Air Powered Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Engine Mode (Dual Energy Mode and Single Energy Mode), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The global Air Powered Vehicle Market size was valued at USD 50.4 million in 2021 and is expected to grow by USD 318.59 million in 2030 at a CAGR of 59% during the forecast period. The growing greenhouse effect caused by the majority of road transport vehicles has prompted automakers to seek out and develop the fuel of the future. Air-powered vehicles are one form of vehicle that emits little or no pollution. The pressurized atmospheric gas powers the air-powered vehicle. The car is considered an environmentally friendly vehicle because it runs on compressed air rather than fuel. Furthermore, the vehicle drives itself using a pneumatic motor to release and expand the pas. The air within an air-powered vehicle is delivered to the engine via an air injector. The air is pushed down into little chamber which further pushes the crankshaft and powers the vehicle.
The rising expense of fuel, combined with an increase in demand for emission-free vehicles, as well as limited inventory and easy availability, are all contributing to the growth of air-powered vehicles. In addition, as compared to conventional vehicles, these vehicles have lower compressed air toxicity, a longer service life, and a higher energy density. The global increase in the depletion of fossil fuels has boosted demand for alternate vehicle fuels. In the same way that electric vehicles are now being preferred over conventional vehicles, air-powered vehicles are gaining popularity in the market and are projected to see increased demand in the coming years.
COVID-19 ANALYSIS
The size and effectiveness of government stimulus program will have a considerable impact on GDP. The most significant impact on GDP growth and oil consumption will be stimulus packages for the aviation, automobile, construction, and infrastructure industries. Furthermore, the pandemic has turned automakers' attention to the search for an alternative fuel. Furthermore, this strategy will benefit the compressed air vehicle sector. Furthermore, increased sales of air powered vehicles will result from the adoption of cleaner technology as a result of greater awareness of the environmental comeback during the pandemic.
LATEST TREND
Advantages of Air-Powered Vehicles are Driving Market Growth
In the worldwide automotive business, air-powered vehicles are a game-changer. Automobile manufacturers are bullish on investments in the worldwide air powered vehicle market, which is expected to grow at an incredible rate. Air-powered vehicles have a number of advantages, including low to no pollution in the environment because they run on compressed air.
Automobile manufacturers are banding together to invest in the development of air-powered vehicles. They are developing compressed air engines in order to mass-produce air-powered vehicles. Companies are investing more in R&D for novel full hybrid petrol solutions that combine compressed air's environmental benefits with the performance of a petrol engine without the use of electricity.
DRIVING FACTORS
Increasing R&D to Drive Market Growth
Due to the benefits of air powered vehicles, several corporations are investing in research and development. Furthermore, businesses are strategizing the deployment of air-powered vehicles. Additionally, vehicle manufacturers are working to improve vehicle range and performance. Although the production vehicle has yet to be revealed, several concept models have been released. Companies are also actively working on the debut of manufacturing automobiles. Dr. Tim Leverton, president and head of Tata's Advanced and Product Engineering, for example, stated in 2017 that the first air-powered car would be available by 2020.
RESTRAINTS
Increasing Adoption of BEV and HEV Is Hampering the Growth
The factor that is expected to hamper the air powered vehicle market during the forecast period is the increased adoption of electric vehicles such as battery electric vehicles (BEV) and hybrid electric vehicles (HEV) due to emission concerns and government subsidies and incentives being offered on electric vehicle purchases.
SEGMENTATION
The Global Air Powered Vehicle Market is segmented by Engine Mode, Vehicle Type, and Region. Based on the Engine Mode, the market is categorized into Dual Energy Mode and Single Energy Mode. Based on Vehicle Type, the market is categorized into Passenger Vehicle and Commercial Vehicle. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
REGIONAL INSIGHTS
The Global Air Powered Vehicle Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Asia Pacific accounted for a large portion of the global market for air-powered vehicles. The region contains a large number of developed countries with advanced research and development facilities for air powered vehicles. China, Indonesia, and India are all growing economies in the region, and they are key contributors to the automotive market. Several government programs aimed at protecting the environment have also boosted demand for air-powered vehicles in the region. Furthermore, due to low raw material and manufacturing costs, low-cost labor, and technologically advanced infrastructure, Asia Pacific is the greatest supplier of air-powered vehicles.
North America is expected to account for a sizable portion of the global air powered vehicle market. The United States dominates the market in this region, accounting largest sales. The market in this region is being driven by the development of clean energy for automobiles and a growing awareness of the importance of maintaining environmental balance.
KEY INDUSTRY PLAYERS
Key competitors in the worldwide air powered vehicle market are increasing their footprint through mergers and acquisitions and the construction of new facilities. For example, Tata Motors has partnered with Motor Development International (MDI), a business located in France, to develop a compressed-air vehicle. The AIRPod is one of five compressed air-powered derivative vehicles designed by MDI. MDI created two versions: a single fuel engine that runs only on compressed air (like the AIRPod) and a dual fuel engine that runs on compressed air plus combustible fuel (like the AIRPod) in 2007.
LIST OF KEY COMPANIES PROFILED:
- EngineAir Pty Ltd
- Honda Motor Co., Ltd.
- Phinergy
- Peugeot Citroën South Africa (Proprietary) Limited
- Tata Motors
- Matrix Comsec Pvt. Ltd.
- Magnetic Air Cars Incorporated
- Stellantis NV
- MDI SA
SEGMENTATION
By Engine Mode
- Dual Energy Mode
- Single Energy Mode
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Air Powered Vehicle Market Size
- June-2022
- 148
- Global
- automotive
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