Portland, OR, Nov. 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive natural gas vehicle market was accounted for $11.1 billion in 2021, and is estimated to reach $20.4 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Automotive Natural Gas Vehicle Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $11.1 Billion |
| Market Size in 2031 | $20.4 Billion |
| CAGR | 6.4% |
| No. of Pages in Report | 226 |
| Segments covered | Fuel Type, Vehicle Type, and Region |
| Drivers | Surge in fuel costs |
| Government initiatives to develop & expand natural gas distribution infrastructure | |
| Increase in environmental awareness | |
| Opportunities | Growth in demand from emerging countries |
| Restraints | Increase in demand for electric vehicle |
Covid-19 scenario:
- The Covid-19 pandemic resulted in supply chain disruptions which led to low sales of passenger cars and temporary suspension of production of vehicles across the globe.
- However, post-pandemic, only a few companies have witnessed growth in sales of natural gas-based vehicles. This will impact the market growth for a long time.
The report divides the global automotive natural gas vehicle market on the basis of fuel type, vehicle type, and region.
Based on fuel type, the CNG segment held the largest share in 2021, accounting for nearly 90% of the market. However, the LNG segment is projected to manifest the highest CAGR of 9.3% during the forecast period.
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On the basis of vehicle type, the passenger cars segment held the lion’s share in 2021, contributing to more than four-fifths of the market. However, the commercial vehicles segment is estimated to portray the highest CAGR of 8.4% from 2022 to 2031.
The global automotive natural gas vehicle market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2021, accounting for more than half of the market. However, the market across North America is anticipated to showcase the highest CAGR of 8.5% during the forecast period.
The global automotive natural gas vehicle market includes an in-depth analysis of the prime market players such as BMW Group, Honda Motor Co., Ltd., Ford Motor Company, Nissan Motor Co., Ltd., Mercedes-Benz Group AG, Volkswagen AG, Toyota Motor Corporation, Tata Motors, AB Volvo, Cummins, Inc., Navistar, Inc., and CNH Industrial.
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The report analyzes these key players of the global automotive natural gas vehicle market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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