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Report
Alternative Fuel and Hybrid Vehicle Market by Fuel Type (Hybrid Vehicles, Plugin Hybrid Vehicles, Battery Electric Vehicles, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), Vehicle Class (Economical Vehicles, Mid-priced Vehicles, Luxury Vehicles), and Region 2024-2032
Market Report I 2024-04-08 I 137 Pages I IMARC Group
The global alternative fuel and hybrid vehicle market size reached US$ 564.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6,114.5 Billion by 2032, exhibiting a growth rate (CAGR) of 29.4% during 2024-2032. The burgeoning automobile industry, rising greenhouse gas emissions, and the inflating prices of fossil fuels represent some of the key factors driving the market.
Alternative fuel and hybrid vehicles are powered by an internal combustion engine that runs on alternative fuels rather than conventional fuels. These vehicles rely on biofuel, biodiesel, fuel cell, natural gas, solar batteries, electricity-based vehicles, nitrogen, diethyl ether, and other fuels. They collect lost energy during braking by storing the captured energy in the battery and using the electric motor as a generator. Alternative fuel and hybrid vehicles rely on regenerative braking and the internal combustion engine to charge and offer low tailpipe emissions and high fuel economy with the power and range of conventional vehicles. These vehicles provide power to auxiliary loads and enhance performance to reduce engine idling when the vehicle is stopped. They reduce the dependence on fossil fuels as alternative fuels are largely produced domestically.
Alternative Fuel and Hybrid Vehicle Market Trends:
At present, the rising sales of hybrid vehicles, along with the increasing demand for commercial electric vehicles (EVs) in the e-commerce sector for last-mile delivery operations, represent one of the key factors supporting the growth of the market. Besides this, there is an increase in the demand for electric-based vehicles with developed electrification systems providing various benefits, such as low carbon emissions, high fuel efficiency, and cost-effectiveness, across the globe. This, coupled with the thriving automobile industry, is currently strengthening the growth of the market. In addition, the rising awareness among the masses about the benefits of using alternative fuel and hybrid vehicles to prevent greenhouse gas emissions and reduce air pollution is propelling the growth of the market. Moreover, governing agencies of various countries are presently implementing stringent regulations to achieve net zero emissions targets. They are also providing subsidies to increase the purchase of EVs, which is catalyzing the demand for alternative fuel and hybrid vehicles. Apart from this, the growing demand for alternative fuel and hybrid vehicles due to the increasing prices of fossil fuels is positively influencing the market. Additionally, key manufacturers are introducing compressed natural gas (CNG) variants of various vehicles and a fuel cell prototype for hydrogen-powered cars, which is projected to bolster the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global alternative fuel and hybrid vehicle market, along with forecasts at the global, regional, and country level from 2024-2032. Our report has categorized the market based on fuel type, vehicle type, and vehicle class.
Fuel Type Insights:
Hybrid Vehicles
Plugin Hybrid Vehicles
Battery Electric Vehicles
Others
The report has provided a detailed breakup and analysis of the alternative fuel and hybrid vehicle market based on the fuel type. This includes hybrid vehicles, plugin hybrid vehicles, battery electric vehicles, and others. According to the report, battery electric vehicles represented the largest segment.
Vehicle Type Insights:
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
A detailed breakup and analysis of the alternative fuel and hybrid vehicle market based on the vehicle type has also been provided in the report. This includes passenger cars, light commercial vehicles, and heavy commercial vehicles. According to the report, passenger cars accounted for the largest market share.
Vehicle Class Insights:
Economical Vehicles
Mid-priced Vehicles
Luxury Vehicles
A detailed breakup and analysis of the alternative fuel and hybrid vehicle market based on the vehicle class has also been provided in the report. This includes economical vehicles, mid-priced vehicles, and luxury vehicles. According to the report, luxury vehicles accounted for the largest market share.
Regional Insights:
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
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, Asia Pacific was the largest market for alternative fuel and hybrid vehicle. Some of factors driving the Asia Pacific alternative fuel and hybrid vehicle market included the growing number of alternate fuel stations, increasing environmental concerns, rising adoption of cleaner fuels, etc.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global alternative fuel and hybrid vehicle market. Detailed profiles of all major companies have also been provided. Some of the companies include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global alternative fuel and hybrid vehicle market performed so far and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global alternative fuel and hybrid vehicle market?
What are the key regional markets?
Which countries represent the most attractive alternative fuel and hybrid vehicle markets?
What is the breakup of the market based on the fuel type?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the vehicle class?
What is the competitive structure of the global alternative fuel and hybrid vehicle market?
