Global Air Powered Vehicle Market (By Energy mode (Single Energy Mode, Dual Energy Mode) –By Vehicle Type (Passenger Vehicles, Commercial Vehicles) –By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America)) – is expected to reach US$0.9 Bn by 2026, at a CAGR of 60.80%.
Air powered vehicle utilizes compressed air, a non-polluting fuel, as a power source in order to run the vehicle. Increase in cost of fossil fuel, owing to its limited stock and availability, and surge in demand for emission-free vehicles have led to the development of the air powered vehicle. The air powered vehicle is economical, requires low refuelling cost, and is more efficient than the conventional fossil fuel-powered vehicle. Furthermore, the limited resources of fossil fuel are expected to propel the air powered vehicle market during the forecast period. An air powered vehicle offers several advantages such as easy to maintain, superior comfort, and no pollution.
Low speed of the air powered vehicle coupled with limited infrastructure for refuelling is a major factor that is likely to hamper the air powered vehicle market during the forecast period. Moreover, increase in adoption of electric vehicles, owing to emission concerns and government subsidies and incentives being offered on purchase on electric vehicles, is another factor that is estimated to hinder the air powered vehicle market during the forecast period.
The single energy mode segment is estimated to lead the air powered vehicle market
In terms of energy mode, the single energy mode segment is estimated to lead the air powered vehicle market. The single energy mode air powered vehicle uses only compressed air as a fuel, while a dual energy mode air powered vehicle employs compressed air as well as fuel. The dual energy mode air powered vehicle utilizes compressed air at low speeds and employs fuel at high speeds.
The passenger vehicle segment is anticipated to account for a notable share of the air powered vehicle market
In terms of vehicle type, the passenger vehicle segment is anticipated to account for a notable share of the air powered vehicle market. Increase in regulation on emission in cities and sub-cities is estimated to boost the air powered vehicle market, as an air powered vehicle is less polluting and is expected to comply with emission regulations. Furthermore, increase in demand for lightweight and compact vehicles, owing to the rise in demand for efficient vehicles, is anticipated to propel the air powered vehicle market during the forecast period.
Asia Pacific accounts for a major share of the global air powered vehicle market
In terms of geography, Asia Pacific accounts for a major share of the global air powered vehicle market. North America and Europe are also expected to witness a rise in demand for air powered vehicles in the automotive industry during the forecast period due to stringent norms enacted by state regulation bodies regarding emissions.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Motor Development International SA, Tata Motors, Magnetic Air Car, Inc., Engineair Pty Ltd, Honda Motor Co., Ltd., and Groupe PSA.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the Air powered vehicle market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Air powered vehicle market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Air powered vehicle market positioning of competitors.
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