Global Alternatively Powered Commercial Vehicles Fuel Market Report Predicts Growth Through 2026

DUBLIN (July 07, 2021) — The “Alternatively Powered Commercial Vehicles: Global Fuel Markets 2021-2026” report has been added to ResearchAndMarkets.com’s offering.

The global market for alternative fuel for all classes of commercial vehicles with oil prices at $40 per barrel should grow from $11.1 billion in 2021 to $19.4 billion by 2026 with a compound annual growth rate (CAGR) of 11.8% for the period of 2021-2026.

This report focuses on 10 major alternative fuels for commercial vehicles across North America; Latin America; Europe, the Middle East and Africa (EMEA); and the Asia-Pacific.

Alternative fuels are increasingly popular as countries seek energy independence and attempt to lower harmful emissions. The United States has led this effort and makes fuels from vegetables, restaurant grease and other materials for use in dedicated and flex-fuel vehicles. In dedicated vehicles, a single type of fuel can work but in flex-fuel vehicles, multiple types of fuels can be used by blending of fuels in a standard ratio as suggested by vehicles manufacturers.

This report considers several types of vehicles. Medium and heavy-duty type commercial vehicles command a major share of the market.

There are three price points considered for developing a complete understanding of alternative fuels for commercial vehicles: $40 barrel per thousand units, $80 barrel per thousand units and $120 barrel per thousand units. Most commonly, the price of fuel depends on the quality and effectiveness of fuel.

The report also covers information for industry leaders as well as for followers in the company profile chapter, key developments, and competition landscape, and others. The impact of COVID-19 is also covered in the scope of this report.

All market values are in U.S. dollar millions and all are calculated as nominal value; 2020 is considered as the base year and 2021 as the projected year, with values forecast from 2022 to 2026. The market values are forecasted based on projected growth in various industries.

This updated report includes the impact of COVID-19 on the consumption of alternative fuels for commercial vehicles. Although there is a lack of data pertaining to the consumption of alternative fuels for commercial vehicles in 2020, the passenger car segment was hard-hit compared to commercial vehicles. Furthermore, the prices of conventional fuels went high during the pandemic period, which indirectly pushed the sales of alternatively powered vehicles as well as the consumption of alternative fuels.

Access the full report here.