Air Powered Vehicle Market Overview:
Due to depletion of fossil fuels, alternative fuels for vehicles is the need of the hour. Electric and hybrid electric vehicles have come up in recent years to tackle this challenge. Similarly, compressed air powered vehicles are also expected to witness increased importance over the next few years. Air powered vehicles basically use air as an alternative to petroleum, to run. The principle of compressed air technology (CAT) is applied in these vehicles.
Growing demand for clean and sustainable energy for driving vehicles is expected to be the major driver of the air powered vehicle market over the next few years. Other factors such as longer life-cycle, low toxicity and stringent regulations regarding vehicular emissions are expected to play key roles in the growth of the market over the forecast period. However, high cost of air compressed vehicles could prove to be a major obstacle to the growth of the market. Growing demand for substitutes such as electric vehicles could also pose a challenge to the market over the forecast period.
The prominent players in the Air Powered Vehicle Market are-
The prominent players in the Global Air Powered Vehicle Market include 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 Segmentation:
The global Air Powered Vehicle market is segmented on the basis of energy mode, vehicle type and region. On the basis of energy mode, the market has been segmented into single energy mode and dual energy mode. By vehicle type, the market is segmented into passenger cars, LCV and HCV.
Regional Analysis:
Geographically, the Global Air Powered Vehicle Market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to account for a significant market share in the Global Air Powered Vehicle Market. The market in this region is dominated by the U.S., which contributes nearly 70% of the revenue. Development of clean energy for vehicles and growing awareness regarding maintaining the environmental balance are the major driving factors of the market, in this region.
The market in the Asia Pacific region is projected to witness the highest CAGR over the next five years. This region is characterized by some of the emerging economies including China and India, which are huge automobile markets individually. Besides, growing initiatives by governments and concerned authorities related to environment protection are also driving the demand for air powered vehicles in this region. This region is known as a major exported of air powered vehicles due to low manufacturing cost and availability of skilled and cheap labor, along with technologically advanced infrastructure.
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