The surge in the sale of vehicles, especially in the lockdown period due to novel coronavirus pandemic around the world, has affected the air powered vehicle market 2020 imperatively. The current data on the market position of the air powered vehicle market by Market Research Future reveals that a growth rate of 15% has been recorded for future expansion, which could be noted, post the pandemic. Many factors are being scored behind the growth of the market, which has been discussed below. The forecasted period of the market’s growth is calculated for the years 2018–2023.
Top Industry Players
Foremost players operating in the global air powered vehicle market are listed as Tata Motors (India), Engineair Pty Ltd (Australia), Motor Development International SA (France), Groupe PSA (France), Honda Motor Company, Ltd. (Japan), and Phinergy (Israel).
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Top Driving Factors
Technological developments in the global automotive sector have given ascend to substitute fueled vehicles such as air powered vehicles. These vehicles, which run on the principle of compressed air technology, do not have an unfavourable effect on the environment, such as internal combustion engine vehicles. Thus, they have witnessed emerging demand from countries that have stringent regulatory policies in place regarding the environment. These factors have functioned in favour of the global market, thus making it profitable for the future timeframe.
The growing popularity of eco-friendly fuel and escalating awareness regarding the significance of maintaining the environmental balance has motivated the market for air powered vehicles, presently. The air powered vehicle offers an elongated life of the vehicle, the towering energy density of compressed air, as well as low toxicity as compared to other alternatives of the IC engine vehicle. Due to this reason, the popularity of this has been up, thus became a growth booster factor for the market.
MRFR further identifies that the rise in air pollution has prompted as well as encouraging global regulatory bodies to extend low emission vehicles. This has augmented development and introduction of air powered vehicles. The air powered vehicle is a solution to the energy shortage and environmental deprivation. Evidence recommends that transportation pollution held about 50% of total health impacts instigated owing to harmful carbon emission from fossil fuel-powered vehicles. This is a prime factor that is liable to boost the demand for air powered vehicles during the forecast period.
However, the factor of lack of expenditure on air powered vehicles, which are more exclusive than ICE engines now, is creating an obstacle to the expansion of the market, particularly in some developing and under-developed countries.
Segmentation of Market
The global air powered vehicle market has been segmented on the basis of energy mode and vehicle type.
In terms of energy mode segment, the market has included single energy mode and dual energy mode.
In terms of vehicle type segment, the market has included LCV, passenger cars, and HCV.
Regional Front
Geographically, the global air powered vehicle industry, is studied among four major regions, namely Europe, North America, Asia-Pacific, and the Rest of the World.
North America is estimated to hold a significant market share in the global air powered vehicle market. The market in this region is led by the U.S., which contributes almost 70% of the revenue. Development of clean energy for vehicles and mounting awareness regarding maintaining the environmental balance is the foremost driving factors of the market, in this region.
Europe and the Asia Pacific are planned to hold a prominent share of the global air powered vehicle market owing to the higher rate of adoption of vehicles, coupled with their relatively low cost and mount in concerns about carbon emission. Furthermore, the rise in export of vehicles in these regions is also approximate to boost the sales and production of vehicles during the assessment period. Italy, Australia, Spain, France, India, and New Zealand are anticipated to lead the global market during the foretell period, owing to the incidence of production plants of air powered vehicle manufacturers in these countries.
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