Automotive Natural Gas Vehicle Market Size is expected to cross USD $16,400 million by 2027 at a CAGR of 6% during the forecast period 2022-2030
Automotive natural gas vehicle market is projected to grow at approximately 6% CAGR by 2030.
The automotive natural gas vehicle market is a highly growing Market emerging day by day at a rapid pace. The growing quantity of natural gas is the alternative to fuel that most people use. If we talk about the transportation sector worldwide, then the automotive natural gas vehicle creates its demand day by day. There are so many features and functionalities of these vehicles that make this vehicle more popular. The characteristics like low emission properties are the major reason that drives the Market Trends. It boosts the market growth because of the increased need for cleaner fuels.
Besides that, there is a lot of government support that drives people crazy to use this vehicle. The government rules and regulations also drive the Market and create a huge demand. The government authorities of various countries are implementing stringent regulations. They have created these regulations for the environmental damages that arise due to the emission of greenhouse gases and particulate matter. Besides these regulations, the authority continuously revises the standard policies that help protect the environment and improve the Automotive Natural Gas Vehicle Market Size.
Government agencies also published many incentive programs that help people to promote the adoption of NGVs. These are comparatively low costs as compared to the LNG and CNG vehicles. There are so many incentive programs that happen for the promotion of these vehicles, and those are U.S. Environmental Protection Agency's (EPA), U.S. Congestion Mitigation and Air Quality Improvement Program (CMAQ), and Education Act Program (DERA). As per the market report, the Automotive Natural Gas Vehicle Market Size has an approximate and expected growth of 6% CAGR by 2030. Considering the above reasons, it is expected to drive the Market Share growth in the upcoming years with the same amount.
The coronavirus pandemic devastated the entire economy that causes a severe health crisis across the globe. Because of this virus, the world's economy has been changed, and people have gone through so many problems.
Now people are more concerned about their health and trying to recover from lots of things they face daily. Pollution is a big problem, mostly in urban cities, and that's why the government takes so many necessary steps to recover from this issue.
Because of these things, the demand and value of the automated natural gas vehicle market are growing. This Automotive Natural Gas Vehicle Market Size will rise shortly due to its functionalities. The Market is also facing so many imperative benefits because of the key market players who help the Market by adding so many ideas to build the market value.
Key Players of the Market:
The key players of the Market are:
Dongfeng Motors Group Limited (China)
A.B. Volvo (Sweden)
BeiqiFoton Motors Group Limited (China)
Shaanxi Automobile Group Limited (China)
Daimler AG (Germany)
CNH Industrial NV (The Netherlands)
Landi Renzo (Italy)
There is a 5.5% CAGR increase in CNG vehicle sales in the past five years per the Maruti Suzuki India Limited. This CNG technology for passenger vehicles achieved the highest ever sales.
The international energy agency recently released its report 2020 global energy review, where they shared the market's current scenario regarding its values.
Major Drivers of the Market
There are so many factors that drive the automotive natural gas vehicle market. In the united state, more than 175,000 vehicles run through this, and in the near future, this number will increase. There are 23 million vehicles worldwide, which is a huge number. Automotive Natural Gas Vehicle Global Market Trends are a good choice for people looking for high mileage and centrally fueled. Vehicles that travel long distance suits the LNG because it offers greater density than CNG. The advantage of natural gas in the transportation industry is essential that includes domestic availability, widespread distribution infrastructure. It also helps for reducing greenhouse emissions.
There are so many drivers of the Automotive Natural Gas Vehicle Industry responsible for the growth, including low-cost fuel, reduction in greenhouse emission, and production of less co2 per energy consumed. Other key drivers that are expected to contribute to the Market are the growth of automotive natural gas. The Automotive Natural Gas Vehicle Market Share is growing faster and faster because of the growth in refueling station infrastructure and rising crude oil price. In addition to that, people also grab this due to the desired fuel efficiency.
