DUBLIN, Dec. 20, 2022 /PRNewswire/ -- The "Global Automotive Natural Gas Vehicle Market Size, Share & Industry Trends Analysis Report by Vehicle Type (Passenger Vehicles, Light-duty & Heavy-duty Buses & Trucks and Three-wheelers), Fuel Type, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Natural Gas Vehicle Market size is expected to reach $14.3 billion by 2028, rising at a market growth of 5.9% CAGR during the forecast period.
Automotive natural gas vehicles use an alternative to diesel and gasoline, liquefied natural gas (LNG), or compressed natural gas (CNG). Buses, lift trucks, light and heavy vehicles, motorbikes, automobiles, vans, and locomotives make extensive use of natural gas. Natural gas is a more inexpensive and environmentally beneficial alternative to conventional fuels.
Nowadays the penetration of automotive natural gas cars is rising due to their operating advantages. The increasing need for alternative fuels in the transportation field is prompting industry participants to use LNG for their operations. Consequently, the transportation industry is experiencing an increase in the requirement for LNG vehicles.
Prominently, three varieties of NGVs exist namely, dedicated, dual-fuel, and bi-fuels. Dedicated vehicles are exclusively built to operate on natural gas. Bi-fuel vehicles are equipped with two distinct fueling systems that allow them to operate on either gasoline or natural gas. The dual-fuel systems vehicles run on natural gas, while diesel fuel is used to assist the ignition. Traditionally, this design is exclusive to heavy-duty trucks. Under pressure, CNG vehicles retain natural gas in containers where it stays in a gaseous state. Because LNG is kept as a liquid, its energy density is larger than that of CNG, allowing more fuel to be carried onboard a vehicle utilizing LNG. This makes LNG suitable for Class 7 and 8 trucks that require a longer range. Frequently, the choice of fuel is dictated by vehicle application requirements (e.g., energy requirements) and desired driving range.
Market Growth Factors
Nations face a growing need for vehicles that emit fewer pollutants
As many nations have become more worried about rising emissions, the spread of vehicles powered by low-emission fuels, such as CNG and LNG, may accelerate. Numerous nations have expressed a goal to reduce pollutants over the next few years, and they are enacting stricter regulations for these vehicles in the coming years. Many nations have already supported the development of alternative fuel vehicles like CNG and LNG in an effort to reduce gasoline import-related emissions and costs. Current automobiles can be easily and affordably converted to LNG or CNG fuel systems.
Increasing investment in vehicles with CNG backing
The sale of CNG and LNG automobiles as a less expensive alternative to gasoline/diesel vehicles has expanded dramatically in a number of automotive categories across the nation. Multiple times as many CNG-powered vehicles have been registered in recent years. In addition, the number of gasoline/CNG vehicle registration has also increased. Also, a substantial number of gasoline/hybrid vehicles are being produced to meet the expanding demand of the concerned populace.
Marketing Restraining Factor
Increase in electric vehicle demand
Changes in climate are occurring all around the planet. Countries around the world are taking steps to limit their emissions of greenhouse gases including carbon dioxide. Several nations throughout the world are embracing electric vehicles in order to reach their net-zero emission goals, which is growing the global demand for electric vehicles. Unlike conventional gasoline-powered vehicles, electric vehicles run on renewable power and produce no emissions. Eliminating the need for any other sort of engine, an electric vehicle features an electric motor that operates on battery-supplied electric power.
Scope of the Study
By Vehicle Type
By Fuel Type
By Geography
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North America
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Europe
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Asia Pacific
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LAMEA
Key Market Players
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Volvo Group
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CNH Industrial N.V.
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Cummins, Inc.
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Hexagon Agility, Inc. (Hexagon AB)
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Beijing Foton International Trade Co., Ltd.
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Clean Energy Fuels Corp.
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PACCAR, Inc.
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Navistar, Inc.
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Quantum Fuel Systems LLC
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Westport Fuel Systems, Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Automotive Natural Gas Vehicle Market by Vehicle Type
Chapter 5. Global Automotive Natural Gas Vehicle Market by Fuel Type
Chapter 6. Global Automotive Natural Gas Vehicle Market by Region
Chapter 7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ooofl8
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Global Automotive Natural Gas Vehicle Market to Reach $14.3 Billion by 2028 at a CAGR of 5.9% - Yahoo Finance
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