According to the Vision Research Reports, the global air powered vehicle market is anticipated to expand at a CAGR of about 70% during the forecast period 2020 to 2027 and to reach valuation of around US$ 0.9 billion by 2027.
Air powered vehicle is a pollution-free vehicle that is powered by a compressed air engine. The air powered vehicle consists of compressed air tanks that hold compressed air and deliver the air at appropriate pressure, thereby providing power source to the vehicle. The air powered vehicle is pollution-free, economical, lightweight, easy to maintain, and has low operating cost.
The global air powered vehicle is a technological development that contains high energy input, efficient released energy, controlled emission, and storage & fueling, and temperature. Major companies such as Motor Development International and Tata Motors have already developed and launched air powered vehicles. Furthermore, demand for air powered vehicles is projected to increase rapidly owing to the numerous benefits offered by the vehicle, such as zero emission, high energy density, high comfort, and improved technology and engineering dynamics. Increase in government support for environmental-friendly vehicles is projected to boost the air powered vehicle market during the forecast period. However, pure air powered vehicles have relatively low top speed, which is projected to hamper the market during the forecast period.
Based on energy mode, the single energy mode segment is projected to hold a prominent share of the market and expand at a CAGR of 67 % during the forecast period. This high growth rate of the segment is primarily due to regulations imposed on the transportation industry in order to curtail carbon emission. This, in turn is estimated to boost demand for air powered vehicles significantly during the forecast period. Surge in awareness to opt for environment-friendly vehicles is a prime factor that is likely to boost the air powered vehicle market during the forecast period.
In terms of vehicle type, the passenger vehicle segment leads the air powered vehicle market. Rise in demand from consumers for low emission vehicles, owing to emission regulations and policies, is a major factor that projected to fuel the air powered vehicle market during the forecast period. The segment is likely to hold more than 89% share of the market by the end of 2027. Additionally, technological advancements, pollution-free vehicle, relative low cost of the air powered vehicle are projected to attract passenger vehicle users to opt for this vehicle. This, in turn, is anticipated to drive the air powered vehicle market during the forecast period.
In terms of region, Europe dominates the global air powered vehicle market. Europe is projected to account for around 38% share of the market by the end of the forecast period. This is due to the region being a pioneer of the air powered vehicle. Rising awareness about emissions caused from vehicles and increasing adoption of emission-free vehicles are prime factors that are likely to augment the air powered vehicle market during the forecast period. Furthermore, presence of prominent OEMs and auto manufacturers in the region is projected to propel the air powered vehicle market in the region.
Prominent players operating 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 global market during the forecast period.
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 20120 to 2027. 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.