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Depleting fossil-fuel reserves and strict environmental regulations and vehicle emission norms drive the growth of the global flex fuel engine market
PORTLAND, Ore. , Dec. 7, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Flex Fuel Engine Market by Fuel Type (Gasoline and Diesel), Vehicle Type (Passenger Vehicles and Commercial Vehicles), and Blend Type (E10 to E25, E25 to E85, Above E85, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global flex fuel engine industry was pegged at $63.20 billion in 2020, and is expected to reach $105.11 billion by 2027, growing at a CAGR of 5.6% from 2020 to 2030.
Depleting fossil-fuel reserves and strict environmental regulations and vehicle emission norms drive the growth of the global flex fuel engine market. However, engine demand concerns, development of electric and hybrid electric vehicles, and lack of flex-fuel stations hinder the market growth. On the contrary, rise in adoption of sustainable automotive technologies and surge in automotive performance on higher ethanol blends are expected to open new opportunities for the market players in the future.
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The gasoline segment dominated the market
By fuel type, the gasoline segment held the lion's share in 2020, accounting for more than four-fifths of the global flex fuel engine market. Moreover, the segment is estimated to register the highest CAGR of 5.7% during the forecast period, owing to rise in demand for low-cost sustainable automotive technologies across the globe. The report includes an analysis of the diesel segment.
The passenger vehicles segment to manifest the highest CAGR through 2030
By vehicle type, the passenger vehicles segment is projected to manifest the highest CAGR of 5.9% from 2020 to 2030. Moreover, the segment held the largest share in 2020, contributing to nearly two-thirds of the global flex fuel engine market, owing to rise in awareness about the growing pollution and global warming scenario. The report includes an analysis of the commercial vehicles segment.
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North America held the largest share
By region, the global flex fuel engine market across North America dominated in terms of revenue in 2020, accounting for more than one-fourth of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 6.5% during the forecast period, owing to rise in government regulation to reduce vehicle emissions.
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