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Alternative fuel vehicles are automobiles that can run on
conventional fuels such as petrol and diesel as well as on other
types of energy sources. Alternative fuel vehicles are equipped with
engines that can be powered by energy options such as solar,
electric, and hybrid. In times when the world is fighting the
pressure of catastrophic global warming, these vehicles are surely
far cleaner and safer for the environment.
Over
the past few decades, automobile technology has evolved by leaps and
bounds, bringing about a radical change in car design, powertrain
technology, and, more importantly, fuel efficiency. Statistics
suggest about 275 million automobiles in the United States are
responsible for 31% of the carbon dioxide output in the region. This
mammoth and unfortunate contribution to global warming needs an
immediate solution, which has forced car makers to think differently.
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Private
Fleets and Government Vehicles Emerge as Biggest Users of Alternative
Fuel Vehicles
Alternative
fuels are popularly being used in sectors such as agriculture,
chemical, transportation, and industrial. Alternative fuel vehicles
are segmented on the basis of fuel into propane, biodiesel, hydrogen,
biomass, electricity, non-fossil natural gas, non-fossil methane, and
ethane. The end users in the global alternative fuel vehicle market
are private fleets, government vehicles, domestic users’ vehicles,
and industrial transportation. The biggest shareholders in the global
alternative fuel vehicles market are private fleets and government
vehicles.
The
global alternative fuel vehicles market has been segmented on the
basis of geography into North America, Asia Pacific, the Middle East,
Europe, and Latin America. According to expert research analysts,
North America is a lucrative market for alternative fuel vehicles due
to the support from the U.S. government and the urgency felt in the
region to control its emissions. In addition, as North America tries
to curb the outrageous dependency and expenditure on import of fuels,
it is likely to spur the growth of the alternative fuel vehicles
market. Governments in countries such as Italy and China are offering
great incentives to buyers of alternative fuel vehicles, thus
boosting this market. Italy holds a significant share in the
alternative fuel vehicles market. The conversion of private and
government vehicles into alternative fuel vehicles is contributing to
the expansion of market to a great extent.
Jaguar,
Toyota, and Hyundai to Revolutionize Global Alternative Fuel Vehicle
Market
With
the growing worry of global warming, depleting fuel reserves, and
increasing carbon emissions, several vehicle manufacturers are
developing alternative fuel vehicles. Some the key players changing
the mindsets of vehicles users with their greener models are Jaguar
Land Rover Limited, Ford Motor Company, Hyundai Motor Company, Toyota
Motor Corporation, Nissan Motor Co., Ltd., Shell International B.V.,
Honda Motor Co., Ltd., BYD Company Limited, Honda Motor Co., Ltd.,
Daimler AG, and Mitsubishi Motors.
For
instance, Jaguar has been working on developing internal combustion
engines that can work with electric motors along with designing
vehicles, which will be able to recover some of the energy that
otherwise goes to waste during driving. The Range Rover Sport Hybrid,
the world’s first hybrid luxury SUV, is one such vehicle that
demonstrates Jaguar’s efforts so far. This hybrid SUV produces CO2
emissions as low as 169g/km and delivers a mileage of 44 miles per
gallon, making it 26% more fuel-efficient than the regular diesel
model. Asian manufacturers such as Hyundai and Toyota are also among
the pioneer companies creating a revolution in the market.
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