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Alternative Fuel Vehicles (AFV) Market Trends

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

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Alternative Fuel Vehicles Market Trends

Diversity in alternative fuels in the AFV industry is an evolving trend due to advancements in various fuel sources. Innovations in hydrogen fuel-cell technology, natural gas, and biofuels are broadening options beyond traditional gasoline & diesel. These advancements address environmental concerns and offer diverse solutions, catering to different vehicle types & driving patterns. The development and acceptance of these alternative fuels mark a significant shift toward sustainability, encouraging the growth of varied eco-friendly transportation options.

Partnerships & collaborations between automotive manufacturers, tech firms, and various industries are accelerating advancements in AFVs. These collaborative efforts combine expertise, resources, and innovative technology to develop more efficient, eco-friendly vehicles. By leveraging diverse knowledge bases and resources, these collaborations boost the evolution of AFV technology, fostering breakthroughs in electric cars, hydrogen fuel cells, and other eco-friendly solutions. This synergy fosters rapid innovation, enhancing market offerings and accessibility for consumers.

For instance, in November 2023, KG Mobility entered into an agreement with BYD, a global EV leader, at BYD's Shenzhen, China headquarters. This collaboration involves the advancement of EV technology and market endeavors.

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.