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Air Powered Vehicle Market size was valued at USD 936.23 billion in 2019 and is poised to grow from USD 1483.69 billion in 2023 to USD 5201.31 billion by 2031, growing at a CAGR of 59% in the forecast period (2024-2031).

air powered vehicle market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Air France', 'Airbus', 'Boeing', 'Delta Air Lines', 'Emirates', 'Etihad Airways', 'General Electric', 'Honeywell Aerospace', 'Japan Airlines', 'Lufthansa Group', 'Mitsubishi Heavy Industries', 'Pratt & Whitney', 'Qantas Airways', 'Rolls-Royce Holdings', 'Singapore Airlines', 'Southwest Airlines', 'Turkish Airlines', 'United Airlines', 'Virgin Atlantic Airways', 'Wärtsilä Corporation'

Increase in air pollution has prompted and encouraged regulatory bodies to develop low emission vehicles. This has boosted the development and introduction of air powered vehicles. The air powered vehicle is a solution to the energy shortage and environmental deprivation. Evidence recommends that transportation pollution accounts for about 50% of total health impacts instigated due to the harmful carbon emission from fossil fuel-powered vehicles. This is a key factor that is likely to boost the demand for air powered vehicles during the forecast period.

The key manufacturing companies are focussing on: investments on research and development purpose of the air powered vehicles to increase the range and performance of the vehicles. In addition, companies are working on the development of production vehicles.

Asia Pacific is expected to hold the major share of the air powered vehicle market during the forecasting years owing to the presence of developed countries for advanced research and development facilities for air powered vehicles across the region. The region is expanding due to several economies such as China, India, South Korea, Indonesia, and Malaysia in the automotive market. In addition, the governmental initiatives and also initiatives by the respected authorities regarding the environment protection is also supporting the growth rate of air powered vehicle market in the region.

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Global Air Powered Vehicle Market

Product ID: SQMIG25C2048