Hybridising India’s automotive sector: From EVs to alternative fuel vehicles

 Alternative fuel vehicle is a vehicle designed to operate on compressed natural gas, electricity, biofuel, bio-diesel, fuel cell, liquid nitrogen, and dimethyl ether. Different types of natural gas vehicles include, dedicated vehicles, bi-fuel vehicles, and dual fuel vehicles. Plug-in hybrid electric vehicles are considered as alternative fuel vehicle, as the primary input fuel is electricity. Moreover, alternative fuel vehicles create less or no CO2 emissions and also aid in reducing the pollution.

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The global decrease in oil reserves, 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, low fuel economy and performance associated with alternative fuel vehicles and lack of infrastructure to support alternative fuel vehicles are factors expected to hamper the growth of the market. Furthermore, development of charging infrastructure, electrification of public fleet, and technological advancements are expected to offer growth opportunities during the forecasted period.

The alternative fuel and hybrid vehicle market is segmented on the basis of fuel type, vehicle type, vehicle class, and region. By fuel type, the market is fragmented into hybrid vehicles, plugin hybrid vehicles, battery electric vehicles, and others. On the basis of vehicle type, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on vehicle class, the market is divided into economical vehicles, mid-priced vehicles, and luxury vehicles. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Several countries are taking numerous initiatives to achieve net zero emissions target. Different governments across the globe promote adoption of alternative fuel vehicles, such as electric vehicles and plug-in hybrid vehicles. Several governments are providing various benefits to buyers on adoption of electric vehicle in their region. For instance, in 2022, the Government of India has increased subsidy on purchase of electric vehicle to promote adoption of electric vehicle under Faster Adoption and Manufacturing of Hybrid & Electric Vehicle (FAME) scheme. This growth in supportive government policies to promote adoption of alternative fuel vehicles is anticipated to drive the growth of alternative fuel and hybrid vehicle industry.

Growth in Supportive Government Policies to Promote Adoption of Alternative Fuel Vehicles

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the alternative fuel and hybrid vehicle market analysis from 2020 to 2030 to identify the prevailing alternative fuel and hybrid vehicle market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the alternative fuel and hybrid vehicle market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global alternative fuel and hybrid vehicle market trends, key players, market segments, application areas, and market growth strategies.