The design and development of air powered cars is attracting significant investments by automotive companies on the back of consumers’ propensity to buy zero-emission and lightweight vehicles. Stakeholders are likely to massively benefit from industry efforts toward standard regulatory policies for the testing of these vehicles. Product standardization, thus, is pivotal to the future of compressed air powered vehicles, observed analysts in a study on the market dynamics. The global air powered vehicle market is projected to advance at US$ 5.3 Bn by 2031.
Automotive heavyweights are attracted toward the incredible value air powered vehicles will bring to reducing emission of greenhouse gases and reliance on fossil fuels for passenger vehicles. The TMR study found that air powered passenger cars hold enormous revenue possibilities. Several market players are ready to increase their stakes in the market to capture revenue streams from demand in urban transportation.
Latest developments of an air powered vehicle reiterate that storage tanks and pressure gauges are expected to witness considerable technological advancements. Speed of air powered vehicles, the range, and power production technologies are thus being extensively researched, since these are crucial performance parameters, as a structural analysis of air powered vehicle shows.
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Key Findings of Air Powered Vehicle Market Study
- Focus on Emission, Safety, and Comfort in Air Powered Vehicles Bolstering Commercialization Scope: Though air powered vehicles are largely at the concept stage, automobile companies are keenly working to increase the speed and range of the prototypes. Products in the air powered vehicle market which run on compressed air alone have gained notable attention in this regard. Their growing prospects in reducing the carbon footprint of urban transport has drawn sizable dollar spending by top automotive players. The TMR study found that air powered vehicle with single energy mode held a major share of 56% in the air-powered vehicle market in 2020.
- Advancements in Design & Cost Aspects for Compressed Air Engines to Fuel Product Development: The inclination toward buying lightweight and eco-friendly cars has spurred automotive companies to make continuous advancements in design and cost aspects in both single energy mode and dual energy mode. The study found that custom-designed air powered vehicles is expected to gain popularity as next-gen emission-free vehicle concept.
- Passenger Vehicles Present Enormous Revenue Potential During Forecast Period: The demand for air powered passenger cars is attractive in the air powered vehicle market. The passenger vehicle held a major revenue share in the air powered vehicle market in 2020. A key trend that is fueling development of air powered passenger vehicles is emphasis on urban and suburban emissions and implementation of various government regulations.
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Air Powered Vehicle Market: Key Drivers
- Emerging urban pollution problems has intensified efforts of the transportation industry to promote greener vehicles that are characterized by low tailpipe emissions and low road maintenance. Air powered vehicle concept is gaining currency in this backdrop as they are lighter and have zero tailpipe emissions.
- Numerous automotive companies are increasingly adopting high risk-high reward concept. This has driven the evolution of the air powered vehicle market.
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Air Powered Vehicle Market: Regional Growth Dynamics
Asia Pacific held a leading share of the global air powered vehicle market. Enormous R&D on compressed air vehicles especially in developed countries of the region has been catalyzing the expansion of the Asia Pacific market. Automotive companies and OEMs have entered into collaboration to develop low-cost, low-emission vehicles, such as in China, India, Indonesia, and Malaysia. A well-established automotive sector in the region has pivoted R&D of ecofriendly vehicles, especially those targeted toward urban transportation.
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Air Powered Vehicle Market: Key Players
Some of the key players in the air powered vehicle market are Groupe PSA, Magnetic Air Car, Inc., Motor Development International SA, Matrix Comsec, Peugeot S.A, Phinergy, Honda Motor Co. Ltd., Engineair Pty. Ltd., and Tata Motors
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