Global Alternative Fuel and Hybrid Vehicle Market to Reach $614 Billion by 2022

A new report from Allied Market Research shows growing demand for alternative fuel and energy vehicles will cause the market to grow at a CAGR of 12.9% from 2016-2022.

A research report published by Allied Market Research indicates that the Global Alternative Fuel and Hybrid Vehicle Market is expected to garner $614 billion by 2022, registering a CAGR of 12.9% during the forecast period 2016-2022. Alternative fuel and hybrid vehicles (AFHVs) run on fuels other than conventional fuels such as gasoline and diesel. The report indicates that the rapid decrease in oil reserves have fueled the adoption of AFHVs across the globe. A major factor in the increasing popularity of such vehicles is that they are environmentally friendly. AFHV produce much less carbon related compounds, such as oxides of carbon, nitrogen, and sulfur, which make them an eco-friendly alternative in the automobile industry. Electric vehicles use electricity as their power source stored in vehicular batteries and are capable of recharging at charging outlets, private or public. Greenkraft Inc., Ballard Power Systems Inc., Plug Power Inc., Amyris Inc., UQM Technologies Inc.

The research points out the market is "segmented based on alternative fuel type, vehicle type, and geography. Based on alternative fuel type, the market is segmented into gaseous fuels (LPG, CNG, and LNG), electric, and others (biofuel, biodiesel, fuel cell, liquid nitrogen, and dimethyl ether). Based on vehicle type, the market is divided into electric two-wheelers, passenger cars (battery electric vehicle [BEV], hybrid electric vehicle [HEV], alternative fuel passenger cars), and commercial vehicle (battery electric vehicle [BEV], hybrid electric vehicle [HEV], alternative fuel commercial vehicle)."

Greenkraft Inc. states that it is, "a nationally recognized player in the alternative fuel engine and vehicle market, announces that it will realize well over $1,000,000 of new revenue in 2017." This revenue will be achieved through the monetization of Greenkraft's three major product lines which are trucks, conversion systems, and engines. Some of the trucks that Greenkraft is offering are truly one of kind in their class and currently the only alternative to diesel fuel trucks, especially from 19,500-33,000 GVW. In addition, Greenkraft trucks offer unparalleled maneuverability compared to other available options because of the unique forward cabin design.

Conversion systems are quickly becoming a huge revenue source for Greenkraft too because the company can take various existing truck models that run on gasoline fuel and completely convert it to run on CNG or LPG making it much less expensive to operate the fleet. The third product line that is contributing to Greenkraft's revenue increase are engines for repowering trucks with different fuel options, and engines for agriculture equipment and stationary machines used in various industries with different fuel options.

George Gemayel, CEO of Greenkraft Inc. says, "Greenkraft is already the leader in alternative fuel truck options and is now going to be entering new exciting markets that will tremendously increase both revenue and name recognition. The company firmly believes that these new alternative fuel innovations will quickly become the standard in the trucking sector and beyond. 2017 is going to be an amazingly exciting and profitable time for Greenkraft."

Ballard Power Systems Inc. had recently signed an initial equipment sales agreement with a major Chinese manufacturer of battery electric buses, Zhuhai Yinlong Energy Group, for 10 FCveloCity-MD 30 kW fuel cell engines. Randy MacEwen, Ballard's President and CEO, says, "Yinlong is a highly-regarded bus manufacturer in China's clean energy mass transportation sector. It is now expanding its product portfolio to include hybrid fuel cell-powered buses to complement the existing offering of battery electric buses. We are delighted that Yinlong has selected Ballard as its supply partner for fuel cell engines to support its initial Beijing demonstration and future growth plans."

Plug Power Inc. is expanding its technology to the rest of the world, ranging from Europe, where hydrogen infrastructure is rapidly developing, to Asia, where fuel cells are being incorporated into the long-term initiatives of several nations. In China, these markets represent near term opportunities superior than those in the United States. The company offers complete systems, like GenDrive fuel cell systems and GenFuel hydrogen stations to provide increased productivity and efficiency for its customers.

Manufacturer of premium base oils, Chevron Products Company has announced an equity investment into Novvi LLC (a joint venture of Amyris Inc., Cosan Ltd, and American Refining Group). Novvi's products and technology are recognized by the global lubricant market to deliver sustainable, high-performance solutions in a range of lubricant applications. "We are very pleased that Chevron has decided to invest in Novvi. Chevron's investment is a further validation of the market acceptance that Novvi and its technology have gained," says Chief Executive Officer of Novvi LLC, Jeff Brown. "As we continue to increase our global market penetration, Chevron's well-established industry position in base oils and lubricants can further enhance our growth plan."

UQM Technologies Inc. has signed a 2-1/2 year development agreement with a global provider of automotive systems, Meritor Inc., in Michigan. According to the agreement, Meritor is to develop integrated axle components for E-axle technology and the components will be combined with UQM's motor and inverter technology and hardware to create the Meritor and UQM Electric Axle System for the medium- and heavy-duty commercial vehicle markets. "We are excited to align ourselves with Meritor to address the commercial market from a new vantage point. This allows UQM to focus on design and development and in turn approach the market as a Tier 2 supplier with a proven Tier 1 OEM," comments President and Chief Executive Officer of UQM, Joe Mitchell. "We believe this relationship gives Meritor the opportunity to become a leading supplier of E-axles using UQM's technology allowing customers to benefit from integrated solutions that drive cost savings in the long term."