Alternative Fuel and Hybrid Vehicle Market By Fuel Type, By Vehicle Type, By Vehicle Class : Global Opportunity Analysis and Industry Forecast, 2020-2030

Alternative Fuel and Hybrid Vehicle Market By Fuel Type (Hybrid Vehicles, Plugin Hybrid Vehicles, Battery Electric Vehicles, Others (Gaseous Fuels, Biofuels)), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Vehicle Class (Economical Vehicles, Mid-priced Vehicles, Luxury Vehicles): Global Opportunity Analysis and Industry Forecast, 2020-2030

Alternative fuel vehicle refers to a vehicle that is able to run on fuels other than traditional fuels, such as petrol, diesel and gasoline. These alternate fuels comprise of biofuels, ethanol, electricity, biodiesel, LPG, LNG, CNG, hydrogen gas, and fuel cells. The adoption of these vehicles has increased over the years owing to rise in environmental concerns and stringent regulations associated with vehicular emissions.
To reduce the rise in level of pollution caused from emissions of fossil fuels-based automobiles, many countries have started to offer schemes and incentives to promote alternative fuel and hybrid vehicles. Alternative fuel vehicles, such as electric vehicle runs on electric battery, leading to reduced environmental pollution. Governments are providing benefits, such as incentives, tax benefits, and others on the purchase of electric vehicles. For instance, in 2021, a tax credit of $4,000 on the purchase of light duty electric vehicle was offered by the Colorado government. Government support and various benefits for adoption of electric vehicle is expected to contribute in the growth of the alternative fuel and hybrid vehicle market.
Decrease in oil reserves globally, growth in prices of fossil fuels, increase in adoption of clean mobility solutions, stringent government norms for emission control, and growth in supportive government policies to promote adoption of alternative fuel vehicles are factors that drive the growth of the market. However, factors such as low fuel economy & performance associated with alternative fuel vehicles and lack of infrastructure to support alternative fuel vehicles are expected to hinder the growth of the market. Factors such as development of charging infrastructure, electrification of public fleet, and technological advancements are expected to accelerate the growth of this market during the forecast period.
The report segments the alternative fuel and hybrid vehicle industry on the basis of fuel type, vehicle type, vehicle class, and region. On the basis of fuel type, the market is segmented into hybrid vehicles, plugin hybrid vehicles, battery electric vehicles, and others. On the basis of vehicle type, it is divided into passenger cars, light commercial vehicles, and heavy commercial vehicle. Based on vehicle class, the market is divided into economical vehicles, mid-priced vehicles, and luxury vehicles. Region-wise, the market is analyzed across regions, such as North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
?This study presents the analytical depiction of the global alternative fuel and hybrid vehicle market analysis along with the current trends and future estimations to depict imminent investment pockets.
?The overall alternative fuel and hybrid vehicle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
?The report presents information related to the key drivers, restraints, and opportunities of the global alternative fuel and hybrid vehicle market with a detailed impact analysis.
?The current alternative fuel and hybrid vehicle market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
?Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Fuel Type
? Hybrid Vehicles
? Plugin Hybrid Vehicles
? Battery Electric Vehicles
? Others (Gaseous Fuels, Biofuels)

By Vehicle Type
? Passenger Cars
? Light Commercial Vehicles
? Heavy Commercial Vehicles

By Vehicle Class
? Economical Vehicles
? Mid-priced Vehicles
? Luxury Vehicles

By Region
? North America
? U.S.
? Canada
? Mexico
? Europe
? United Kingdom
? Germany
? France
? Netherlands
? Rest of Europe
? Asia-Pacific
? China
? Japan
? India
? South Korea
? Rest Of Asia Pacific
? LAMEA
? Latin America
? Middle East
? Africa
? Key Market Players
? BMW Group
? Ford Motor Company
? Honda Motor Co., Ltd
? Mercedes-Benz Group AG
? Mitsubishi Motors Corporation
? Nissan Motor Co., Ltd
? Tesla, Inc.
? Toyota Motor Corporation
? Volkswagen AG
? BYD Company Ltd