Air Powered Vehicle Market Highlights
Market Research Future (MRFR), in its recently published research report, asserts that the global Air Powered Vehicle Market 2022 is expected to grow exponentially over the review period, and Air Powered Vehicle Market Size To Expand at a Notable CAGR Of 15% During Forecast Period.
Technological advances in the global automotive industry have culminated in alternative-fueled vehicles such as automobiles powered by air. Such vehicles, which work on the concept of compressed air technology, like internal combustion engine vehicles, have no detrimental impact on the environment. Therefore, they have witnessed rising demand in the environment from countries that have strict regulatory policies in place.
Increasing demand for clean and renewable energy for driving vehicles is projected to be the main driver of the market for air-driven vehicles in the coming years. Other factors, like longer life cycles, low toxicity, and strict vehicle emission regulations, are expected to play a crucial role in the market growth over the forecast period.
High costs of air-compressed vehicles, however, may prove to be a major impediment to market growth. Increasing demand for alternatives such as electric vehicles may also present the market with a challenge over the forecast period.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Motor Development International SA (France), Tata Motors (India), Honda Motor Company, Ltd. (Japan), Groupe PSA (France), Engineair Pty Ltd (Australia), and Phinergy (Israel).
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Air Powered Vehicle Market Segmental Analysis
The global Air Powered Car market is segmented on energy mode, vehicle type, and region.
Based on energy mode, the market has been bifurcated into a single energy mode and dual energy mode.
By vehicle type, the market is segmented into passenger cars, LCV, and HCV. The market Is witnessing a growing demand for passenger cars as well as LCVs owing to their fuel efficiency and relatively better environment-friendliness as compared to HCVs. This is likely to create a growth trend in the market.
Regional Analysis
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
It is estimated that North America holds a significant market share in the Global Air Powered Vehicle Market. The U.S. dominates the market in this area, contributing nearly 70 percent of revenue. The major driving factors of the market in this area are the production of renewable energy for vehicles and increasing understanding of preserving the environmental balance.
Europe, which is known as an innovation center for the global automotive industry, is also expected to see substantial demand over the next five years. It is expected the involvement of major players in France, Italy, and Germany would have a positive effect on the market in this area. Also, in some countries, incentives and subsidies which encourage the use of air powered vehicles play a key role in the growth of the market.
The Asia Pacific market is expected to see the highest CAGR in the next five years. This area is distinguished by some of the emerging economies, including China and India, which individually reflect major automotive markets. Also, increasing environmental protection measures by governments and concerned authorities are driving demand for air-driven vehicles in this area. This region is regarded as a significant export of air-powered vehicles because of the low production costs, and the availability of skilled and cheap vehicles is also expected to contribute to the growth fo the market.
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