Significant Opportunities for the Market
Because of the global demand, the Automotive Natural Gas Vehicle Industry is growing on-demand. The Market is looking to hire more key players and investors ready to improve the market condition. As per the current market condition, the demand of manufacturers, investors, and key players is high as there is an increase in the number of customers. The Global Market Share is growing to reduce pollutants and elevate the Market's demand. The recent developments in the industry will also enhance the market potential in the forecast years.
Although the automotive natural gas vehicle market possesses many opportunities, certain limitations can also hinder market growth. The major reasons that create barriers in the path of growth of the Automotive Natural Gas Vehicle Industry are the high cost of storing these gases and customized storage tanks. Besides these, the bad economy and Improper fuelling will pose a major challenge to the market growth. But thanks to the constant demand in the transportation sector, that will push the market to grow.
Market Growth Challenges
Many factors will fuel the Market Trends potential in the upcoming years. Certain challenges like a bad economy and lack of knowledge create hindrances in the Market. Sometimes cost also creates a barrier, but with the help of key players and investors in the certain region, the Market is growing better and restrict the challenges.
Cumulative Growth Analysis
According to the global Market Growth, the value of the market will increase in the surge to many optimum levels. By 2027- 2028 the Market will surpass. It’s previous historical growth and reach a step closer to fulfill its potential.
The automotive natural gas vehicle market is divided based on fuel type, vehicle type, and region.
By fuel type:
In this segment, the market is divided into two types CNG and LPG. Among both of them, the CNG is widely used and covers a huge market share.
By vehicle type:
In this segment, the market is divided into light-duty, medium-duty, and heavy-duty vehicles. Among all of them, the heavy-duty vehicle holds the greatest demand that covers transit buses, road tractors, and trucks. The light-duty and medium-duty vehicles have the Liquefied Petroleum Gas (LPG) fuel options.
By region type:
The Global Market Growth is segmented based on America, Asia Pacific, Europe, and the Rest of the World.
Among all of these regions, the Asia Pacific region holds the largest market share and is expected to dominate the Market in the future. The Asia Pacific region holds the largest market share for commercial vehicle and fleet operators. That china holds the second position. For instance, China is showing growth in the growth of Cng products. This region holds the increased adoption rate of natural gas-driven vehicles. By showing the above growth factors and driving zones, the Market is estimated to grow at approximately 6% CAGR from 2017 to 2023.
Market overview highlights
Analysis based upon COVID 19
Explanation upon the Market Dynamics
Value chain analysis
Market segmentation overview
The regional analysis of Global Market Growth
Competitive landscape analysis
The global automotive Natural vehicle market report offers the overall details of the recent development in the market, import and export analysis. It is also the driving factors and the import-export analysis with production analysis and covers the value chain analysis and future growth opportunities. By considering the overall market value, it is expected that the Market will gain the expected revenue in the upcoming years. The changes in market regulations, strategic market growth analysis and market size, and product approval are also included in this report. This report is created with the help of key players and key analysis, which analyzes the overall market over the years.
|Market Size||2030 : Significant Value|
|CAGR||6% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Fuel Type and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Dongfeng Motors Group Limited (China), AB Volvo (Sweden), Beiqi Foton Motors Group Limited (China), Shaanxi Automobile Group Limited (China), Daimler AG (Germany), and CNH Industrial NV (The Netherlands), Landi Renzo (Italy), and Westport (Canada)|
|Key Market Opportunities||Increased due to technology advancement in natural gas extraction method|
|Key Market Drivers||
The global automotive natural gas vehicle market is maturing at a whopping 6% CAGR over the review period of 2022 to 2030.
A few significant players of the global automotive natural gas vehicle market are AB Volvo (Sweden), Dongfeng Motors Group Limited (China), Beiqi Foton Motors Group Limited (China), among others.
The CNG segment is expected to drive market growth over the review period.
The growing reduction in greenhouse gas emission, lower fuel cost, refueling station infrastructure is subsequently driving the automotive natural gas vehicle market growth.
The heavy-duty segment is likely to witness the highest demand in the automotive natural gas vehicle market.