(MENAFN- GlobeNewsWire - Nasdaq) Dublin, June 06, 2024 (GLOBE NEWSWIRE) -- The "Global Alternative fuel and Hybrid Vehicle market by Fuel Type, Vehicle Type, Vehicle Class, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global alternative fuel and hybrid vehicle market size reached US$ 564.7 Billion in 2023 and is projected to reach US$ 6.11 trillion by 2032, exhibiting a growth rate (CAGR) of 30.30% during 2023-2032. The burgeoning automobile industry, rising greenhouse gas emissions, and the inflating prices of fossil fuels represent some of the key factors driving the market.
Alternative Fuel and Hybrid Vehicle Market Trends
At present, the rising sales of hybrid vehicles, along with the increasing demand for commercial electric vehicles (EVs) in the e-commerce sector for last-mile delivery operations, represent one of the key factors supporting the growth of the market. Besides this, there is an increase in the demand for electric-based vehicles with developed electrification systems providing various benefits, such as low carbon emissions, high fuel efficiency, and cost-effectiveness, across the globe. This, coupled with the thriving automobile industry, is currently strengthening the growth of the market.
In addition, the rising awareness among the masses about the benefits of using alternative fuel and hybrid vehicles to prevent greenhouse gas emissions and reduce air pollution is propelling the growth of the market. Moreover, governing agencies of various countries are presently implementing stringent regulations to achieve net zero emissions targets. They are also providing subsidies to increase the purchase of EVs, which is catalyzing the demand for alternative fuel and hybrid vehicles.
Apart from this, the growing demand for alternative fuel and hybrid vehicles due to the increasing prices of fossil fuels is positively influencing the market. Additionally, key manufacturers are introducing compressed natural gas (CNG) variants of various vehicles and a fuel cell prototype for hydrogen-powered cars, which is projected to bolster the growth of the market.
Key Market Segmentation
This report provides an analysis of the key trends in each segment of the global alternative fuel and hybrid vehicle market, along with forecasts at the global, regional, and country level from 2024-2032. The report has categorized the market based on fuel type, vehicle type, and vehicle class.
Fuel Type Insights: The report has provided a detailed breakup and analysis of the alternative fuel and hybrid vehicle market based on the fuel type. This includes hybrid vehicles, plugin hybrid vehicles, battery electric vehicles, and others. According to the report, battery electric vehicles represented the largest segment.
Vehicle Type Insights:
A detailed breakup and analysis of the alternative fuel and hybrid vehicle market based on the vehicle type has also been provided in the report. This includes passenger cars, light commercial vehicles, and heavy commercial vehicles. According to the report, passenger cars accounted for the largest market share.
Vehicle Class Insights:
A detailed breakup and analysis of the alternative fuel and hybrid vehicle market based on the vehicle class has also been provided in the report. This includes economical vehicles, mid-priced vehicles, and luxury vehicles. According to the report, luxury vehicles accounted for the largest market share.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, Asia Pacific was the largest market for alternative fuel and hybrid vehicle. Some of factors driving the Asia Pacific alternative fuel and hybrid vehicle market included the growing number of alternate fuel stations, increasing environmental concerns, rising adoption of cleaner fuels, etc.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global alternative fuel and hybrid vehicle market. Detailed profiles of all major companies have also been provided. Some of the companies include BMW, BYD, Ford Motor, Mercedes-benz, Mitsubishi Motors, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
How has the global alternative fuel and hybrid vehicle market performed so far and how will it perform in the coming years? What are the drivers, restraints, and opportunities in the global alternative fuel and hybrid vehicle market? What are the key regional markets? Which countries represent the most attractive alternative fuel and hybrid vehicle markets? What is the breakup of the market based on the fuel type? What is the breakup of the market based on the vehicle type? What is the breakup of the market based on the vehicle class? What is the competitive structure of the global alternative fuel and hybrid vehicle market? Who are the key players/companies in the global alternative fuel and hybrid vehicle market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 137 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $564.7 Billion |
| Forecasted Market Value (USD) by 2032 | $6110 Billion |
| Compound Annual Growth Rate | 30.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Alternative Fuel and Hybrid Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Fuel Type
6.1 Hybrid Vehicles
6.2 Plugin Hybrid Vehicles
6.3 Battery Electric Vehicles
6.4 Others
7 Market Breakup by Vehicle Type
7.1 Passenger Cars
7.2 Light Commercial Vehicles
7.3 Heavy Commercial Vehicles
8 Market Breakup by Vehicle Class
8.1 Economical Vehicles
8.2 Mid-priced Vehicles
8.3 Luxury Vehicles
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
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Global Alternative Fuel and Hybrid Vehicle Market
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