The North American E-Fuel market is anticipated to grow at a CAGR 21.2% during the forecast period. The factor such as well-developed information communication technology (ICT), healthcare sector, and automotive industry, and employs the adoption of larger number of advanced technologies and resources. Rapid growth in the vehicle sales in the US has augmented the interest of public authorities towards the development of green vehicles or eco-friendly vehicles. There are ranges of companies such as Tesla, Chevrolet, and Ford among other that are focusing on the manufacturing of electric vehicles. Some of the factors that are expected to increase the penetration of electric vehicles in the near future includes the rising prices of non-renewable fuel, rising government support and incentives, and environmental concerns. According to the International Energy Agency (IEA), in 2017, around 760,000 electric vehicles were sold in the US, an increase from 290,000 electric vehicles sold in 2014.
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The North America E-fuel market is segmented into the US and Canada. The US held the highest market share in the North American E-Fuel market. Whereas, Canada held considerable market share in the North American E-Fuel market. The North American market is driven by the supportive government policies for use of alternative fuels in transportation and other applications. International Organization of Motor Vehicle Manufacturers has published a vehicle sales statistic of the US and Canada for the period of 2014 to 2017. There has been increasing number of vehicle sales being noticed during the period, owing to the rising per capita income of the population.
The key players that are active in the market include Ballard Power Systems Inc., Clean Fuel USA, E-Fuel Corp, Flint Hills Resources LP, Fuel cell Energy Inc., Green Plains Inc., Hydrogenics Corp., Plug Power Inc., POET LLC and Valero Energy Corp. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
North American E-Fuel Market Segmentation
By Fuel Type
- E Diesel
- E Gasoline
- Ethanol
- Hydrogen
By Application
- Portable
- Stationary
- Transportation
By State of Fuel
- Liquid Fuel
- Gas Fuel
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North American E-Fuel Market Regional Analysis
- North American
- United States
- Canada
