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Big Growth Forecast in Alternative Fuel and Hybrid Vehicle Markets

| February 7, 2017

A new research report predicts that the Global Alternative Fuel and Hybrid Vehicle Market is expected to generates sales of $614 billion by 2022, registering a compound annual growth rate of 12.9% during the forecast period 2016-2022.

Alternative fuel and hybrid vehicles (AFHVs) run on fuels other than conventional fuels such as gasoline and diesel. The report, from Allied Market Research, indicates that the rapid decrease in oil reserves have fueled the adoption of AFHVs across the globe.

A major factor in the increasing popularity of such vehicles is that they are environmentally friendly. AFHV produce much less carbon related compounds, such as oxides of carbon, nitrogen, and sulfur, which make them an eco-friendly alternative in the automobile industry. 

Electric vehicles use electricity as their power source stored in vehicular batteries and are capable of recharging at charging outlets, private or public.

The research points out the market is “segmented based on alternative fuel type, vehicle type, and geography. Based on alternative fuel type, the market is segmented into gaseous fuels (LPG, CNG, and LNG), electric, and others (biofuel, biodiesel, fuel cell, liquid nitrogen, and dimethyl ether).

Based on vehicle type, the market is divided into electric two wheelers, passenger cars (battery electric vehicle (BEV), hybrid electric vehicle (HEV), alternative fuel passenger cars), and commercial vehicle (battery electric vehicle (BEV), hybrid electric vehicle (HEV), alternative fuel commercial vehicle).

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Category: Hybrids

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