Huge market growth is projected for alternative fuels by 2025. Clamoring for Congress to incentivize alternative fuels is underway. Gas stations might never look the same. Here’s what you need to know to get up to speed on the latest news about Alternative Fuels.
Alternative fuel vehicles growth predicted to explode by 2032
Market Research Future (MRFR) has released a report on the Alternative Fuel Vehicles market, stating that it is expected to expand from USD 382.8 billion in 2023 to USD 2558.2 billion by 2032. This suggests a CAGR of 26.80% over the forecast period. Factors such as technological investments, fuel prices, and the popularity of Clean Transportation solutions are believed to be driving this growth.
The market development is primarily driven by global oil depletion, increasing fossil fuel prices, growing adoption of clean mobility solutions, stricter regulatory pollution control policies, and government programs promoting the use of alternative fuel vehicles. The increasing cost of fossil fuels is expected to lead to a rise in the demand for alternative fuel vehicles. Fossil fuels are made up of organic materials containing hydrocarbons found in the earth's crust. Developing and underdeveloped nations depend more on other countries for the import of fossil fuels due to the surging fuel prices.
- To learn more about the Alternative Fuel Vehicles Market, go to the full Market Research Report here.
NATSO fast - Increasing calls for Congress to up alternative fuel incentives
Earlier this week representatives from NATSO and SIGMA testified to Congress about the essential role that fuel retailers play in the country's supply chain, writes Beth Colvin in an regulations article for TruckPartsAndService.com. Both organizations represent travel centers, truck stops, transportation energy retailers, and fuel marketers across America.
Colvin reports that groups requested Congress to provide incentives to retailers for investing in alternative fuels, considering them essential components of the infrastructure. The groups believe that this approach can improve fuel supply options and reduce exposure to potential disruptions like hurricanes or refinery outages.
- Learn More by reading the full article by Beth Colvin here.
The end of the gas station as we know it? - Rancho Cucamonga looks to codify alternative fuel options
In twelve years, it will not be possible to purchase a new gasoline-powered car in California, writes journalist David Allen on the Inland Valley Daily Bulletin's website in April. This will require the construction of numerous charging stations before 2035, points out Allen's article. He reports that the city of Rancho Cucamonga in California is already transitioning to this new future by requiring alternative fuels to be available at all new gas stations and existing gas stations that wish to expand.
Under the new rules in Rancho Cucamonga, “a minimum of one alternative fuel station shall be provided for every four petroleum-based fuel pumps,” to quote the code, writes Allen. “The alternative fuel station can be an electric vehicle charging station, compressed natural gas (CNG), hydrogen or other alternative fuel.”
That article points out that if someone wants to build a 20-pump service station, at least four pumps would need to dispense a zero-emission alternative fuel.
- Read more about how Rancho Cucamonga is pushing the adoption of alternative fuels by reading David Allen's full article on the Daily Bulletin website here.
Sustainably Quotable
“Sustainable development is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” - Gro Harlem Brundtland
Brundtland, a Norwegian politician, gained recognition as the Chair of the World Commission on Environment and Development (WCED). The report she spearheaded, Our Common Future (also called the Brundtland Report), was the first-ever to provide a definition for sustainable development, which is now concomitant with the concept of sustainability.