Market Research Future (MRFR), in its latest report on the global air powered vehicle market states that the market is expected to surge at an exponential rate through the assessment period. The depletion of fossil fuels at an alarming rate is rising the need for alternative fuels to power vehicles and settle domestic and industrial heat and electricity needs. These are factors that can shore up the expansion of the global air powered vehicle market. Lately, the high demand for hybrid electric cars can retard the expansion pace of the market. Alongwith the need for clean and sustainable energy for drive vehicles, advantages of air powered vehicles, such as low toxicity, longer life-cycle, and stringent regulations on vehicular emissions are other growth impellers of the market.
The air powered car market study is segmented by vehicle type and energy mode.
The energy mode-based segments of the market are dual energy mode and single energy mode. The high utility of single energy mode can support the expansion of the global market of air powered vehicles. The rise in need for emission-free automobiles is high in urban areas and the growing number of smart city projects can prompt the expansion of the market. The single energy mode segment of the air powered vehicle can attain high profits for the market.
The vehicle type-based segments of the market are LCV, passenger cars, and HCV. The rise in need for passenger vehicles due to the increase in global population can attain a sizable share for the global market. The passenger segment of the market can gain a notable share that can be attributed to the rise in regulation on emission across cities. Air powered vehicles are less polluting and can comply with regulations related to emission, which can be anticipated to boost the growth of the worldwide air powered vehicle market through the study period. In addition, the upscaling demand for compact and lightweight vehicles due to increase in need for efficient vehicles can propel the growth of the air powered vehicle market.
North America air powered vehicle market is expected to experience an exponential growth through the assessment period. The regional market is expected to secure to largest share of the global air powered vehicle market. North America air powered vehicle market, led by the US, is expected to gain high profits. The high pace developments in the field of clean energy that can fuel vehicles is a major factor that can surge the expansion of the regional market. The rise in awareness about the need for environmental balance is another factor that can spur the growth of the regional market.
Asia Pacific air powered vehicle market can witness the highest CAGR through the study period. Developing economies of the APAC and their expanding automobile sector can prompt the growth of the regional market. Besides, initiatives by concerned authorities and governments regarding environment protection is resulting in the adoption of air powered vehicles. In addition, the high demand for air powered vehicles due to increase in the rate of pollution can support the regional market growth.
MRFR listed some major air powered vehicle dealers across the globe. They are Tata Motors (India), Motor Development International SA (France), Groupe PSA (France), Engineair Pty Ltd (Australia), Honda Motor Company, Ltd. (Japan), and Phinergy (Israel). Marketers are invested in the diversification of their products. The rise in need for smart and effective solutions by end-users can benefit the air powered vehicle market.