New York, United States , July 04, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Natural Gas Vehicle Market Size to grow from USD 12.6 Billion in 2022 to USD 22.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. Due to its easy availability, lower cost, and fewer vehicular emissions than conventional fuels like diesel and petrol, natural gas is becoming more and more popular on a global scale. In addition, the market players are choosing to route their operations with Liquefied Natural Gas trucks because to the growing need for alternative fuel alternatives in the transportation sector. Consequently, the transportation sector is seeing an increase in demand for LNG vehicles. In addition, the government's increased efforts to build infrastructure for the distribution of natural gas will increase demand for NGVs in the future years.
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Cars that run on natural gas, such as compressed natural gas (CNG) or liquefied natural gas (LNG), are a subgroup of alternative fuel cars. Natural gas-powered vehicles function similarly to those using petrol engines. The fuel is held in a fuel tank, or cylinder, which is often found at the rear of a natural gas vehicle. The fuel system transfers the high-pressure gas from the fuel tank to the combustion chamber using fuel lines. A spark plug then ignites the gasoline after it has been compressed and mixed with the air inside the combustion chamber. Natural gas vehicles also have a low amount of pollutants and are quite efficient.
The rise of automotive natural gas vehicles is facing a significant battle as a result of the enormous momentum that electric vehicles have begun to achieve in the Asia Pacific and European areas. Electric vehicles are influencing a movement in consumer preference from natural gas-powered automobiles to electric vehicles thanks to their cheap operating and maintenance costs. As a result, it is serving as one of the main inhibitors of the global market for automotive natural gas vehicles. Additionally, the disruption of the natural gas mining and supply chain caused by the rising incidence of societal crises like riots or conflict will have an adverse effect on the global market for automotive natural gas vehicles.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Automotive Natural Gas Vehicle Market Size, Share, and COVID-19 Impact Analysis, By Fuel Type (CNG, LNG), By Vehicle Type (Passenger, Light-duty & Heavy-duty Buses & Trucks), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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Fuel Type Insights
CNG segment accounted the largest market share over the forecast period
On the basis of fuel type, the global automotive natural gas vehicle market is segmented into CNG and LNG. Among these, CNG segment accounted the largest market share over the forecast period. The government's increased efforts to decrease rising car emissions and safeguard the environment are what's driving the CNG market's growth. CNG causes less environmental harm because it is nontoxic. CNG fuel systems are also consistent with the Federal Motor Vehicle Safety Standards 303 and 304 (U.S.), which guarantee the precise criteria for the integrity of fuel systems while using CNG fuel systems in dedicated CNG and dual-fuel CNG autos.
On the other hand, the LNG segment is expected to experience the fastest market development. Favourable government policies, the cost gap between diesel and LNG, and the expanding logistics industry, which is supported by higher economic growth, are the main factors supporting this category. The road transport industry is the driving force behind the introduction of LNG. Compared to other types of LNG vehicles, LNG Heavy-Duty Trucks (HDT) are more widely used. Given the international research and development activities, LNG has a lot of potential as an automotive fuel.
Vehicle Type Insights
Passenger Type segment is dominating the market with the largest market share over the forecast period.
Based on the vehicle type, the global automotive natural gas vehicle market is segmented into Passenger, Light-duty & Heavy-duty Buses & Trucks. Among these, passenger type segment is dominating the market with the largest market share over the forecast period. The world's air quality is deteriorating because to the excessive emissions of pollutants and GHG caused by the burning of fossil fuels including coal, petrol, and diesel. Because of the deteriorating climate and air quality in countries like China, India, Saudi Arabia, Iran, and Pakistan, people are more likely to adopt alternative fuel sources and related technologies.
Natural gases with higher fuel economy, such CNG and LNG, are also cost-effective. For instance, according to data from NGVJournal, CNG is roughly 50% more efficient than petrol and around 40% more efficient than diesel. This is one of the key factors encouraging people to use natural gas to power their vehicles. The three-wheelers market had a substantial market share because there are more three-wheelers that run on natural gas now on the road in Asian countries including Thailand, India, and Bangladesh.
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Regional Insights
Asia Pacific is dominating the market with the largest market share over the forecast period.
Asia Pacific is dominating the global Automotive Natural Gas Vehicle market over the forecast period. The boost is related to an increase in both passenger car production and sales. In reality, China accounts for 50% of passenger automobile sales in the Asia Pacific region. Due to the expansion of the infrastructure for natural gas in countries like China, Pakistan, and India, the region has seen an increase in the adoption of NGVs. Because of the massive rise in the infrastructure sector, China will see an increase in the use of LNG and CNG.
North America, on the other hand is anticipated to witness the fastest market growth over the forecast period. The market for automotive natural gas vehicles has a lot of room for expansion, which is why there has been growth. In addition, the United States' growing shale gas extraction has increased the natural gas supply.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Natural Gas Vehicle Market include TOYOTA MOTOR CORPORATION., Hexagon Agility, General Motors, Volkswagen, Caterpillar., ISUZU MOTORS LIMITED, Westport Fuel Systems Inc., Landi Renzo S.p.a., Daimler AG., Quantum Fuel Systems LLC., Navistar, Inc., PACCAR Inc., Cummins Inc., Clean Energy Fuels., CNH Industrial N.V., Foton Motor Inc., AB Volvo, Suzuki Motor Corporation, Honda Motorcycle & Scooter India Pvt. Ltd. and HYUNDAI MOTOR GROUP and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Automotive Natural Gas Vehicle Market based on the below-mentioned segments:
Automotive Natural Gas Vehicle Market, Fuel Type Analysis
- CNG
- LNG
Automotive Natural Gas Vehicle Market, Vehicle Type Analysis
- OBD-II
- Passenger
- Light Duty & Heavy-Duty Buses and Trucks
Automotive Natural Gas Vehicle Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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