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Alternative fuel vehicles are automobiles that can run on conventional fuels such as petrol and diesel as well as on other types of energy sources. Alternative fuel vehicles are equipped with engines that can be powered by energy options such as solar, electric, and hybrid. In times when the world is fighting the pressure of catastrophic global warming, these vehicles are surely far cleaner and safer for the environment.
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Over the past few decades, automobile technology has evolved by leaps and bounds, bringing about a radical change in car design, powertrain technology, and, more importantly, fuel efficiency. Statistics suggest about 275 million automobiles in the United States are responsible for 31% of the carbon dioxide output in the region. This mammoth and unfortunate contribution to global warming needs an immediate solution, which has forced car makers to think differently.
Alternative fuels are popularly being used in sectors such as agriculture, chemical, transportation, and industrial. Alternative fuel vehicles are segmented on the basis of fuel into propane, biodiesel, hydrogen, biomass, electricity, non-fossil natural gas, non-fossil methane, and ethane. The end users in the global alternative fuel vehicle market are private fleets, government vehicles, domestic users’ vehicles, and industrial transportation. The biggest shareholders in the global alternative fuel vehicles market are private fleets and government vehicles.
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The global alternative fuel vehicles market has been segmented on the basis of geography into North America, Asia Pacific, the Middle East, Europe, and Latin America. According to expert research analysts, North America is a lucrative market for alternative fuel vehicles due to the support from the U.S. government and the urgency felt in the region to control its emissions. In addition, as North America tries to curb the outrageous dependency and expenditure on import of fuels, it is likely to spur the growth of the alternative fuel vehicles market. Governments in countries such as Italy and China are offering great incentives to buyers of alternative fuel vehicles, thus boosting this market. Italy holds a significant share in the alternative fuel vehicles market. The conversion of private and government vehicles into alternative fuel vehicles is contributing to the expansion of market to a great extent.
Jaguar, Toyota, and Hyundai to Revolutionize Global Alternative Fuel Vehicle Market
With the growing worry of global warming, depleting fuel reserves, and increasing carbon emissions, several vehicle manufacturers are developing alternative fuel vehicles. Some the key players changing the mindsets of vehicles users with their greener models are Jaguar Land Rover Limited, Ford Motor Company, Hyundai Motor Company, Toyota Motor Corporation, Nissan Motor Co., Ltd., Shell International B.V., Honda Motor Co., Ltd., BYD Company Limited, Honda Motor Co., Ltd., Daimler AG, and Mitsubishi Motors.
For instance, Jaguar has been working on developing internal combustion engines that can work with electric motors along with designing vehicles, which will be able to recover some of the energy that otherwise goes to waste during driving. The Range Rover Sport Hybrid, the world’s first hybrid luxury SUV, is one such vehicle that demonstrates Jaguar’s efforts so far. This hybrid SUV produces CO2 emissions as low as 169g/km and delivers a mileage of 44 miles per gallon, making it 26% more fuel-efficient than the regular diesel model. Asian manufacturers such as Hyundai and Toyota are also among the pioneer companies creating a revolution in the market.