DUBLIN--(BUSINESS WIRE)--The "Alternative Fuel Vehicle Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024" report has been added to ResearchAndMarkets.com's offering.
The report on global alternative fuel vehicle market provides qualitative and quantitative analysis for the period of 2016 to 2024. The report predicts the global alternative fuel vehicle market to grow with a CAGR of 13.2% over the forecast period of 2018-2024.
The study on alternative fuel vehicle market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific and RoW for the period of 2016 to 2024.
Technological advancement and positive initiatives taken by the government such as investment in electric buses for public transport are driving the growth of the alternative fuel vehicle market. Additionally, increasing availability of plugin vehicles and battery electric modules is further anticipated to fuel the market over the forecast period.
However, high cost in production of alternative fuel is likely to hamper the growth of the alternative fuel market. On the other hand, high initial cost of infrastructure is anticipated to have negative impact for the growth of the market.
Furthermore, rapid decrease in oil reserves and development of well-organized alternative fuel has been supporting the adoption of alternative fuel vehicles across the globe. Moreover, these alternative fuel vehicles produce very less carbon related compounds such as oxides of carbon and nitrogen that makes an eco-friendly alternative in the automotive industry.
Using alternative fuel in vehicles improves air quality and reduces the emission of greenhouse gases. This in turn is expected to provide huge opportunities for the key players in the alternative fuel vehicle's market.
Asia Pacific is the leading region due to high number of vehicles. Moreover, adoption of cleaner fuels and increasing number of regulatory policies are primarily driving the Asian countries in the alternative fuel vehicle market. However, the alternative demand for fuel vehicles in the in Europe exhibits significant demand in the automotive industry.
- Tata Motors
- Nissan Motor corporation
- Volkswagen AG
- Ford Motor Company
- BMW Group
- Tesla Motors
- AUDI AG
- Toyota Motor Corporation
- General Motors
- Honda Motor Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/research/w5s9sx/global?w=4