Indian Alternative Fuel Vehicle Market is expected to reach US$ XX Bn by 2026 at a CAGR of XX%. In India, petrol and diesel will continue to dominate the fuel market as purchasing decision for a car or any other vehicle majorly depend on fuel efficiency, followed by enhanced cost-effectiveness and vehicle lifespan, safety innovation and ergonomics/comfort as sales potential of the basic and small car segment is set to accelerate over the next five years. Indian companies will be investing in two powertrain technologies over the next five years: 33 per cent in downsizing and optimisation of internal combustion engines and 27 per cent in fuel cell electrical vehicles The Indian Automotive industry is likely to face further pressure on two fronts: while on one front the regulatory norms are likely to get tougher on safety, emission norms, fuel efficiency, manufacturing defects, and product recalls, on the other hand, the product life cycles are getting shortened, there are frequent changes in product ownership and likely emergence of new product segments.
The primary reason behind the shift towards alternative fuels is to reduce the import dependency on foreign countries, which is burdening the economy along with to be committed towards environmental agreements of is India is an integral part of. Demand for fuel-efficient vehicles, stringent government laws & regulations toward vehicle emission such as BS IV and BS VI, developing public infrastructure, technological advancements in alternative fuel vehicles and proactive government initiatives such as investment in regarding electric and hybrid propelling the alternative fuel and hybrid vehicle market growth. However, the high costs of fuel and a high initial cost of infrastructure hamper the Indian alternative fuel market growth.
The Indian alternative fuel vehicle market is segmented by fuel type and vehicle type. On the basis of fuel type market is further divided into compressed/ liquefied natural gas (LNG/CNG), biofuels such as biodiesel, methanol and ethanol, biogas, hydrogen gas, solar batteries, hydrogen fuel cells, liquefied petroleum gas (LPG) and electricity. In terms of vehicle, a market is segmented into passenger, commercial and two-wheelers. India is one of the major petroleum importers as well as the fastest growing economy around the globe. As per the government plans India will soon stop imports of petroleum products as the focus of the centre is on alternative options.
India is incurring a substantial amount of crude imports which are approximately INR 4.5 lakh crore in spite of low prices globally. As a result, the Centre is looking to develop an alternative fuel economy of which Methanol possibly might be the future fuel of India and policymakers are very much keen in accelerating the process. In National Electric Mobility Mission 2020, the Indian government has formulated a scheme for faster adoption and manufacturing of electric and hybrid vehicles in India which will further boost the prospect for alternative fuels in India. Rajasthan has become the first State in the country to implement the national policy on biofuels unveiled by the Centre in May this year. This confirms that the attempts are being made in a decentralized manner.
Scope of the Indian Alternative Fuel Vehicle Market
Indian alternative fuel vehicle market by Type
• Biofuels: biodiesel methanol and ethanol • Electricity • Compressed/ Liquefied natural gas (LNG/CNG) • Biogas • Solar batteries • Hydrogen fuel cells • Liquefied Petroleum Gas (LPG)
Indian alternative fuel vehicle market by Vehicle
• Passenger Vehicle • Commercial Vehicle • Two-wheelers • Others
Key Players in Indian Alternative Fuel Vehicle Market
Mahindra and Mahindra Tesla Tata Nissan Toyota Volkswagon BMW Honda Hyundai Daimler Chrysler Ford General Motors Porsche Mercedes
This Report Is Submitted By @Global Market Research Company
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