The global U.S Flexfuel Car Market is estimated to be valued at US$ 4.47 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flexible fuel vehicles or flexfuel vehicles run on more than one fuel, typically gasoline blended with fuel ethanol or methanol. They allow drivers to choose fuels which may be more readily available or less expensive. This gives greater flexibility than conventional cars.
Market key trends:
One of the key trends in the U.S flexfuel car market is the rise in demand for vehicles with lower carbon emissions. Many countries and states have implemented stringent regulations to curb vehicular pollution and reduce dependency on fossil fuels. Flexfuel vehicles help meet this objective as they can run on a combination of gasoline and renewable biofuel like ethanol. Ethanol emits less carbon dioxide than conventional gasoline. This is propelling many automakers to expand their flexfuel vehicle offerings in the U.S market.
Segment Analysis:
The U.S flexfuel cars market is dominated by the compact car segment. This segment accounts for over 35% of the total market share due to the high demand for compact cars that offer flexibility as well as good fuel efficiency. Mid-sized cars form the second largest segment owing to increased preference for affordable family cars that can run on both gasoline and ethanol-gasoline blended fuel.
Key Takeaways:
Market size
The Global U.S Flexfuel Cars Market Growth is expected to witness high, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand for fuel-efficient and low-emission vehicles.
Regional analysis
The south central region dominates the U.S flexfuel cars market with over 30% share due to large-scale production of ethanol fuel in states like Texas and availability of subsidies supporting use of alternative fuels. The western region is the fastest growing market owing to rapid infrastructure development and government initiatives to promote use of biofuels.
Key players
Key players operating in the U.S flexfuel cars market are Renault SA, PSA Group, Tata Motors, Changan Automobile, BAIC Motor Corporation, Toyota Motor Corporation, Honda Motor Co., Nissan Motor Co., Volkswagen AG, BMW Group, Daimler AG, Hyundai Motor Company, Fiat Chrysler Automobiles, Mitsubishi Motors, Ford Motor Company, General Motors, Mazda Motor Corporation, Subaru Corporation, Isuzu Motors Ltd and Suzuki Motor Corporation. The big automakers like Ford, GM and Toyota dominate the market due to their large flexfuel vehicle fleets across different segments.
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