covina, May 08, 2023 (GLOBE NEWSWIRE) --
Automotive Natural Gas Vehicle (ngv) is an internal combustion engine vehicle which is fueled with LNG (liquefied natural gas) or CNG (compressed natural gas). Automotive Natural Gas Vehicles provides comfort and comparable mileage which, has given rise in demand for market growth.
Excellent properties of natural gas such as, lower vehicle emission, easy availability and lower costs has driven the demand for market growth. Growing automotive industries to meet transportation need and rising demand for alternative fuel solutions is expected to boost the demand for Automotive Natural Gas market growth in coming years.
The Automotive Natural Gas Vehicle (NGV) market refers to the use of natural gas as a fuel source in vehicles, specifically in the transportation sector. Natural gas is a cleaner and more environmentally friendly alternative to traditional gasoline and diesel fuels, as it emits lower levels of pollutants and greenhouse gases.
The market for NGVs has been growing steadily in recent years, due to increased awareness of the environmental benefits of natural gas as a fuel source, as well as government incentives to promote the adoption of NGVs. NGVs are particularly popular in countries where natural gas is abundant and affordable, such as the United States, China, and Russia.
Key Highlights:
- In April 2022, (India) Mahindra launched its new “Alfa CNG” Cargo and Passenger variants at INR 2.75 lakh which offers around 40.2 km/kg mileage. New launched CNG vehicles offers best durability and can save up to Rs 4 lakh on fuel expenses in five years.
- In November 2022, Toyota Kirloskar Motor launched CNG (compressed natural gas) option for its Hyryder and Glanza models in both S & G grades and manual transmission powertrain.
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Key players
- Volvo
- Beiqi Foton Motor Co. Ltd.
- Navistar Inc.
- PACCAR Inc.
- Westport Fuel Systems Inc.
- Cummins Inc.
Analyst View:
Growing adoption of natural gas and demand for vehicles has contributed in target market growth. Rising environmental concern and stringent government regulations pertaining to environmental protection is likely to provide lucrative opportunities in Automotive Natural Gas Vehicle (ngv) market growth.
| Attributes | Details |
| Automotive Natural Gas Vehicle (NGV) Market Value (2022) | US $ 12.09 million |
| Automotive Natural Gas Vehicle (NGV) Market Projected Value (2032) | US$ 22.97 million |
| Automotive Natural Gas Vehicle (NGV) Market CAGR (2022-2032) | 6.7% |
| Segments Covered | By Type , End User, By Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Report Covered | Trends, Analysis ,Forecast, Drivers, Opportunities |
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
