LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive flex fuel engine market to grow at a CAGR of close to 6% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive flex fuel engine market into the following engine capacities, including compact-size, mid-size, and full-size and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the low dependence on import oil as a key factor contributing to the growth of the global automotive flex fuel engine market:
Low dependence on import oil
Import of oil is a key expenditure for a country's economy. Higher imports of oil may determine a country's progress as most of the funds are locked into importing oil. Therefore, countries with limited oil reserves are constantly working towards reducing oil consumption and increasing the use of domestic alternative fuel. A major adaptor of the petroleum products is the automotive industry. The growing adoption of vehicles directly impacts oil consumption.
According to a senior analyst at Technavio for powertrain, “Several countries are driving the adoption of alternative fuel vehicles to control the consumption of oil. Countries such as the US and Brazil are the largest producers of ethanol due to the high corn and sugarcane production. These countries have adopted the flex fuel technology. This technology enables the vehicle to run on a blend of ethanol and gasoline. This technology has also aided in reducing the consumption of gasoline and allowed automotive OEMs to maintain the power and performance of the vehicles.”
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Global automotive flex fuel engine market segmentation
The Americas was the leading region for the global automotive flex fuel engine market in 2017, accounting for a market share of nearly 91%. The market share for this region is expected to witness a massive decline of nearly 5% by 2022. APAC and EMEA are expected to register positive growth in the market during the forecast period.
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