Global Air Powered Vehicle Market Size, Share, Development by 2023

Global Air Powered Vehicle Industry published by Market Research Future, The Global Air Powered Vehicle market expected to rise at a 15% CAGR by 2023. Global Air Powered Vehicle Market Information by Energy Mode (Single Energy Mode, Dual Energy Mode), Vehicle Type (Passenger Car, LCV, HCV), Region - Forecast till 2023.

Technological developments in the global automotive sector has given rise to alternative fueled vehicles such as air powered vehicles. These vehicles, which operate on the principle of compressed air technology, do not have an adverse effect on the environment, like internal combustion engine vehicles. Thus, they have witnessed growing demand from countries that have stringent regulatory policies in place, regarding the environment.

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Key Players

The global air powered vehicle market was dominated by major players such as Motor Development International SA (France), Tata Motors (India), Honda Motor Company, Ltd. (Japan), Groupe PSA (France), Engineair Pty Ltd (Australia), and Phinergy (Israel).

Global Market Highlights:

Global Air Powered Vehicle market has seen remarkable growth; expected to rise at a 15% growth rate. 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.

The global air powered vehicle market is expected to exhibit a strong CAGR of 15% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global air powered vehicle market is extensively analyzed in the report to discover the key drivers and restraints motivating the market, the leading players operating in the market, and the hierarchy within the global air powered vehicle market.

Air powered vehicles use compressed air technology to propel the drive system of vehicles. Thus, they do not need fossil fuels at all. This is the major driver for the global air powered vehicle market, as the demand for alternative propulsion mechanisms that can reduce the adverse impact of the automotive industry on the environment is likely to grow over the forecast period. Along with hydrogen fuel vehicles and electric vehicles, air powered vehicles have emerged as a major possibility in the automotive industry.

Market Research Analysis

In terms of region, the global Air Powered Vehicle market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific accounted for a considerable market share in 2018. The market in this region has witnessed growing demand on account of an improvement in the standards of living of the people and growing stringency in terms of environmental regulations. Counttries such as China and Japan are expected to be the major contributors o the market in this region.

Scope of the Report

This study provides an overview of the global Air Powered Vehicle Market, tracking five market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Air Powered Vehicle Market by type, vehicle type, business model and region.

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Regional Analysis:

The MRFR report has segmented the market in four regions of North America, Asia Pacific (APAC), Europe and Rest of the World (RoW).

North America is likely to dominate the global air powered vehicle market over the forecast period due to the growing demand for environmentally viable vehicle propulsion technology in the region and the growing government support to the development of the same. Several automakers in the region have committed to developing environmentally conscious product lines over the long term, with air powered vehicles likely to take on a key role in the automotive industry in the region over the forecast period. The U.S. is likely to dominate the North American air powered vehicle market due to the strong presence of automotive innovators in the region and the growing demand for environment-friendly vehicles in the region.

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