Natural Gas Vehicle Market Analysis
Market Research Future (MRFR) predicts 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.
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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.
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.
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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.
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)
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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