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Flex fuel Engine Market
OREGAON, PORTLAND, UNITED STATES , July 28, 2024 /EINPresswire / -- According to a recent report published by Allied market Research, titled,“Flex Fuel Engine Market by Fuel Type, Vehicle Type, and Blend Type: Global Opportunity Analysis and industry Forecast, 2020–2030,” The global flex fuel engine market was valued at $63.21 billion in 2020, and is projected to reach $105.11 billion by 2030, registering a CAGR of 5.6%.
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Flex-fuel engines are utilized to lower vehicle emissions, while reducing dependence on foreign oils. Flex-fuel engines come in a variety of shapes and sizes, as well as for a variety of blended fuel applications. Flex-fuel engines can run on a mix of gasoline and other fuels. The growth in commercial vehicle fleet, expansion in transportation infrastructure, tightened government regulations, and rise in global automobile production have all contributed to a significant increase in flex-fuel engine production in recent years.
Major market players
Cummins Inc.
Volkswagen AG
Ford Motor Company
General Motors Company
Fiat Chrysler Automobiles
Mitsubishi Motors Corporation
Honda Motor Co., Ltd.
Toyota Motor Corporation
Nissan Motor Co., Ltd.
AB Volvo
The factors, such as stringent environmental regulations, vehicle emission norms, and depleting fossil-fuel reserves are expected to drive the flex-fuel engine market. However, engine damage concerns, scarcity of flex-fuel stations, and development of electric & hybrid electric vehicles are the factors anticipated to restrict the growth of the market during the forecast period. Moreover, rise in adoption of sustainable automotive technologies and increased automotive performances on higher ethanol blends across the world are the factors projected to supplement the flex-fuel engine market's growth in the coming years.
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The gasoline segment dominated the market
By fuel type, the gasoline segment held the lion's share in 2020, accounting for more than four-fifths of the global flex fuel engine market . Moreover, the segment is estimated to register the highest CAGR of 5.7% during the forecast period, owing to rise in demand for low-cost sustainable automotive technologies across the globe. The report includes an analysis of the diesel segment.
The passenger vehicles segment to manifest the highest CAGR through 2030
By vehicle type, the passenger vehicles segment is projected to manifest the highest CAGR of 5.9% from 2020 to 2030. Moreover, the segment held the largest share in 2020, contributing to nearly two-thirds of the global flex fuel engine market, owing to rise in awareness about the growing pollution and global warming scenario. The report includes an analysis of the commercial vehicles segment.
North America held the largest share
By region, the global flex fuel engine market across North America dominated in terms of revenue in 2020, accounting for more than one-fourth of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 6.5% during the forecast period, owing to rise in government regulation to reduce vehicle emissions.
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Key Findings Of The Study
By fuel type, the gasoline segment is expected to register significant growth during the forecast period .
On the basis of vehicle type, the passenger vehicles segment is projected to lead the global market in terms of market share by the end of the forecast period.
Based on blend type, the above E85 segment is expected to register significant CAGR during the forecast period.
The rest of the world dominated the market in 2020, and is projected to lead the market growth and maintain its dominance in the global market.
Similar Reports We Have on Automotive Industry:
- Global Opportunity Analysis and Industry Forecast, 2014-2030.
- Global Opportunity Analysis and Industry Forecast, 2030-2040
- Global Opportunity Analysis and Industry Forecast, 2023-2032
David Correa
Allied Market Research
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