The global alternative fuel hybrid vehicle market is anticipated to grow at a significant CAGR of 32.5% during the forecast period (2022-2028). The decrease in oil reserves, as well as the increasing price of fossil fuels on the global platform, is boosting the growth of alternative fuel hybrid vehicles. Fossil fuel vehicles emit harmful gas and contribute to an increased level of pollution. The rising government awareness to reduce the amount of pollution from vehicles and the adoption of clean mobility solutions, such as natural gas, electricity, biofuel, biodiesel, fuel cell, and liquid nitrogen is also driving the growth of the market. The stringent government policies and regulations to promote the adoption of clean mobility solution vehicles are further boosting the growth of the global alternative fuel hybrid vehicle market during the forecast period. For instance, in 2022, the government of India announced an increased subsidy on the purchase of electric vehicles to promote the adoption of electric vehicles in the country.
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The Asia-Pacific region is anticipated to hold the major share in the global alternative fuel hybrid vehicle market. The increasing urbanization, as well as high demographic growth in this region, are boosting the market growth. The changing consumer lifestyle in emerging economic countries, such as China and India, is also boosting the growth in this region. The increasing sales and production of electric vehicles in countries is further boosting the growth of the Asia-Pacific alternative fuel hybrid vehicle market.
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The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In July 2021, Nissan announced the opening of EV36Zero with the partnership Envision AESC, a $1.26 billion flagship Electric Vehicle Hub creating a world-first EV manufacturing ecosystem in Sunderland, UK.
- In March 2022, Hyundai Motor Co. announced its plan to launch 11 new electric vehicles by the end of 2030.
- In April 2021, TOYOTA MOTOR CORP. announced the launch of battery electric vehicles as the establishment of a full line-up of electrified vehicles in Shanghai, China.
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Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape– Tesla, Hyundai Motor Co., Mercedes-Benz Group AG, BMW AG, and Nissan among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Alternative Fuel Hybrid Vehicle Market Report by Segment
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Alternative Fuel Hybrid Vehicle Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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