The global flexfuel Market comprises fuel vehicles that can operate on more than one fuel like gasoline/petrol and ethanol or methanol blend. Flexfuel vehicles offer advantage of lower emissions and reduced dependence on petroleum imports. Flexfuel vehicles are popular in regions like Brazil and United States due to availability of ethanol pumps and government incentives. The global flexfuel Market is estimated to be valued at US$ 93.57 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Widespread adoption of flexible fuel vehicles is a key trend driving growth of the global flexfuel market. Many automobile manufacturers are introducing flexfuel variants of their vehicles owing to incentives and demand. For instance, major automakers like Ford, General Motors, Volkswagen, Fiat, and Renault have launched flexfuel versions of their cars. Flexfuel vehicles allow users alternative of fuels depending on the availability and pricing of gasoline and ethanol/methanol. This provides energy security and independence from volatile petroleum prices. Growing consumer preference for green and sustainable mobility solutions is further augmenting sales of flexfuel vehicles globally.
Segment Analysis
The global flexfuel market is dominated by the E85 flexfuel sub-segment which holds around 65% of the total market share. E85 flexfuel, which consists of gasoline blended with up to 85% ethanol, has gained widespread popularity and adoption across the United States and parts of Europe due to its lower emission levels compared to conventional gasoline. The widespread availability of E85 flexfuel pumps and compatible vehicles that can run on E85 flexfuel have driven the growth of this sub-segment.
Key Takeaways
The Global Flex-Fuel Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 93.57 Bn by 2023, growing at a CAGR of 15%.
Regional analysis: The North American region currently dominates the global flexfuel market with the United States being the largest grower and consumer of flexfuel. Government policies and initiatives supporting the production and use of ethanol-blended fuel along with the presence of dedicated E85 pumps and flex-fuel vehicles have boosted market growth. The Asia Pacific region is expected to be the fastest growing market for flexfuels during the forecast period due to the growing demand for alternate fuels in countries such as China, India and Brazil.
Key players: Key players operating in the global flexfuel market are Poet LLC, Cargill, Purfresh Inc., Aceites Manuelita S.A., Abengoa Bioenergy, Bunge Limited, CropEnergies AG, Cristal Union, Darling Ingredients Inc., Eco-Energy, Advanced Bioenergy LLC, Flint Hills Resource, Raízen, Valero Energy Corp., Andersons Inc, Archer Daniels Midland Company, DuPont, BP, Royal Dutch Shell, Green Plains Renewable Energy Inc. Poet LLC and Cargill currently dominate the flexfuel market in North America while Raízen has a major presence in Brazil. These players are focusing on capacity expansions and partnerships to strengthen their position in the high growth flexfuel market.
Get More Insights Here
https://www.newswirestats.com/flexfuel-market-size-share-growth-outlook-2023/
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