Dubai, UAE, Oct. 10, 2023 (GLOBE NEWSWIRE) -- As per the latest report released by Kings Research, the global Flex Fuel Engine Market size was recorded at USD 62.23 billion in 2022 and is estimated to grow to USD 109.14 billion by 2030, exhibiting a 7.44% CAGR through the projection period of 2023-2030. The flex fuel engine industry is witnessing significant expansion as the automotive sector adopts sustainable technologies and ethanol-based fuels. This growth is primarily propelled by strict environmental regulations and the diminishing availability of fossil fuels globally.
Flex-fuel engines can operate on multiple fuel types or a combination of two fuels, such as a mixture of gasoline & ethanol or gasoline & methanol. To counteract the potential corrosion caused by ethanol's unique characteristics, flex-fuel engines incorporate different internal materials. By incorporating emission control technologies like catalytic converters and oxygen sensors, these engines can effectively reduce harmful emissions and comply with stringent emissions regulations, ultimately promoting better air quality.
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Trending Now: Next Edge-Series Ship from Celebrity Cruises Sets New Standard with Flex Fuel Engine
Royal Caribbean Group's latest vessel announced a collaboration with Wärtsilä and Chantiers de L'Atlantique shipyard in March 2023.
Celebrity Cruises unveiled the fifth ship in the groundbreaking Edge Series with a collaboration between Royal Caribbean Group, its parent company, Chantiers de L'Atlantique (CdA), and technology group Wärtsilä to push the adoption of alternative fuels in the cruise sector. Building on innovations of the Edge Series, this ship features a new engine model and advanced storage and delivery systems, offering unparalleled fuel flexibility with the capacity to utilize three types of fuel, including methanol.
Competitive Landscape
Major players in the global flex fuel engine industry are directing their attention towards different business approaches, including product innovation, to broaden their range of offerings. For instance, Toyota Innova introduced a flex-fuel engine in August 2023 that has the ability to operate solely on ethanol. This advancement has generated fresh conversations about the possibilities of this eco-friendly and high-performing fuel and powertrain technology.
Leading players in the flex fuel engine market are:
- Cummins Inc.
- Ford Motor Company
- General Motors Company
- Hyundai Motor Company
- Mitsubishi Motors Corporation
- Nissan Motor Co. Ltd.
- Toyota Motor Corporation
- Volkswagen
- AUDI
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Ease of Access Drives Popularity of Flex Fuel Gasoline Engines
On the basis of fuel type, the flex fuel engine market is bifurcated into diesel and gasoline.
The gasoline segment held the largest share of the flex fuel engine market revenue in 2022 and is anticipated to garner a revenue of USD 43.09 billion by 2030. The increase in the global demand for affordable and eco-friendly automotive technologies has been the primary factor driving this expansion. One of the key benefits of a flex-fuel gasoline engine is its widespread availability, as gasoline is easily accessible at gas stations worldwide. Furthermore, gasoline provides a smoother and quieter driving experience compared to ethanol, which makes it appealing to drivers who prioritize comfort and refinement.
Above E85 Flex Fuel Engines Boost Market Growth with Increased Adoption
In terms of blend type, the flex fuel engine market is bifurcated into E10 to E25, E25 to E85, above E85, and others.
The above E85 segment is estimated to lead the flex fuel engine market through the forecast period, depicting a 9.20% CAGR over 2023-2030. This growth is mainly attributed to its increasing use, especially in specialized applications or regions with abundant ethanol. While it can reduce greenhouse emissions, it may affect fuel efficiency and necessitate engine adjustments for higher ethanol content.
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Growing Preference for Natural Fuel Resources to Foster Market Expansion
The growth of the flex fuel engine market is being driven by the depletion of natural fuel resources and the implementation of strict automobile emission standards. The market is experiencing notable growth due to the prevalent need to reduce reliance on non-renewable energy sources and stringent emission regulations imposed by governments. Additionally, flex-fuel engines emit fewer greenhouse gasses, which makes them a more environmentally friendly option.
Moreover, manufacturers are continuously striving to enhance engine design and control systems in order to optimize the emission reduction advantages of flex-fuel engines. The restricted accessibility of blended fuel combinations might impact the extensive adoption of flex-fuel vehicles and their capacity to mitigate emissions.
North America to Lead Flex Fuel Engine Market Owing to Government Initiatives to Promote Use of FFVs
North America dominated the flex fuel engine market and is foreseen to accrue revenue of USD 40.54 billion by the end of 2030. The surge in popularity and diverse fuel source utilization are propelling regional market growth significantly. The U.S. and Canada lead in the adoption of flexible fuel technology. Government incentives, augmented E85 availability, and rising environmental consciousness about ethanol's benefits are driving product sales. Canada's policies and regulations favor alternative fuels, particularly ethanol, leading to a rise in Flex Fuel Vehicles (FFVs) on their roads, supported by robust agricultural sectors and ethanol production facilities.
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Key Points from TOC:
Chapter 1 Introduction of the Global Flex Fuel Engine Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Flex Fuel Engine Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Flex Fuel Engine Market, By Fuel Type
Chapter 7 Global Flex Fuel Engine Market, By Engine Capacity
Chapter 8 Global Flex Fuel Engine Market, By Blend Type
Chapter 9 Global Flex Fuel Engine Market, By Vehicle Type
Chapter 10 Global Flex Fuel Engine Market, By Geography
Chapter 11 North America
Chapter 12 Europe
Chapter 13 Asia Pacific
Chapter 14 Middle East & Africa
Chapter 15 Latin America
Chapter 16 Global Flex Fuel Engine Market Competitive Landscape
Chapter 17 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/flex-fuel-engine-market-292
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