Due to depletion of fossil fuels, alternative fuels for vehicles is the need of the hour. Electric and hybrid electric vehicles have come up in recent years to tackle this challenge. Similarly, compressed air powered vehicles are also expected to witness increased importance over the next few years. Air powered vehicles basically use air as an alternative to petroleum, to run. The principle of compressed air technology (CAT) is applied in these vehicles.
Growing demand for clean and sustainable energy for driving vehicles is expected to be the major driver of the air powered vehicles market over the next few years. Other factors such as longer life-cycle, low toxicity and stringent regulations regarding vehicular emissions are expected to play key roles in the growth of the market over the forecast period. However, high cost of air compressed vehicles could prove to be a major obstacle to the growth of the market. Growing demand for substitutes such as electric vehicles could also pose a challenge to the market over the forecast period.
The global Air Powered Car market is segmented on the basis of energy mode, vehicle type and region. On the basis of energy mode, the market has been segmented into single energy mode and dual energy mode. By vehicle type, the market is segmented into passenger cars, LCV and HCV.
Geographically, the Global Air Powered Vehicle Industry has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for a significant market share in the Global Air Powered Vehicle Market. The market in this region is dominated by the U.S., which contributes nearly 70% of the revenue. Development of clean energy for vehicles and growing awareness regarding maintaining the environmental balance are the major driving factors of the market, in this region.
The market in the Asia Pacific region is projected to witness the highest CAGR over the next five years. This region is characterized by some of the emerging economies including China and India, which are huge automobile markets individually. Besides, growing initiatives by governments and concerned authorities related to environment protection are also driving the demand for air powered vehicles in this region. This region is known as a major exported of air powered vehicles due to low manufacturing cost and availability of skilled and cheap labor, along with technologically advanced infrastructure.
The prominent players in the Global Air Powered Car Market include Motor Development International SA (France), Tata Motors (India), Honda Motor Company, Ltd. (Japan), Groupe PSA (France), Engineair Pty Ltd (Australia), and Phinergy (Israel).
The report for Global Air Powered Vehicle 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.
Frequently Asked Questions (FAQ) :
The global air powered vehicle market is expected to witness a substantial growth due to the increasing government initiatives towards environmental preservation.
The global air powered vehicle market is projected to register a moderate 15% CAGR in the forecast period.
The dual energy mode segment is slated to expand as the fastest-growing segment.
The passenger segment is expected to witness substantial growth.
A few major market players operating in the global air powered vehicle market are Tata Motors (India), Honda Motor Company, Ltd. (Japan), Groupe PSA (France), Engineair Pty Ltd (Australia), and Phinergy (Israel), and others.