Automotive Natural Gas Vehicle Market to Exhibit Phenomenal CAGR of 7% From 2022 to 2032 Attributing to its Low Cost & Environment-Friendly Properties | Future Market Insights, Inc.
Asia Pacific held the largest Automotive Natural Gas Vehicle Market share in 2022. This growth is attributed to the increased production and sales of passenger cars in the region. The growing adoption of natural gas as an alternative fuel in vehicles, especially in the transportation sector worldwide, is creating the demand for automotive natural gas vehicles (NGVs)
NEWARK, Del., Sept. 14, 2022 /PRNewswire/ -- The automotive natural gas vehicle market is expected to create lucrative growth opportunities during the assessment period from 2022 to 2032 with a phenomenal CAGR of 7%. The market was estimated to experience heightened sales in the last 3 to 4 years.
As an alternative to diesel and petrol, the automotive natural gas vehicle uses compressed natural gas (CNG) or liquified natural gas (LNG) are highly used as a preferred alternative. Natural gas is widely used in lift trucks, buses, light, and heavy trucks, motorcycles, cars, vans, and locomotives.
Natural gas options are preferred as it is an economical option and environment-friendly alternative over diesel or petrol. At present, the penetration of automotive natural gas vehicles is less attributed to its operational advantages. Although in the future, the penetration is predicted to increase.
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Key Takeaways
- Being an alternative fuel, GCC natural gas is gaining traction across the globe due to its easy availability, lower vehicular emissions, and lower costs compared to regular fuels, such as gasoline and diesel.
- There is a rising need for alternative fuel solutions in the transportation segment which is reassuring the global players in the transportation industry to adopt Liquefied Natural Gas (LNG) trucks to route their operations.
- In the transportation industry, LNG vehicles are witnessing immense popularity. One of the crucial factors which are likely to further the demand for natural gas vehicles (NGVs) in the upcoming years is the mounting government initiatives for the development of natural gas distribution infrastructure.
- Plug-in hybrid electric vehicles are gaining immense traction in the European region & the Asia Pacific region, which is creating a tough challenge for the expansion of the automotive natural gas vehicles in these regions.
- Elective vehicles have a massive contribution to the shifting of the consumer focus from natural gas-powered vehicles to electric vehicles due to the low operation cost and maintenance cost. Therefore, being a restraining factor in the growth of the automotive natural gas vehicle market.
Competitive Landscape
Key manufacturers in the market are focusing on mergers and acquisitions with prominent global and regional players in order to spread maximum awareness about the benefits of natural gas in the global landscape. Ford Motor Company, Hondo Motor Company, Volkswagen and Hyundai, Motor Corp
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More Insights into the Automotive Natural Gas Vehicle Market
The Asia Pacific region is expected to dominate the global market as it accounted for about 55% of the total revenue in 2021 and is expected to maintain its lead in the global market, recording a significant CAGR throughout the forecast period. This market growth is propelled by soaring production and sales of passenger cars in the province.
In the APAC passenger car sales, China accounted for about half a section, and this particular region is recognized as the largest adopter of NGVs on the basis of natural gas infrastructure development in countries, such as India, China, and Pakistan.
China is expected to propel in CNG and LNG usage because there is an enormous infrastructural growth expected and natural gas is expected to support the operation in order to enhance their operating costs. Several governmental incentives are offered to encourage the adoption of natural gas and act as primary drivers of market growth.
As per the reports of the German Association of the Automotive Industry (VDA), in Europe, approximately 5.1 million passenger cars were registered in the first half of 2021 which shows that the European region is inclined toward hybrid vehicles more than promoting natural gas vehicles.
There is a plentiful supply of natural gas in the United States, and it is considered to be the world's lowest-cost producer. Therefore, it opens a plethora of growth opportunities for the Automotive natural gas vehicle market. Moreover, the increase in the extraction of shale gas across the U.S. has augmented the supply of natural gas.
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Key Segments Covered in the Automotive Natural Gas Vehicles Market Report
Fuel Type:
- Compressed Natural Gas (CNG)
- Liquefied Natural Gas (LNG)
Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Automotive Natural Gas Vehicle Market Analysis 2017-2021 and Forecast, 2022-2032
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