Market Research

Alternative Fuel Vehicle Market to Grow 15% Over the Next 5 Years

The alternative fuel vehicle market is expected to grow at an average rate of 15.2% from 2019 to 2025, according to a report released by Market Research Report Store.

The global average price of alternative fuel vehicle is expected to continue to decrease over the next five years. The price decreased to $32,222 in 2019 from $36,700 in 2014, the report said.

Alternative fuel vehicles are classified into electricity, natural gas and others. Electric vehicles comprised 66.48% of the market in 2018.

On the basis of consumption, China is the largest market with about 39% of the market share followed by Europe with about 25.61% of share in 2018.

Tesla, BMW Group, BYD, Yutong, Daimler AG, BAIC, Renault, Toyota Motor Corporation, and General Motors are leading the market.

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