According to the latest report by IMARC Group “Alternative Fuel and Hybrid Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global alternative fuel and hybrid vehicle market size reached US$ 524 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,356 Billion by 2028, exhibiting a growth rate (CAGR) of 35.7% during 2023-2028.
Alternative fuel and hybrid vehicle refer to a vehicle that operates on alternative fuels as compared to conventional fuels, such as diesel, petrol, and gasoline. They rely on biofuels, biogas, compressed natural gas (CNG), liquefied petroleum gas (LPG), hydrogen gas, fuel cells, electricity, and solar batteries. They are widely available as passenger cars and light and heavy commercial vehicles. They offer better fuel economy without decreasing performance while reducing the dependence on fossil fuels and lowering carbon dioxide (CO2) emissions in the environment.
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Alternative Fuel and Hybrid Vehicle Market Trends:
At present, the increasing development of charging infrastructure around the world represents one of the key factors contributing to the market growth. Besides this, the growing demand for alternative fuel and hybrid vehicles due to inflating prices of fossil fuels across the globe is offering a positive market outlook. Apart from this, the rising consumer preferences for alternative fuel and hybrid vehicles due to increasing environmental concerns worldwide is offering lucrative growth opportunities to industry investors. Moreover, governing agencies of various countries are encouraging the adoption of alternative fuel and hybrid vehicles by offering various schemes and incentives to consumers. Furthermore, key players are introducing hydrogen-powered defender dual-cell vehicle prototypes, which is strengthening the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Fuel Type Insights:
- Hybrid Vehicles
- Plugin Hybrid Vehicles
- Battery Electric Vehicles
- Others
Vehicle Type Insights:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Vehicle Class Insights:
- Economical Vehicles
- Mid-priced Vehicles
- Luxury Vehicles
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape:
- Bayerische Motoren Werke AG
- BYD Company Ltd.
- Ford Motor Company
- Mercedes-benz Group AG
- Mitsubishi Motors Corporation
- Tesla Inc.
- Toyota Motor Corporation
- Volkswagen AG
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