The new report by Expert Market Research titled, ‘Global Air Powered Vehicle Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global air powered vehicle market, assessing the market based on its segments like product type, vehicle type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 331.5 Million
- Forecast CAGR (2023-2028): 25%
- Forecast Market Size (2028): USD 1252.3 Million
The increasing awareness among people about the dangerous consequences of the emissions of harmful carbon compounds owing to the use of conventional fuel, like petroleum, drives the air powered vehicle industry at present. The rising living standards enable many people to afford air powered cars for their short distances.
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Also, these air powered vehicles require low maintenance and are cost-effective as it uses compressed air as the energy source. The rising need to conserve fossil fuels and the urge to use alternative fuels lead to air-powered vehicles’ increasing adoption. All these factors can be attributed to the growth of this industry.
Industry Definition and Major Segments
Air powered vehicle is a zero-emissions vehicle that uses compressed air as an energy source. This vehicle comprises an air tank, a compact air engine, and a control system. It is a favoured mode of short-distance transport that is eco-friendly, sustainable, and cost-effective as no combustion process occurs in this vehicle.
Based on product type, the market is categorised into
- Single Energy Mode
- Dual Energy Mode
By vehicle type, the market can be divided into
- Passenger Cars
- Commercial Vehicles
By region, the market is classified into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The stringent government regulations to combat air pollution and other environmental concerns is a significant driver of this industry. The use of air powered vehicles reduces the emissions of harmful gases, like carbon monoxide and protects the environment compared to conventional fuels, like petroleum. The proof for this is the recent United Nations Climate Change Conference declaration that the governments will ensure that all the vehicles sold are zero-emission by 2040 or earlier. It is also sustainable and can be used to meet the demands of the growing population. The technological developments to be made in new valves, prototypes, pneumatic hybridisation, and the advanced conversion of compressed air to mechanical energy are expected to impel the air-powered vehicle industry in the forecast period.
Key Market Players
The major players in the market are Motor development international SA, Tata Motors Limited, Peugeot S.A, Engineair Pty Ltd, and Honda Motor Company, Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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