Air Powered Vehicle Market Analysis
As per Market Research Future (MRFR)’s recent assessment, the global air powered vehicle market has been projected to exhibit a steady CAGR over the forecast period 2018 to 2023. The depletion of natural resources has led to massive growth in the demand for vehicles that run on alternative fuels. This, in turn, is projected to dominate the growth trajectory of the market over the next couple of years.
Air powered vehicles, also known as compressed air car, uses motors powered by compressed air. It doesn’t require gasoline or any other bio-carbon based fuel for operations. The report suggests that the air powered vehicle market is anticipated to scale a decent valuation over the assessment period owing to the implementation of stringent laws regulating carbon emissions. In addition, the efforts directed towards the reduction of carbon footprints are likely to fuel demand for air powered vehicles in the upcoming years.
Compressed air vehicles facilitate production at a lower cost as it doesn’t require several components such as spark plugs, cooling systems, etc. It can also be integrated with electric or hybrid vehicle. It is prognosticated to boost the growth trajectory of the air powered vehicle market over the assessment period.
The vehicles run on Compressed Air Technology (CAT), which in conjunction with the demand for the adoption of sustainable energy is expected to revolutionize the growth pattern of the market. Other factors that are poised to favor the proliferation of the air powered vehicle market include lower toxicity, longer life-cycle, etc. On the flip side, the robust growth of the rival market for electric cars is expected to hinder the expansion of the market across the review period. Furthermore, the high cost of these vehicles also remains an impediment to market growth.
Market Segmentation:
By energy mode, the global air powered vehicle market has been segmented into single energy mode and dual energy mode.
By vehicle type, the air powered vehicle market has been segmented into passenger cars, LCV and HCV.
Regional Analysis:
By region, the global air powered vehicle market has been segmented into North America, Asia Pacific, Europe and, the Rest of the World (RoW). North America is the most prominent market for air powered vehicles and is expected to be led by the U.S. over the next couple of years. The U.S. being a significant country-level market is likely to contribute around 70% of the revenue. The growing awareness about the importance of clean energy for maintaining ecological balance in the key factor responsible for fueling demand for air powered vehicles.
Asia Pacific is projected to expand at a comparatively higher CAGR across the review period. The region houses emerging economies such as India and China which are witnessing exponential demand for automobiles. It is expected to catapult the air powered vehicle market on an upward trajectory. The intensified need for reduction of carbon emissions is also presumed to aid the proliferation of the market in the foreseeable future. In addition, the initiatives undertaken by the government for the adoption of sustainable energy is poised to augment the regional air powered vehicle market in the forthcoming years.
Competitive Landscape:
Some of the major players of the air powered vehicle market are Engineair Pty Ltd (Australia), Tata Motors (India), Honda Motor Company, Ltd. (Japan), Motor Development International SA (France), Groupe PSA (France), and Phinergy (Israel).
Industry News:
In August 2018, an air compressor manufacturer, Elgi Equipments, has announced the acquisition of Australia-based F.R. Pulford & Son Pty Limited along with its wholly owned subsidiary - Advanced Air Compressors Pty Ltd. The acquisition is aimed at dominating the global air-compressor business by 2027.