The rising prices of petrol and diesel coupled with the fast depleting non-renewable resources ha triggered the use of alternate fuels on a large scale. Furthermore, environment conservation is also an important aspect which is accelerating the demand for alternative fuels extensively. Hence, all these factors are estimated to bring considerable growth opportunities for the alternative fuels market during the forecast period of 2021-2031.
Alternative fuels can be defined as advanced and non-conventional fuels which can be utilized as a replacement to existing fossil fuels. These fuels emit less toxic gases as compared to other fuels such as petrol and diesel. In addition, domestic availability and employment generation are some of the prominent advantages associated with alternative fuels. Therefore, these aspects bode well for the growth of the alternative fuels market.
Alternate fuels are available in many types such as biodiesel, ethanol, propane, electricity, natural gas, and hydrogen. Along with automobiles, these fuels can be used across the energy sector, chemical industries, and defense and aviation sector. The extensive use of these fuels in various end-user industries may bring considerable growth prospects for the alternative fuels market between 2021 and 2031.
The report by Transparency Market Research (TMR) on the alternative fuels market reveals the current scenario across the competitive landscape. The latest trends and developments are highlighted in the report. In addition, the regional insights and the industrial scenario are also included. The report has information about the impact of the COVID-19 pandemic on the alternative fuels market.
The alternative fuels market has numerous competitors vying for acquiring a large consumer base. The players are always involved in intense research and development activities that help in developing various formulations which increase the fuel efficiency. These factors eventually help in adding value to the growth trajectory of the alternative fuels market. Furthermore, the players also indulge in strategic collaborations. Mergers, acquisitions, joint ventures, and partnerships form the crux of the overall growth structure of the alternative fuels market.
Some well-entrenched players in the alternative fuels market are Tesla, Inc., BMW Group, Honda Motor Co., Ltd, BYD Company Ltd, Nissan Motor Co., Ltd, Ford Motor Company, and Mercedes-Benz Group AG.
The encouragement of the government bodies of many countries to use alternative fuels is estimated to propel the demand substantially. The transport minister of India recently visited the Parliament in a green hydrogen duel-powered car to promote the use of alternative fuels. Such developments generate extensive awareness about alternative fuels, eventually propelling the growth opportunities across the global market. Furthermore, many government bodies are providing numerous subsidies for boosting the use of alternative fuels. All these factors are proving to be a boon for the alternative fuels market.
The use of electric vehicles (EVs) is increasing at a rapid pace. Electric vehicles have become a popular trend among the global populace prominently due to the low cost and less pollution factor. In addition, governments in countries like India are focusing deeply on strengthening the EV charging station infrastructure across their region. Nearly 650 charging stations are expected to be built every 40 km. This factor will have a profound impact on the overall growth of the alternative fuels market.
Asia Pacific is expected to attract considerable growth for the alternative fuels market during the forecast period of 2021-2031. The rising popularity of clean energy usage in countries like India and China is estimated to serve as a growth booster for the alternative fuels market in Asia Pacific. Furthermore, the government bodies of numerous countries in Asia Pacific are encouraging the use of alternative fuels on a large scale. This aspect may add extensive growth to the alternative fuels market.
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Alternative Fuels Market
