Global Alternative Fuel and Hybrid Vehicle Market to Gain Impetus as Governments Implement Stringent Laws to Curb Vehicular Emission

Published On : 21 Sep 2018

The global alternative fuel and hybrid vehicle market is forecast to stay strong, exhibiting growth at an impressive between 2016 and 2022. Factors such as the rising demand for fuel-efficient cars and stringent regulations aimed at curbing pollution caused due to CO2 emission will bode well for the overall market. Soaring concerns pertaining to environmental safety have compelled people to rethink their purchase decisions with regards to vehicles. Furthermore, the rising awareness about pollution from automobiles is fuelling the demand for hybrid vehicles that can run on alternative fuels. In addition to this, well-planned move to reduce dependency on imports will pave way for the market’s growth in the coming years. 

Decreasing Natural Reserves Steer Attention towards Alternative Fuel and Hybrid Vehicle 

Decreasing oil reserves are bolstering the demand for hybrid vehicles and alternative fuel across the globe. Hybrid vehicles emit less carbon-related compounds such as nitrogen, sulfur, and carbon. This is a key factor fuelling their demand worldwide. In addition to this, these vehicles run on eco-friendly fuel alternative, which is the chief factor impressive customers from around the world. For instance, electric vehicles run on electricity, which they derive from the power stored in the vehicular batteries. These batteries are chargeable at charging outlets. In the coming years therefore, the demand for hybrid and electric vehicles is likely to rise. This in turn will give significant impetus to the global alternative fuel and hybrid vehicle market. 

Demand from Passenger Car Segment to Boost Growth

In the coming years, the demand from passenger cars segment, consisting of sports utility vehicles, hatchback, sedans, multi-utility vehicles, hybrid electric vehicles, and electric vehicles, will rise considerably. Therefore, rising passenger vehicle sales will create lucrative growth prospects for the global market. Also reports suggest that the passenger car segment will hold a significant share in overall vehicle sales, which in turn is likely to increase the demand for alternative fuel in the coming years. 

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Stringent Regulations to Create Sales Opportunities across the World 

Stringent laws to curb vehicular emission are implemented across several countries around the world. These laws often mandate automobile manufacturers to incorporate advanced technologies in the cars and other vehicles to combat high emission. For instance, California vehicle emission program implemented by California air resource board requires manufacturers to produce zero-emission vehicles. Following the implementation of this regulation, production and sale of battery-electric, hybrid, and fuel cell vehicles have noticeably increased.

In the coming years, the alternative fuel and hybrid vehicle market is likely to witness lucrative prospects in emerging nations. The rising vehicle production and the simultaneously rising demand for advanced vehicles will pave way for the market’s growth in these countries. Furthermore, the rising willingness among people to spend on hybrid vehicles is likely to boost the global alternative fuel and hybrid vehicle market in the coming years. 

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