Alternative Fuel Vehicles Market Size [2021-2028] Worth USD 1,681.80 Billion Globally, at a CAGR of 26.2%

According to Fortune Business Insights, the global alternative fuel vehicles market size is expected to grow from USD 330.45 Billion in 2021 to USD 1,681.80 Billion by 2028; it is estimated to grow at a CAGR of 26.2% from 2021 to 2028.

Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- The global alternative fuel vehicles market size was USD 293.45 billion in 2020. The market is projected to grow from USD 330.45 billion in 2021 to USD 1,681.80 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 26.2% during the forecast period. This information is published by Fortune Business Insights™, in its report, titled, “Alternative Fuel Vehicles Market, 2021-2028.”

As per our expert analysts, technological developments in alternative fuels pooled with rigorous government norms to exterminate reliance on fossil fuels are encouraging the alternative fuel vehicles market growth. Furthermore, features such as raised oil prices, prospective for peak oil, as well as ecological worries are reassuring automobile producers to finance intensely in R&D activities of clean alternative fuel vehicles.

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Report Scope & Segmentation:

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 26.2%
2028 Value Projection USD 1,681.80 billion
Base Year 2020
Market Size in 2021 USD 330.45 billion
Historical Data for 2017-2019
No. of Pages 260
Segments covered BEV, HEV, PHEV, FCV, CNG, Biofuels, Other Gaseous Fuels
Growth Drivers Stringent Regulation by Government for Automotive Emission Control to Drive Market Growth
Asia Pacific is estimated to hold the maximum alternative fuel vehicles market share.

Market Drivers-

Stringent Regulation by Government for Automotive Emission Control to Drive Market Growth

Increasing pollution heights, global warming, and deteriorating air superiority in urban zones have become a global matter of worry. Therefore, governments across the world are presenting several rigorous set of guidelines in order to decline carbon releases from automobiles.

Similarly, government organizations have stated numerous emission criteria for the producers to limit the release of pollutants from vehicle exhaust. Along with protocols, government initiatives to finance in electric and hybrid fleet for the public transport system is estimated to drive the alternative fuel vehicles market growth over the mentioned timeframe.

Highlights of the Report-

The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.

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Regional Segmentation-

• Asia Pacific is estimated to hold the maximum alternative fuel vehicles market share. This region involves India, South Korea, Japan, and China, among other nations. Moreover, the rising amount of supervisory guidelines and implementation of cleaner fuels are primarily navigating the regional growth over the forecast period.

• On the contrary, EMEA is projected to be the fastest-growing region between the years 2020 to 2028. This is owing to the surging and affirmative government initiatives in technological developments, such as capitalization in electric buses for public transportation.

• Additionally, American regions are among the most enticing markets for AFVs. The plentiful protocols by organizations such as Alternative Fuels Data Center (AFDC) along with the U.S. government in order to regulate automotive emissions, and import of fuels has authenticated benefits for alternative fuels.

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Competitive Landscape-

Key Market Players Focus on Partnership tactics to Attain Competitive Advantage

Prominent players are incessantly searching for proficient strategies to execute in order to bolster their global position. Among many such approaches, one such strategy is to initiate collaborative contracts and partnerships.

Additionally, escalating competition in the industry to suffice the emission-free vehicle condition and increasing emphasis of the automaker on financing in AFVs such as electric or natural gas vehicles is directing the market. Furthermore, the amount of automakers pledging to attain zero-emission are promptly rising.

List of Players Operating in the Alternative Fuel Vehicles (MaaS) Market are as follows:

• Honda Motor Co., Ltd.

• Toyota Motor Corporation

• Nissan Motor Corporation

• Daimler AG

• Tesla

• BYD Company Ltd.

• Ford Motor Company


• SHELL International B.V.


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Alternative Fuel Vehicles Market Segmentation:

By Fuel Type:

  • BEV
  • HEV
  • PHEV
  • FCV
  • CNG
  • Biofuels

By Vehicle Type:

  • Passenger Cars
  • Commercial Vehicles

Table Of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships

4.2. Porter’s Five Forces Analysis

4.3. SWOT Analysis

4.4. Technological Developments

4.5. Value Chain Analysis

4.6. Impact of COVID-19 on Alternative Fuel Vehicles Market

5. Global Alternative Fuel Vehicles Market Analysis, Insights and Forecast, 2017-2028

5.1. Key Findings / Summary


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