ALTERNATIVE FUEL VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

In January 2024, the Plug-In Hybrid Electric Flex Fuel Vehicle (PHEFFV) was unveiled in Washington D.C. by the Renewable Fuels Association. At the Car Show, RFA conducted a series of tests on the modified 2022 Ford Escape, including a tailpipe emissions analysis, a lifetime greenhouse gas analysis, a cost of ownership analysis and convenience testing.

In June 2023, National Fuel Gas Distribution Corporation (National Fuel) officers initiated an opportunity gasoline automobile pilot program. The software utilizes an Adsorbed Natural Gas (ANG) platform evolved via Ingevity Corporation, called NeuFuel. According to the Natural Gas Vehicles of America (NGVA), when mixed with renewable natural gas (RNG), this platform has the capability to reduce greenhouse gas emissions by as much as a hundred twenty five percent.

In February 2023, Volvo Trucks launched a stronger gas-powered truck that might run on liquefied biogas. The truck is capable of wearing out disturbing, long-distance shipping obligations while lowering ordinary CO2 emissions.

In November 2022, Honda unveiled plans to build an FCEV based on the Honda CR-V, which will begin production at its Presentation Manufacturing Center (PMC) in Marysville, Ohio in 2024. This zero-emission vehicle will serve especially in Honda’s strategic goal of It ensuring that battery-electric vehicles (BEVs) and FCEVs account for 100% of its global vehicle sales by 2040.

In October 2022, AGCO Power introduced a number diesel engines named CORE, designed with destiny alternative fuels in mind. The enterprise aimed to lower carbon emissions, which aligned with the goals of many machine manufacturers. AGCO Power's diesel engines are completely adaptable to renewable HVO fuels, presenting a pathway to nearly carbon-impartial operation.