Alternative Fuel And Hybrid Vehicle Market By Alternative Fuel Type (Gaseous, Electric), By Vehicle Type (Two Wheelers, Passenger Cars, Battery Electric Passenger Cars, Hybrid Electric Passenger Cars, Alternative Fuel Passenger Cars, Commercial Vehicles), Industry Trends, Estimation & Forecast, 2016 - 2024

September 2017

 Pages: 162

 ERC 5626


Alternative Fuel and Hybrid Vehicle Market was valued at $318 billion in 2016 and is expected to reach $819 billion by 2024, having a CAGR of 12.8% during the forecast period of 2017 to 2024. The passenger car segment garnered the highest revenue share in the global alternative fuel and hybrid vehicle market.

Vehicles that use fuels other than conventional fuels such as gasoline and diesel are called as Alternative fuel and hybrid vehicles. Emerging depletion of conventional oil and gas reserves at an alarming rate has stimulated the adoption of these vehicles all over the globe. Moreover, the emission of less harmful compounds such as oxides of carbon, nitrogen, and sulfur from these vehicles has made them eco-friendly. In addition to this, some of these vehicles use electricity as their power source. The electric energy is stored in the vehicular batteries and can be recharged at charging stations. Further, the hybrid vehicles are capable of using both conventional and alternative fuels as a source of power. The driver can actually switch between these two power modes while driving as per the requirement. The electricity based vehicles have emerged out as a lucrative technology by offering easy chargeability and noiseless urban transportation. As per a survey, in 2016, the total sales of electric drive vehicles in US alone stood at 5, 04,060 units.

Market Determinants

The global AFHV market has exhibited a rapid growth in the recent years as a result of increased demand for fuel-efficient vehicles, stringent government laws & regulations regarding vehicle emission, and improved in public charging infrastructure. Technological improvisations in alternative fuel vehicles and favorable government initiatives such as high investment in electric and hybrid buses for public transit are boosting the market growth. However, fluctuating cost of fuel, lack of awareness and high initial cost of infrastructure might act as some major restraints to the growth. On the other hand, advancement in alternative fuel technologies, increasing interest in eco-friendly vehicles and continuously increasing government initiatives are expected to create huge opportunities for the growth of market in the near future.

Market Segmentation

The alternative fuel and hybrid vehicles market is bifurcated on the basis of alternative fuel type, vehicle type and geography. By alternative fuel type, the market is categorized into gaseous fuels, electric and others. On the basis of vehicle type, the market is segmented as two wheelers, passenger cars, and commercial vehicles. Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is the largest AFHV market in terms of revenue. However, North America and Europe are expected to witness the fastest growth with a CAGR of 15% during the forecast period of 2017-2024.


Alternative Fuel And Hybrid Vehicle Market

Some major market players are Toyota Motor Corporation, Tesla Motors, AUDI AG, BMW Group, General Motors, Ford Motor Company, Honda Motor Co., Ltd., BYD Company Limited, Daimler AG, and Zero Motorcycles, Inc. Mahindra & Mahindra (M&M) and Ford Motor Company inked a pact to explore a strategic alliance covering areas like product development, electric vehicles and distribution in India and abroad. Under the agreement, teams from both companies would collaborate and work together for up to 3 years to leverage benefits of Ford's global reach and expertise and Mahindra's scale in India.


By Alternative Fuel Type

   • Gaseous (LPG, CNG, and LNG)
   • Electric
   • Others (Biofuel, Biodiesel, Fuel Cell, Liquid Nitrogen, and Dimethyl Ether)

By Vehicle Type

   • Two Wheelers
   • Passenger Cars
             o Battery Electric Passenger Cars
             o Hybrid Electric Passenger Cars
             o Alternative Fuel Passenger Cars
   • Commercial Vehicles
             o Battery Electric Commercial Vehicles
             o Hybrid Electric Commercial Vehicles
             o Alternative Fuel Commercial Vehicles

By Geography

   North America
             • U.S
             • Canada
             • Mexico
             • U.K
             • Germany
             • The Netherlands
             • Norway
             • France
             • Rest of Europe
             • India
             • China
             • Japan
             • South Korea
             • Rest of APAC
   Rest of the World
             • Latin America
             • Middle East
             • Africa


• Toyota Motor Corporation
• Tesla Motors
• BMW Group
• General Motors
• Ford Motor Company
• Honda Motor Co., Ltd.
• BYD Company Limited
• Daimler AG
• Zero Motorcycles, Inc.

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    What Information does this report contain?

    • What was the market size of the Alternative Fuel And Hybrid Vehicle Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions, and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the Alternative Fuel And Hybrid Vehicle Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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