Why is the world not yet ready to use Alternative Fuels and Hybrid Vehicle?

Alternative Fuel and Hybrid Vehicle Market is expected to garner $614 billion by 2022, registering a CAGR of 12.9% during the forecast period 2016-2022. Alternative fuel and hybrid vehicles (AFHVs) run on fuels other than conventional fuels such as gasoline and diesel. The rapid decrease in oil reserves have fueled the adoption of AFHVs across the globe. In addition, such vehicles produce very less carbon related compounds, such as oxides of carbon, nitrogen, and sulfur, which make them an eco-friendly alternative in the automobile industry. Moreover, electric vehicles use electricity as their power source stored in vehicular batteries and are capable of recharging at charging outlets, private or public. However, hybrid vehicles use conventional as well as alternative fuels as sources of power along with electric drives. Moreover, passengers can actually switch between the two powertrains while driving depending on the requirement.

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The world alternative fuel and hybrid vehicle market has witnessed healthy growth in the recent years due to increase in demand for fuel-efficient vehicles, stringent government laws & regulations toward vehicle emission, and increase in public charging infrastructure. Technological advancements in alternative fuel vehicles and proactive government initiatives such as investment in electric and hybrid buses for public transit are propelling the alternative fuel and hybrid vehicle market growth. However, high costs of fuel and high initial cost of infrastructure hamper the alternative fuel and hybrid vehicle market growth.

Passenger cars comprise vehicles such as sedans, hatchback, sports utility vehicles (SUV), multi-utility vehicles (MUV), electric cars (battery electric vehicle (BEV), and hybrid electric vehicle (HEV)). The global automotive industry exhibited sales of approximately 66 million passenger cars in 2015. Currently, there are around 358,000 BEV and 242,000 PHEV running across the globe. Passenger cars segment account for the major share of overall vehicle sales. Moreover, the number of electric passenger cars are expected to reach 450 million units by 2040. China is a potential market for AFHVs, as it has the maximum percentage of electric vehicles across the globe. As per the Global EV Outlook 2015, China holds 230 million e-bikes, 83,000 e-cars, and 36,500 e-buses. Toyota Motor Corporation and Tesla Motors are prominent players offering AFHVs across the globes.

Key Benefits

  • The study provides an in-depth analysis of the world alternative fuel and hybrid vehicle market along with current trends and future estimations to elucidate the imminent investment pockets.
  • The report offers a quantitative analysis for the period of 20142022 to enable stakeholders to capitalize on the prevailing market opportunities.
  • The report provides historical figures for the years 2014 and 2015, and year-on-year forecasts from 2016 to 2022, considering 2015 as base.
  • Competitive intelligence of the industry highlights the business practices followed by leading players across various regions in the alternative fuel and hybrid vehicle market.

Key Market Players

  • Toyota Motor 
  • Tesla Motors
  • Audi AG
  • BMW Group
  • General Motors
  • Ford Motor 
  • Honda Motor
  • BYD Company 
  • Daimler AG
  • Zero Motorcycles

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