster growth of the market in Asia Pacific. In addition to that, augmented adoption of technologically advanced, high-end emission systems for the vehicles by several countries in the region is likely to bolster growth of the alternative energy vehicles market in Asia Pacific.
Growing Awareness about Adverse Effects of Conventional Fuels on Environment to Bolster Demand
The global alternative energy vehicles market is primarily driven by the growing diversification of the automobile industry. Following the dominance of internal combustion engines for several years, the automobile is all set to embrace new fuel options that cater to the varying needs of today’s population.
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Rising awareness about the environmental hazards that conventional fuels are capable of unleashing has led to consumers demanding for cleaner fuels options for various modes of transportation. This shift in consumer demand is expected to support growth of the global alternative energy vehicles market in the years to come.
Increased availability of various types of models such as plug-in battery and hybrid electric models are increasing. Augmented availability of electric vehicles together with recharging points in both private and public outlets is expected to support growth of the global alternative energy vehicles market in near future.