Transparency Market Research has released a new market report titled “Air Powered Vehicle Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global air powered vehicle market is anticipated to expand at a CAGR of about 70% during the forecast period.
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 66.81 % 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 2020. 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.
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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.