The latest research study “Alternative Fuel and Hybrid Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global alternative fuel and hybrid vehicle market size reached US$ 524 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,356 Billion by 2028, exhibiting a growth rate (CAGR) of 35.7% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Industry Definition and Application:
Alternative fuel and hybrid vehicle refer to a vehicle that operates on alternative fuels as compared to conventional fuels, such as diesel, petrol, and gasoline. They rely on biofuels, biogas, compressed natural gas (CNG), liquefied petroleum gas (LPG), hydrogen gas, fuel cells, electricity, and solar batteries. They are widely available as passenger cars and light and heavy commercial vehicles. They offer better fuel economy without decreasing performance while reducing the dependence on fossil fuels and lowering carbon dioxide (CO2) emissions in the environment.
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Global Alternative Fuel and Hybrid Vehicle Market Trends and Drivers:
At present, the increasing development of charging infrastructure around the world represents one of the key factors contributing to the market growth. Besides this, the growing demand for alternative fuel and hybrid vehicles due to inflating prices of fossil fuels across the globe is offering a positive market outlook. Apart from this, the rising consumer preferences for alternative fuel and hybrid vehicles due to increasing environmental concerns worldwide is offering lucrative growth opportunities to industry investors. Moreover, governing agencies of various countries are encouraging the adoption of alternative fuel and hybrid vehicles by offering various schemes and incentives to consumers. Furthermore, key players are introducing hydrogen-powered defender dual-cell vehicle prototypes, which is strengthening the market growth.
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Alternative Fuel and Hybrid Vehicle Report Scope |
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Report Coverage |
Details |
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Market size value in 2022 |
US$ 524 Billion |
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Market forecast in 2028 |
US$ 3,356 Billion |
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Growth Rate |
CAGR of 35.7% from 2023 to 2028 |
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Base year for estimation |
2022 |
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Historical data |
2017-2022 |
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Forecast period |
2023-2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Additive Type, Process, Crop Type, Country |
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Regional scope |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
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Key companies profiled |
BASF SE, Brett-Young Seeds Limited, Centor Oceania, Chromatech Incorporated, Cistronics, Innovations Pvt. Ltd., Croda International plc, Germains Seed Technology, Precision Laboratories LLC, Sensient Colors LLC (Sensient Technologies Corporation), and Solvay, etc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, market condition analysis for forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Report Segmentation:
The report has been segmented the market into following categories:
Fuel Type Insights:
- Hybrid Vehicles
- Plugin Hybrid Vehicles
- Battery Electric Vehicles
- Others
Vehicle Type Insights:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Vehicle Class Insights:
- Economical Vehicles
- Mid-priced Vehicles
- Luxury Vehicles
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
List of Major Key Players:
The major players in the market are Bayerische Motoren Werke AG, BYD Company Ltd., Ford Motor Company, Mercedes-benz Group AG, Mitsubishi Motors Corporation, Tesla Inc., Toyota Motor Corporation, Volkswagen AG, etc.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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