USD 936.23 billion
Air Powered Vehicle Market Size, Share, Growth Analysis, By Product type(Single energy mode, and dual energy mode), By Vehicle type (Passenger cars, commercial vehicles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2048 |
Region:
Global |
Published Date: July, 2024
Pages:
272
|Tables:
61
|Figures:
75
Air Powered Vehicle Market Insights
Air Powered Vehicle Market size was valued at USD 936.23 billion in 2019 and is poised to grow from USD 1483.69 billion in 2023 to USD 5201.31 billion by 2031, growing at a CAGR of 59% in the forecast period (2024-2031).
The air powered vehicle (APV) is made up of three parts: an air tank, a compressed air engine, and a control system. The compressed air system and compressed air engine are the main technologies in air-powered vehicles. For running the vehicle, it utilizes compressed air as a power source; the air is further pushed down into a small chamber assisting in generating power to the vehicle. The energy conversion efficiency and driving mileage of air powered vehicles will be competitive with traditional vehicles and other new energy vehicles whenever the energy loss of the air compression and decompression process is minimized and the utilisation rate of compressed air energy is improved.
The growing demand for the clean and sustainable energy, and the stringent guidelines related to the vehicular emissions are anticipated to drive the air powered vehicle market growth. Increased cost of fossil fuel, due to its insufficient stock and the accessibility are further anticipated to support the growth of the air powered vehicle market in the forecast timeframe.
US Air Powered Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Car
Fastest Growth
Passenger Car
Growth Rate
59% CAGR
Global Air Powered Vehicle Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Air Powered Vehicle Market Segmental Analysis
Global Air Powered Vehicle Market is segmented based on the product type, vehicle type, and region. Based on product type, the Air Powered Vehicle Market is segmented into single energy mode, and dual energy mode. Based on vehicle type, the Air Powered Vehicle Market is segmented into passenger cars, commercial vehicles. Based on region, Air Powered Vehicle Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Air Powered Vehicle Market Analysis by Product Type
Based on product type, the global air powered vehicle market is segmented into single energy mode, and dual energy mode. The single energy mode segment held the largest revenue share of over 56% of the global air powered vehicle market in 2020, and is expected to retain the same during the aforementioned forecast period. With the help of single energy mode, the air powered vehicles only use compressed air for propulsion. Moreover, the increased demand for electric vehicles is higher in developing countries including India, China and others are likely to hold a significant market share during the given period.
Air Powered Vehicle Market Analysis by Vehicle Type
Based on vehicle type, the air powered vehicle market is segmented into passenger cars, commercial vehicles. The passenger cars segment accounted for a greater market share of the global air powered vehicle market in 2020 due to the improvement in urban and suburban emission regulations, air powered vehicles. The rising need for compact and lightweight vehicles is also projected to support the growth of the air powered vehicle market across the globe.
Global Air powered Vehicle Market Size By Market Type
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Air Powered Vehicle Market Regional Insights
Asia Pacific is expected to hold the major share of the global air powered vehicle market during the forecasting years owing to the presence of developed countries for advanced research and development facilities for air powered vehicles across the region. The region is expanding due to several economies such as China, India, South Korea, Indonesia, and Malaysia in the automotive market. In addition, the governmental initiatives and also initiatives by the respected authorities regarding the environment protection is also supporting the growth rate of air powered vehicle market in the region.
Europe and North America are, however, anticipated to significantly grow in the global air powered vehicle market thanks to the expansion of clean energy for vehicles. The increasing alertness on the account of maintaining the environmental balance is further favouring the growth of the air powered vehicle market in the region. Europe is also growing because of the usage of fasteners in the small tractors and lawnmowers in the region coupled with the increased production of lawns & garden equipment.
Global Air Powered Vehicle Market Size By Geography
- Largest
- Fastest
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Air Powered Vehicle Market Dynamics
Air Powered Vehicle Market Drivers
Increase in Awareness regarding Air Pollution to Boost Market Growth
- Increase in air pollution has prompted and encouraged global regulatory bodies to develop low emission vehicles. This has boosted the development and introduction of air powered vehicles. The air powered vehicle is a solution to the energy shortage and environmental deprivation. Evidence recommends that transportation pollution accounts for about 50% of total health impacts instigated due to the harmful carbon emission from fossil fuel-powered vehicles. This is a key factor that is likely to boost the demand for air powered vehicles during the forecast period.
Air Powered Vehicle Market Restraints
Stringent Government Policies to Hinder Market Growth
- Due to the speed issues of the air powered vehicles coupled with the increasing purchase of electric vehicles including battery electric vehicle, and hybrid electric vehicle attributing to the emission concerns and government subsidies, incentives that are offered during purchase of such vehicles are anticipated to obstruct the growth of air powered vehicles market.
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Air Powered Vehicle Market Competitive Landscape
Global air powered vehicle market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Air Powered Vehicle Market Top Player's Company Profiles
- Air France
- Airbus
- Boeing
- Delta Air Lines
- Emirates
- Etihad Airways
- General Electric
- Honeywell Aerospace
- Japan Airlines
- Lufthansa Group
- Mitsubishi Heavy Industries
- Pratt & Whitney
- Qantas Airways
- Rolls-Royce Holdings
- Singapore Airlines
- Southwest Airlines
- Turkish Airlines
- United Airlines
- Virgin Atlantic Airways
- Wärtsilä Corporation
Air Powered Vehicle Market Recent Developments
- In November 2022, Jeep India will announce pricing for the new Grand Cherokee SUV. The company has already released the first teaser of the India-bound Grand Cherokee, confirming this development. The new Grand Cherokee will be the brand’s flagship SUV, sitting above the Jeep Meridian in the brand’s India line-up. However, the pricing for the new Jeep Grand Cherokee will be around Rs 85 lakh (ex-showroom) and deliveries will be started by early December.
- In October 2022, Maruti Suzuki S-Presso is the brand-new model to join the S-CNG product lineup in the country. The vehicle is, however, available in two variant options, LXi and VXi. In addition, the newly launched Maruti Suzuki S-Presso CNG is available at a starting price of Rs 5.90 lakh (ex-showroom).
Air Powered Vehicle Key Market Trends
- The key manufacturing companies are focussing on: investments on research and development purpose of the air powered vehicles to increase the range and performance of the vehicles. In addition, companies are working on the development of production vehicles.
Air Powered Vehicle Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global air powered vehicle market analysis, Asia Pacific is anticipated as the largest exporter of air powered vehicles because of the lack of raw materials, low manufacturing cost, advanced technological infrastructure, and others in the region during the given forecast period. The inadequate resources of fossil fuel and the rise in the air pollution are anticipated to increase the demand of air powered vehicles in the market. Whereas, rising adoption of electric vehicles due to the emission issues, the government subsidies and also the incentives given during purchase of electric vehicles are expected to sluggish the growth rate of air powered vehicle market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 936.23 billion |
| Market size value in 2031 | USD 5201.31 billion |
| Growth Rate | 59% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Air Powered Vehicle Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Air Powered Vehicle Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Air Powered Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Air Powered Vehicle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Air Powered Vehicle Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Air Powered Vehicle Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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