Growing Environmental Concerns to Upscale Air Powered Vehicle Market
Market Research Future (MRFR), in its latest report on the global market of air powered vehicle, reveals that the market is expected to expand at about 15% CAGR across the forecast period of 2018 to 2023. Depletion in fossil fuels is encouraging automakers to find alternatives for fuel, which, in turn, is promoting the high production of air powered vehicles. This is likely to underpin the expansion of the global air powered vehicle market across the evaluation years.
Market Insights
The rise in environmental concerns is surging the need for establishing compressed air powered automobiles in the mainline transportation system. Hence, compressed air powered vehicles are experiencing high demand and are likely to substitute conventional cars soon. The rising importance of air powered automobiles is expected to escalate its global market.
A surge in demand for clean and sustainable energy for fueling vehicles is expected to be a significant driving force for the air powered vehicle market across the assessment years. Other causes, such as longer lifecycle of these vehicles, low toxicity, and strict environmental protection norms regarding vehicular emissions are anticipated to play critical roles in the expansion of the market during the forecast period. On the contrary, the market can encounter certain resistance. The high price of air compressed vehicles can actively hinder the market growth. In addition, the growing demand for substitutes, such as electric vehicles can also limit the market growth across the review period.
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Key Players
Major key players that are operating in the global market of air powered vehicle are
- Motor Development International SA (France)
- Engineair Pty Ltd (Australia)
- Honda Motor Company, Ltd. (Japan)
- Tata Motors (India)
- Groupe PSA (France)
- Phinergy (Israel)
The growing competition among market players is noted to gain high-profit margin for the global air powered vehicle market. Mergers and acquisitions, partnerships and agreements, and other deals among renowned companies are likely to work in favor of the market.
Segmental Overview
The global air powered vehicle market is segmented by energy mode and vehicle type. Based on energy mode, the market is segmented into dual energy mode and single energy mode. Based on vehicle type, the market is segmented into light commercial vehicle (LCV), passenger cars, and heavy commercial vehicle (HCV).
Regional Outlook
By region, the air powered vehicle market has been studied across four major regions; North America, Asia Pacific, Europe, and the Rest of the World.
The air powered vehicle market in North America is likely to exhibit significant growth in the foreseeable future. The market the United States is expected to register the highest CAGR through the forecast period. It is expected to contribute to 70% of the revenue generated by the regional market. Developments concerning the provision of clean energy for automobiles and rise in cognizance regarding maintenance of environmental balance are major booster for the North America market to grow.
In the coming years, the air powered vehicle market in Asia Pacific is expected to register the highest CAGR. Strong economies of the region, such as China and India, are big automakers. Giant automobile companies that are residing in these regions of APAC are largely contributing to meet the rising need for air powered vehicles, which is expected to propel the market. In addition, the rise in concern of the APAC governments regarding environmental safeguarding and implementation of initiatives concerning environment protection are other factors that are expected to surge the regional market. Asia Pacific is a major exporter of air powered vehicles. Factors such as low manufacturing cost, availability of skilled and affordable labor, and fast adoption of the latest technologies can bolster the regional market growth.
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The report for Global Air Powered Vehicle Market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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