- Global alternative fuel and hybrid vehicle market projected to reach $819 billion by 2024
- Demand for alternative fuel vehicles is increasing worldwide
- Clean, cost-efficient commercial trucks are a booming market as more companies go green
Greenkraft, Inc. (OTCQB: GKIT), a California-based manufacturer of alternative fuel automotive products including engines and commercial trucks, offers eco-friendly trucks that are reliable, cost-effective and versatile. This rapidly growing sector of the automotive industry is demanding cleaner, more fuel-efficient models utilizing alternative fuels. Greenkraft’s new line of larger trucks, powered by the alternative fuels CNG and LPG in classes 4, 5, 6 and 7, provide an option for businesses seeking to have less of an impact on the environment while saving money.
The global alternative fuel and hybrid vehicle market, valued at $318 billion in 2016, is expected to reach $819 billion by 2024, recording a compound annual growth rate of 12.8 percent, according to a September 2017 Esticast Research & Consulting report (http://dtn.fm/9pNcT). Advancements in alternative fuel technologies, increasing interest in eco-friendly vehicles and an upsurge in government initiatives are expected to help push the industry forward.
One major player in the trucking industry, UPS, announced in June that it would add more alternative fuel and advanced technology vehicles to its fleet while increasing its reliance on renewable energy sources. The company set a goal that, by 2020, one in every four vehicles purchased annually for its ground fleet would be an alternative fuel or advanced technology vehicle (http://dtn.fm/KDm7R).
This move toward using more diverse and sustainable energy sources is being embraced by smaller companies and a variety of industries, as well. Earlier this year, Greenkraft successfully debuted an alternative fuel truck at the WWETT Show 2017 held in Indiana. CEO George Gemayel said the truck was well received by members of the septic tank sector of the trucking industry, noting Greenkraft’s entry into the specialized truck market could generate millions more in revenue (http://dtn.fm/G1fwZ).
Each product produced by Greenkraft provides environmentally friendly solutions to the increasingly difficult problems associated with using traditional fuels. While most vehicles across the United States are powered by either gasoline or diesel, Greenkraft manufactures and markets alternative fuel systems to convert these engines to function on natural gas and propane fuels. The company’s fuel-efficient trucks not only save businesses money, but avoid pumping tons of greenhouse gasses into the atmosphere – and that’s a win-win for any industry.
For more information, visit the company’s website at www.GreenkraftInc.com
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