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

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.