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Alternative Fuel Vehicles (AFV) Market Share

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

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Alternative Fuel Vehicles Market Share

Major companies operating in the alternative fuel vehicles (AFV) industry are:

BYD Company Limited
Ford Motor Company
General Motors Company
Honda Motor Co., Ltd.
Hyundai Motor Company
Kia Corporation
Nissan Motor Corporation
Tesla, Inc.
Toyota
Volkswagen Group

Toyota and BYD are the prominent companies in the market. Toyota's extensive experience in hybrid technology, like the Prius, and commitment to hydrogen fuel cell vehicles. Meanwhile, BYD's expertise in electric vehicle technology, battery innovation, and strong government support in China has propelled its prominence. Both companies' unique strategies and technological advancements contribute significantly to their strong presence in the AVF market.

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.