Alternative Fuel Vehicles Market is estimated to reach up to USD 1341.57 billion by 2030, at a CAGR of 12.3%
Global Alternative Fuel Vehicles (AFVs) Market Size is expected to be worth USD 478.83 million in 2021 and is estimated to reach up to USD 1341.57 billion by 2030, at a compound annual growth rate (CAGR) of 12.3% from 2022 to 2030. Alternative fuel cars are considered a significant component of the automobile industry to enhance urban air quality, reduce reliance on foreign oil, and lower greenhouse gas emissions. Alternative fuels are those that are utilized in internal combustion engines instead of gasoline and diesel. Biofuels such as biodiesel and ethanol, CNG, biogas, LPG, fuel cells, hydrogen gas, electricity, and solar batteries are a few of these alternative fuels. Concern over the volume of emissions produced by the use of fossil fuels is the main cause causing an increase in the use and expansion of other fuels in transportation. Alternative fuels offer significant advantages over the use of fossil fuels, albeit being more expensive than fossil fuels. The alternative fuel ve