Who are the key players/companies in the global alternative fuel and hybrid vehicle market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Alternative Fuel and Hybrid Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Fuel Type
6.1 Hybrid Vehicles
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Plugin Hybrid Vehicles
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Battery Electric Vehicles
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Vehicle Type
7.1 Passenger Cars
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Light Commercial Vehicles
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Heavy Commercial Vehicles
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Vehicle Class
8.1 Economical Vehicles
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Mid-priced Vehicles
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Luxury Vehicles
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
10.1 Overview
10.2 Drivers
10.3 Restraints
10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Bayerische Motoren Werke AG
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 BYD Company Ltd
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Ford Motor Company
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Mercedes-benz Group AG
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Mitsubishi Motors Corporation
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Tesla Inc.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Toyota Motor Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Volkswagen AG
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Alternative Fuel and Hybrid Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Alternative Fuel and Hybrid Vehicle Market: Breakup by Fuel Type (in %), 2023
Figure 5: Global: Alternative Fuel and Hybrid Vehicle Market: Breakup by Vehicle Type (in %), 2023
Figure 6: Global: Alternative Fuel and Hybrid Vehicle Market: Breakup by Vehicle Class (in %), 2023
Figure 7: Global: Alternative Fuel and Hybrid Vehicle Market: Breakup by Region (in %), 2023
Figure 8: Global: Alternative Fuel and Hybrid Vehicle (Hybrid Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: Global: Alternative Fuel and Hybrid Vehicle (Hybrid Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: Global: Alternative Fuel and Hybrid Vehicle (Plugin Hybrid Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Alternative Fuel and Hybrid Vehicle (Plugin Hybrid Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Alternative Fuel and Hybrid Vehicle (Battery Electric Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Alternative Fuel and Hybrid Vehicle (Battery Electric Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Alternative Fuel and Hybrid Vehicle (Other Fuel Types) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Alternative Fuel and Hybrid Vehicle (Other Fuel Types) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Alternative Fuel and Hybrid Vehicle (Passenger Cars) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Alternative Fuel and Hybrid Vehicle (Passenger Cars) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Alternative Fuel and Hybrid Vehicle (Light Commercial Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Alternative Fuel and Hybrid Vehicle (Light Commercial Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Alternative Fuel and Hybrid Vehicle (Heavy Commercial Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Alternative Fuel and Hybrid Vehicle (Heavy Commercial Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Alternative Fuel and Hybrid Vehicle (Economical Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Alternative Fuel and Hybrid Vehicle (Economical Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Alternative Fuel and Hybrid Vehicle (Mid-priced Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Alternative Fuel and Hybrid Vehicle (Mid-priced Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Alternative Fuel and Hybrid Vehicle (Luxury Vehicles) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Alternative Fuel and Hybrid Vehicle (Luxury Vehicles) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: North America: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: North America: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: United States: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: United States: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Canada: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Canada: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Asia-Pacific: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Asia-Pacific: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: China: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: China: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Japan: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Japan: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: India: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: India: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: South Korea: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: South Korea: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Australia: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Australia: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Indonesia: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Indonesia: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: Others: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: Others: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: Europe: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: Europe: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Germany: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Germany: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: France: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: France: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: United Kingdom: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: United Kingdom: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Italy: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Italy: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: Spain: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: Spain: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Russia: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Russia: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Others: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Others: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Latin America: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Latin America: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Brazil: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Brazil: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Mexico: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Mexico: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Others: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Others: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: Middle East and Africa: Alternative Fuel and Hybrid Vehicle Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: Middle East and Africa: Alternative Fuel and Hybrid Vehicle Market: Breakup by Country (in %), 2023
Figure 76: Middle East and Africa: Alternative Fuel and Hybrid Vehicle Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Global: Alternative Fuel and Hybrid Vehicle Industry: Drivers, Restraints, and Opportunities
Figure 78: Global: Alternative Fuel and Hybrid Vehicle Industry: Value Chain Analysis
Figure 79: Global: Alternative Fuel and Hybrid Vehicle Industry: Porter's Five Forces Analysis
Table 1: Global: Alternative Fuel and Hybrid Vehicle Market: Key Industry Highlights, 2023 & 2032
Table 2: Global: Alternative Fuel and Hybrid Vehicle Market Forecast: Breakup by Fuel Type (in Million US$), 2024-2032
Table 3: Global: Alternative Fuel and Hybrid Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2024-2032
Table 4: Global: Alternative Fuel and Hybrid Vehicle Market Forecast: Breakup by Vehicle Class (in Million US$), 2024-2032
Table 5: Global: Alternative Fuel and Hybrid Vehicle Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Alternative Fuel and Hybrid Vehicle Market: Competitive Structure
Table 7: Global: Alternative Fuel and Hybrid Vehicle Market: Key Players
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