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Alternative Fuel Vehicles (AFV) Market Analysis

  • Report ID: GMI7360
  • Published Date: Nov 2023
  • Report Format: PDF

Alternative Fuel Vehicles Market Analysis

Alternative Fuel Vehicles (AFV) Market, By Fuel Type, 2021 – 2032, (USD Billion)

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Based on fuel type, the electric segment is poised to expand at 9% CAGR during the forecast period, due to increasing environmental consciousness and technological advancements. With rising concerns over emissions, improved battery technology, expanded charging infrastructure & government incentives, EVs are gaining momentum. Consumers are shifting toward electric options, prompting automakers to invest in EV production, thereby enhancing their presence in the market.

Alternative Fuel Vehicles (AFV) Market Share, By Vehicle Type, 2022

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Based on vehicle type, the alternative fuel vehicles market size from passenger cars segment dominated around USD 400 billion in 2022, owing to increased consumer interest in eco-friendly transportation. Advancements in electric and hybrid vehicle technology are particularly contributing to this growth. With expanding charging infrastructure, government support, and a shift in consumer preferences toward cleaner energy, passenger cars, especially electric & hybrid models, are expected to gain prominence, thereby contributing significantly to market expansion.

China Alternative Fuel Vehicles (AFV) Market Revenue, 2021 -2032, (USD Billion)

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Asia Pacific alternative fuel vehicles market accounted for 60% of revenue share in 2022, attributed to heightened environmental concerns and government support. According to the Invest India report, India has 8,738 operational public EV charging stations and 847,439 electric vehicles registered until August 2023. Rapid urbanization, increasing disposable incomes, and a focus on reducing emissions are fueling consumer interest in AFVs. With extensive investments in charging infrastructure and EV manufacturing, along with supportive policies, the region is set to witness robust growth, fostering a substantial increase in AFV adoption.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of alternative fuel vehicles (AFV) reached USD 634.5 billion in revenue in 2022 and is set to expand at over 10% CAGR from 2023 to 2032, owing to the increasing government investments in electric battery technology worldwide.

The passenger cars segment generated more than USD 400 billion in revenue in 2022, driven by the rising consumer interest in eco-friendly transportation coupled with the advancements in electric and hybrid vehicle technology.

Asia Pacific market accounted for more than 60% of the revenue share in 2022, attributed to the rising environmental concerns and government support.

Some of the top alternative fuel vehicle companies are BYD Company Limited, Hyundai Motor Company, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Tesla, Inc., Kia Corporation, Nissan Motor Corporation, Toyota, and Volkswagen Group.

Alternative Fuel Vehicles Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 242
  • Countries covered: 19
  • Pages: 246
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