Flex fuel cars have gained widespread acceptance across the globe due to rising concerns regarding environmental pollution caused by vehicular emissions. Flexfuel cars can run on a blend of gasoline and bio-ethanol or methanol fuels. This provides more flexibility and environmental friendliness to consumers. Bio-ethanol is a popular biofuel which is made from agricultural feedstock such as sugarcane and corn. It emits less carbon dioxide and particulate pollutants compared to gasoline. The global Flexfuel Cars Market is estimated to be valued at US$ 124.52 Bn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surging demand for environment-friendly vehicles is one of the major factors accelerating the growth of the flexfuel cars market. Strict emission regulations imposed by governments worldwide and rising awareness among consumers regarding vehicular pollution have increased the adoption of green vehicles like flexfuel cars. As per recent studies, flex fuel vehicles have the potential to reduce greenhouse gas emissions by 40-50% compared to conventional gasoline vehicles. Growing investments by original equipment manufacturers (OEMs) in developing hybrid and flexfuel powertrain technology is also fueling the flexfuel cars market growth. For instance, in 2019, Ford and Volkswagen announced a partnership to develop flexfuel trucks and vans for emerging markets like Brazil, Argentina, Indonesia, and India by 2023.
Segment Analysis
The global flexfuel cars market is currently dominated by the light commercial vehicle segment. Light commercial vehicles accounted for nearly 45% of global flexfuel car sales in 2022. This is because light commercial vehicles are widely used for cargo transportation as well as for commercial passenger transportation purposes. Their high fuel efficiency and ability to run on various gasoline-ethanol blends make flexfuel cars a popular choice for commercial fleet owners.
Key Takeaways
The global flexfuel cars market analysis is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to grow from US$ 124.52 billion in 2023 to US$ 251 billion by 2030, registering a CAGR of 8.3%.
Regional analysis: The North America region currently dominates the global flexfuel cars market. The USA and Canada collectively account for over 35% of the global flexfuel car sales. Strong government support through incentives and mandates for the adoption of alternative fuel vehicles and widespread availability of E85 pumps are driving the growth of flexflexfuel cars in the region. The Asia Pacific region is expected to be the fastest growing market during the forecast period due to the increasing production and sales of flexflexfuel cars in major emerging economies like India and China.
Key players: Key players operating in the global flexfuel cars market are Merck KGaA, Solvay, DAIKIN INDUSTRIES, Ltd., Navin Fluorine International Limited, Gujarat Fluorochemicals Limited, Otto Chemie Pvt Ltd, Regal Remedies Limited, and Rational Labs Private Limited.
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