Air Powered Vehicle Market - Snapshot
Air powered vehicle, also known as air compressed vehicle, is a green vehicle that uses a compressed air engine, an alternative of the internal combustion (IC) engine, and works on the principle of compressed air technology (CAT). An air powered vehicle utilizes compressed air, a non-polluting fuel, as a power source in order to run the vehicle. Rise in cost of fossil fuel, owing to its limited stock and availability, and surge in demand for emission-free vehicles have led to the development of the air powered vehicle. The air powered vehicle offers long life of the vehicle, high energy density of compressed air, and low toxicity as compared to other alternatives of the IC engine vehicle.
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 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. Furthermore, the air powered vehicle is economical, requires low refueling cost, and is more efficient than the conventional fossil fuel-powered vehicle. Moreover, the limited resources of fossil fuel are anticipated to propel the air powered vehicle market during the forecast period. An air powered vehicle offers numerous advantages such as easy to maintain, superior comfort, and no pollution. Furthermore, unlike battery operated electric vehicles or hybrid electric vehicles, the air powered vehicle is economical and its vehicle parts, such as compressed air tanks, can be recycled or predisposed with lesser pollution than the batteries used in electric vehicles. Air powered vehicles are lightweight vehicles, which makes them more efficient. Consequently, the air powered vehicle market is projected to expand at a significant growth rate during the forecast period.
Low speed of the air powered vehicle coupled with limited infrastructure for refueling is a major factor that is likely to hinder the air powered vehicle market during the forecast period. Furthermore, rise in adoption of electric vehicles, owing to emission concerns and government subsidies and incentives being offered on purchase on electric vehicles, is another factor that is projected to hamper the air powered vehicle market during the forecast period.
The global air powered vehicle market has been segmented based on energy mode, vehicle type, and geography.
In terms of energy mode, the single energy mode segment is projected to lead the air powered vehicle market. Demand for emission-free vehicles is higher in urban cities and developing towns. The single energy mode air powered vehicle employs only compressed air as a power source. The segment is projected to hold a prominent share of the market during the forecast period.
Based on vehicle type, the passenger vehicle segment is expected to account for a notable share of the air powered vehicle market. Rise in regulation on emission in cities and sub-cities is projected to boost the air powered vehicle market, as an air powered vehicle is less polluting and is projected to comply with emission regulations. This, in turn, is anticipated to boost the air powered vehicle market during the forecast period. Furthermore, rise in demand for lightweight and compact vehicles, owing to the increase in demand for efficient vehicles, is expected to propel the air powered vehicle market during the forecast period.
In terms of geography, Europe and Asia Pacific are projected to account for a prominent share of the global air powered vehicle market. This due to the higher rate of adoption of vehicles, coupled with their relatively low cost and rise in concerns about carbon emission. Furthermore, rise in export of vehicles in these regions is also estimated to boost the sales and production of vehicles during the forecast period. Australia, Italy, France, Spain, India, and New Zealand are projected to lead the global market during the forecast period, owing to the presence of production plants of air powered vehicle manufacturers in these countries.
Major players operating in the global air powered vehicle market include Motor Development International SA, Tata Motors, Magnetic Air Car, Inc., Engineair Pty Ltd, Honda Motor Co., Ltd., and Groupe PSA. Among global manufactures, Motor Development International SA is a pioneer of the air powered vehicle technology. Expansion and joint ventures undertaken by the company are projected to consolidate its position in the market during the forecast period.
Air Powered Vehicle Market - Overview
This report analyzes and forecasts the market for air powered vehicle at the global and regional level. The market has been forecasted based on revenue (US$ Mn) and volume (thousand units) from 2018 to 2026. The study includes drivers and restraints of the global air powered vehicle market. It also covers the impact of these drivers and restraints on the demand for air powered vehicle during the forecast period. The report also highlights opportunities and future scope in the air powered vehicle market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global air powered vehicle market. The Porter’s Five Forces model for the air powered vehicle market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein technology is benchmarked based on market size, growth rate, and general market share.
The study provides a decisive view of the global air powered vehicle market by segmenting it in terms of energy mode, vehicle type, and geography. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for air powered vehicle in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual segments in all major countries across all regions.
The study includes profiles of major companies operating in the global air powered vehicle market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, key executive bios, and manufacturing footprint.
The report provides the estimated market size of air powered vehicle for 2017 and forecast for the next nine years. The global market size of air powered vehicle has been provided in terms of revenue and volume. Market numbers have been estimated based on energy mode, vehicle type, and geography segments of air powered vehicle. Market size and forecast for each energy mode and vehicle type have been provided in terms of global and regional/country markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, American Automobile Association, European Automobile Manufacturers Association, Automotive Research Association of India, Organisation Internationale des Constructeurs d'Automobile (OICA), UITP, Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, linked interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The global air powered vehicle market has been segmented as follows:
Global Air Powered Vehicle Market, by Energy Mode
- Single Energy Mode
- Dual Energy Mode
Global Air Powered Vehicle Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Air Powered Vehicle Market: by Region/Country/Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America