Automotive Natural Gas Vehicle Market Information Report by Fuel Type (CNG and LNG), Vehicle Type (Light-duty, Medium-duty, and Heavy-duty), and Region – Global Forecast to 2023.
Automotive Natural Gas Vehicle Market Key Companies Analyzed for this research report are: 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).
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The factors that are responsible for the growth of automotive natural gas vehicle market are lower fuel cost, reduction in greenhouse gas emission, and production of less carbon dioxide per unit of energy consumed. Other key drivers expected to contribute towards the growth of automotive natural gas vehicle market are growth in refueling station infrastructure and rising crude oil price. In addition to that, conversions or retrofitting are available across different platforms for consumers to get the desired fuel efficiency.
Nowadays, industry experts and policymakers are concerned over the rising price of crude oil and emission of greenhouse gasses. In order to find a non-conventional or alternative fuel, automakers have shifted towards natural gas to remain competitive in the market. The factors that are responsible for the growth of automotive natural gas vehicle market during the forecast period are growth in refueling infrastructure, low cost of natural gas, reduction of greenhouse gas emission, and rising crude oil price. Original equipment manufacturers, local gas distribution companies, gas retailers, leasing companies are shifting towards low cost and highly efficient alternative fuels technology, which can reduce the greenhouse gas emission. Industry experts have realized the potential benefits of natural gas due to long-term price stability, produce less carbon dioxide per unit of energy, cleanest burning fossil fuel, abundant availability in nature and conversions are available across all platforms. There is a huge investment required in expanding natural gas refueling infrastructure for the transportation industry. Thus, CNG or LPG is most likely the fuel technology that is suited for future transportation demand. The market for automotive natural gas vehicle is estimated to grow at 6% CAGR during the forecast period.
Automotive Natural Gas Vehicle Regional Market Analysis:
On the basis of region, the market is segmented based on America, Asia Pacific, Europe, and Rest of the World. In the Asia Pacific region, there is an increase in the production of commercial vehicles in countries such as China. This growing demand for non-conventional fuels by commercial vehicles will result in the growing demand for automotive natural gas vehicle market. Manufacturers are trying to focus on the commercial vehicle market to capture a major part of revenue and diversify the energy mix. This will drive the market in Asia Pacific region. In America, the fleet operators rely on natural gas-powered heavy duty vehicle due to low transportation cost. There is a huge demand for CNG driven heavy-duty vehicle, which is an economically viable, clean, and combustible fossil fuel. There are few options available in LPG conversions or retrofits in light and medium duty vehicle. Consumers are facing different challenges in terms of natural gas powered vehicle performance, such as shorter driving range and extra space for fuel storage. However, the potential investment done by automotive manufacturers in non-conventional fuels is shifted towards heavy-duty commercial vehicle. Hence, the demand for a natural gas vehicle is increased and the dependency on crude oil is minimized.
Market Segmentation:
The automotive natural gas vehicle market is segmented based on fuel type and vehicle type. On the basis of fuel type, Compressed Natural Gas (CNG) is widely used and covers the majority of the automotive natural gas vehicle market. On the basis of vehicle type, heavy-duty vehicles, such as transit buses, road tractors, and trucks, have the largest demand for the automotive natural gas vehicle. There are very few Liquefied Petroleum Gas (LPG) fuel options available in light-duty and medium-duty vehicles.
Major Table of Content:
Table 1 Automotive Natural Gas Vehicle Market: By Region, 2017-2023
Table 2 North America Automotive Natural Gas Vehicle Market: By Country, 2017-2023
Table 3 Europe Automotive Natural Gas Vehicle Market: By Country, 2017-2023
Table 4 Asia Pacific Automotive Natural Gas Vehicle Market: By Country, 2017-2023
Table 5 RoW Automotive Natural Gas Vehicle Market: By Country, 2017-2023
Continued…
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