Air Powered Vehicle Market - Energy Mode, Vehicle Type, and Region
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.
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.
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).
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
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By Regions Analysis
- North America
- Asia-Pacific
- Europe
- Rest of the World
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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