Description :
Alternative fuel and hybrid vehicles ( AFHV ) run on fuels other than conventional types such as gasoline and diesel . The depletion of oil reserve at an alarming rate has given rise to the adoption of these vehicles across the globe . In addition , these vehicles emit less harmful compounds such as oxides of carbon , nitrogen , and sulfur as their exhaust , thus making AFHV eco-friendly . Moreover , electric vehicles use electricity as their power source , in which electric energy is stored in the vehicular batteries and can be recharged at charging stations . On the other hand , hybrid vehicles use both conventional and alternative fuels as a source of power . Passengers can actually switch between these two powers while driving as per their feasibility and usage . China is a potential market of AFHV as it has the maximum percentage of electric vehicles across the globe . As per the Global EV Outlook 2015 , China holds 230 million e-bikes , 83,000 e-cars , and 36,500 e-buses . Numerous players such as Toyota Motor Corporation and Tesla Motors , Inc . are regularly manufacturing AFHV . For instance , Tesla Motors , Inc . launched Model S , the fastest electric car for its customers globally .
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Increase in demand of fuel-efficient vehicles , stringent government laws and regulations toward vehicular emission , and increase in growth of public charging infrastructure drives the market growth . Also , depletion of fossil fuels such as coal , gasoline , and diesel and increase in prices of fossil fuels are the other factors that propel the market growth . However , high initial cost of vehicle and low fuel economy hamper the market growth . Moreover , advancement in alternative fuel technologies and increase in government initiatives , such as investment in electric and hybrid buses , are expected to create huge opportunities for the growth of market in the coming years .
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The market is segmented on the basis of alternative fuel type , vehicle type , and geography . Alternative fuel type segment is further divided into gaseous fuels ( LPG , CNG , and LNG ), electric , and others ( biofuel , biodiesel , fuel cell , liquid nitrogen , and dimethyl ether ). Moreover , vehicle type segment is classified 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 ). Geographically , the market is analyzed across North America , Europe , Asia-Pacific , and LAMEA regions . North America comprises the U . S ., Canada , and Mexico . Europe includes Germany , France , The Netherlands , Norway , UK , and rest of Europe . Asia-Pacific consists of China , Japan , South Korea , India , and rest of Asia- Pacific . Latin America , Middle East , and Africa are considered in the LAMEA region .
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