Natural Gas Vehicle Market
Analysis
The global Automotive
Natural Gas Vehicle Market Size to grow at approximately 6% CAGR from 2022
to 2030 forecast period.
Natural gas is the most efficient
and plentiful energy source. It is one of the most environmentally friendly
commercial fuels on the market. There is a massive demand for a natural gas
vehicle that satisfies emission targets of fleet operators, consumers, and
manufacturers. Presently, there are more than 400,000 natural gas vehicles on
the road. Nevertheless, the natural gas vehicle has some drawbacks in terms of
operating efficiency, such as a limited driving range and the additional space
needed for fuel storage.
Natural gas vehicles have many
advantages over gasoline and diesel vehicles, including long-term price
stability, a very small flammability range, a high auto-ignition temperature,
and a relatively inexpensive and simplified fuel system. Because of these fuel
properties, natural gas is a good choice for heavy-duty vehicles. Natural gas
production has recently increased due to technical advances in natural gas
extraction methods. This leads to a reduction of commodity prices for natural
gas. The price volatility of natural gases is minimum as opposed to crude oil
price fluctuation.
Lower fuel prices, lower
greenhouse gas emissions, and the production of less carbon dioxide per unit of
energy consumed are the factors driving the growth of the automotive natural
gas vehicle industry. Other primary factors expected to contribute to the
growth of the Automotive Natural Gas Vehicle Market Size include refueling
station infrastructure and rising crude oil prices. Furthermore, conversion or
retrofitting is available through various platforms for customers to achieve
the desired fuel efficiency.
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Sample Report of Natural Gas Vehicle Market
Natural Gas Vehicle Market Key
Players
·
Dongfeng Motors Group Limited (China)
·
AB Volvo (Sweden)
·
Beiqi Foton Motors Group Limited (China)
·
Shaanxi Automobile Group Limited (China)
·
Daimler AG (Germany)
·
CNH Industrial NV (Netherlands)
·
Landi Renzo (Italy)
·
Westport (Canada)
Automotive
Natural Gas Vehicle Companies
COVID-19 Impact on the Global Natural
Gas Vehicle Market Size
Implementation of a set of
regulations by governments of different nations to deal with the COVID-19
crisis, such as a full shutdown of manufacturing units, is found to have an
impact on the development of the global automotive natural gas vehicle
industry.
Natural Gas Vehicle Market
Segmentation
The global automotive natural gas
vehicle industry has been segmented based on fuel type and vehicle type.
By fuel type, the global
automotive natural gas vehicle industry has been segmented into CNG and LPG.
By vehicle type, the global
automotive natural gas vehicle industry has been segmented into light-duty,
medium-duty, and heavy-duty.
Natural Gas Vehicle Market Regional
Analysis
The global automotive natural gas
vehicle industry has been segmented based on America, Asia Pacific, Europe, and
the Rest of the World.
Asia Pacific region is
anticipated to dominate the market in the future due to the biggest market
share for commercial vehicle and fleet operators. For illustration, China is
showing growth in refueling infrastructure for CNG and LNG fuel. The American
region holds the second spot in the Automotive Natural Gas Vehicle Market Size
due to an increase in the adoption rate of the natural gas-driven vehicle.
Summary
The global automotive natural gas
vehicle industry is anticipated to grow at approximately 6% CAGR from 2017 to
2023 (forecast period). The factors that propel the development of the Automotive
Natural Gas Vehicle Market Size are lower fuel cost, reduction in greenhouse
gas emissions, and less carbon dioxide per unit of energy consumed. Other drivers
expected to push the growth of the Automotive Natural Gas Vehicle Market Size
are growth in refueling station infrastructure and increasing crude oil price.
Furthermore, conversions or retrofitting are available across multiple
platforms for consumers to get the desired fuel efficiency.
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