- Global Air Powered Vehicle market has seen remarkable growth; expected to rise at a 15% growth rate.
- Asia Pacific accounted for a considerable market share.
- Europe is also expected to witness considerable demand over the next five years.
Air Powered Vehicle Market Size To Expand at a Notable CAGR Of 15% During 2018 – 2023, “Global Air Powered Vehicle Industry” published by Market Research Future, The Global Air Powered Vehicle market expected to rise at a 15% CAGR by 2023. Global Air Powered Vehicle Market Information by Energy Mode (Single Energy Mode, Dual Energy Mode), Vehicle Type (Passenger Car, LCV, HCV), Region with Forecast till 2023.
Global Air Powered Vehicle market has seen remarkable growth; expected to rise at a 15% growth rate. Air powered vehicles basically use air as an alternative to petroleum, to run. The principle of compressed air technology (CAT) is applied in these vehicles.
The global air powered vehicle market is expected to exhibit a strong CAGR of 15% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global air powered vehicle market is extensively analyzed in the report to discover the key drivers and restraints motivating the market, the leading players operating in the market, and the hierarchy within the global air powered vehicle market.
The global air powered vehicle market was dominated by major players such as Motor Development International SA (France), Tata Motors (India), Honda Motor Company, Ltd. (Japan), Groupe PSA (France), Engineair Pty Ltd (Australia), and Phinergy (Israel).
Market Research Analysis
In terms of region, the global Air Powered Vehicle market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific accounted for a considerable market share in 2018. The market in this region has witnessed growing demand on account of an improvement in the standards of living of the people and growing stringency in terms of environmental regulations. Countries such as China and Japan are expected to be the major contributors to the market in this region.
Europe, which is considered to be an engineering hub for the global automotive industry, is also expected to witness considerable demand over the next five years. Presence of major players in France, Italy and Germany are expected to have a positive impact on the market in this region. Besides, incentives and subsidies in some countries encouraging the usage of air powered vehicles, are also playing a key role in the market growth.