Fort Collins, Colorado, May 09, 2024 (GLOBE NEWSWIRE) --
Stringent environmental regulations and government initiatives worldwide encourage industry development.
The global emphasis on reducing greenhouse gas emissions and combating climate change, led by governments worldwide, is a significant catalyst for the air powered vehicle market. Stricter emissions regulations and incentives for eco-friendly transportation solutions are being implemented. For instance, the European Union has committed to a 37.5% reduction in CO2 emissions from new cars by 2030. Similarly, the U.S. EPA has enacted the Clean Air Act, setting standards for vehicle emissions. These regulations and initiatives are driving the demand for alternative energy vehicles, including those powered by compressed air.
The rising costs of fossil fuels and concerns over energy security are key factors propelling the expansion of the air-powered vehicle market. The average gasoline price in the United States has surged from USD 2.18 per gallon in 2020 to USD 3.52 per gallon in 2023, according to the U.S. EIA. Fluctuations in oil prices and dependence on foreign oil imports have spurred interest in alternative energy sources for transportation. Air-powered vehicles offer a cost-effective and energy-secure alternative to traditional fossil fuel-powered vehicles, as compressed air can be generated using renewable energy sources like wind or solar power.
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Segmentation Overview:
The air powered vehicle market has been segmented by energy mode, component, vehicle type, and region.
Commercial vehicles registered a significant market share in 2023.
- Based on the market segmentation by vehicle type, the commercial vehicle segment accounted for the largest market share in the air powered vehicle market in 2023. This segment's growth can be attributed to the increasing adoption of air powered vehicles in last-mile delivery, fleet operations, and public transportation applications.
The single-energy mode is the leading segment with a high market share in 2023
- Based on the market segmentation by energy mode, the single-energy mode segment held the largest market share in the air-powered vehicle market. Single-energy air-powered vehicles rely solely on compressed air for propulsion, making them more cost-effective and straightforward to manufacture than dual-energy models.
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Air Powered Market Report Highlights:
- The air powered vehicle market growth is anticipated at a CAGR of 39.2% by 2032.
- An increase in environmental concerns and government regulations dominate the market growth.
- The Asia-Pacific region is expected to be the fastest-growing market for air powered vehicles in the near future. This growth can be attributed to increasing urbanization, rising disposable incomes, and growing concerns over air pollution in countries such as China and India.
- Some prominent players in the air powered vehicle market report include Tata Motors, Motor Development International (MDI), Peugeot Citroen, Honda, Compressed Air Systems, Magnetic Air Cars, Engineair, Toyota, Volvo, Ford, Hyundai, and Volkswagen.
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