Air Powered Vehicle Market Research Report
Air Powered Vehicle Market Research Report – Global Forecast till 2023
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.
The advantages of air powered vehicles, apart from the reduction in toxic emissions, include a significant reduction in production costs, as several traditional automotive engine components, including spark plugs, starter systems, mufflers, and cooling systems are not needed in air powered vehicles. This reduces the cost of manufacturing air powered vehicles massively.
On the other hand, air powered vehicles have several drawbacks, including their lower energy efficiency than electric vehicles, which are in vogue in the automotive industry at present. The growing innovation in lithium ion batteries and the growing demand for electric vehicles could emerge as significant restraints for the global air powered vehicle market over the forecast period.
Competitive Analysis:
Leading players in the global air powered vehicle market include Phinergy, Engineair Pty Ltd., Groupe PSA, Honda Motor Company Ltd., Tata Motors, and Motor Development International SA.
The research sector has a crucial role to play in the global air powered vehicles market over the forecast period, as product innovation and the development of more sustainable and more powerful air powered vehicles is necessary for enabling widespread adoption of air powered vehicles. In August 2018, Egyptian students at Helwan University developed a one-person air powered car that uses compressed oxygen in place of conventional fossil fuels. Such research projects could become increasingly important in the global air powered vehicle market over the forecast period, as the commercial potential of such projects in the global market is quite high.
Segmentation:
The global air powered vehicle market is segmented on the basis of energy mode, vehicle type, and region.
By energy mode, the global air powered vehicle market is segmented into single energy mode and dual energy mode.
By vehicle type, the global air powered vehicle market is segmented into passenger cars, LCVs, and HCVs.
Regional Analysis:
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.
Asia Pacific is expected to exhibit the fastest growth rate in the global air powered vehicle market over the forecast period due to the growing automotive industry in countries such as China, India, and Indonesia. Air powered vehicles are likely to play a key role in the development of the automotive industry in Asia Pacific over the forecast period due to the growing awareness about the environmental consequences of automotive emissions and the growing government support to environment-friendly automotive technologies. The growing demand for commercial vehicles in the rapidly developing Asia Pacific region could also emerge as a major driver for the air powered vehicle market in the region over the forecast period.
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