Alternative fuel vehicles are automobiles that can run on conventional fuels such as petrol and diesel as well as on other types of energy sources. Alternative fuel vehicles are equipped with engines that can be powered by energy options such as solar, electric, and hybrid. In times when the world is fighting the pressure of catastrophic global warming, these vehicles are surely far cleaner and safer for the environment.
Over the past few decades, automobile technology has evolved by leaps and bounds, bringing about a radical change in car design, powertrain technology, and, more importantly, fuel efficiency. Statistics suggest about 275 million automobiles in the United States are responsible for 31% of the carbon dioxide output in the region. This mammoth and unfortunate contribution to global warming needs an immediate solution, which has forced car makers to think differently.
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Private Fleets and Government Vehicles Emerge as Biggest Users of Alternative Fuel Vehicles
Alternative fuels are popularly being used in sectors such as agriculture, chemical, transportation, and industrial. Alternative fuel vehicles are segmented on the basis of fuel into propane, biodiesel, hydrogen, biomass, electricity, non-fossil natural gas, non-fossil methane, and ethane. The end users in the global alternative fuel vehicle market are private fleets, government vehicles, domestic users’ vehicles, and industrial transportation. The biggest shareholders in the global alternative fuel vehicles market are private fleets and government vehicles.
The global alternative fuel vehicles market has been segmented on the basis of geography into North America, Asia Pacific, the Middle East, Europe, and Latin America. According to expert research analysts, North America is a lucrative market for alternative fuel vehicles due to the support from the U.S. government and the urgency felt in the region to control its emissions. In addition, as North America tries to curb the outrageous dependency and expenditure on import of fuels, it is likely to spur the growth of the alternative fuel vehicles market. Governments in countries such as Italy and China are offering great incentives to buyers of alternative fuel vehicles, thus boosting this market. Italy holds a significant share in the alternative fuel vehicles market. The conversion of private and government vehicles into alternative fuel vehicles is contributing to the expansion of market to a great extent.