Global Natural Gas Vehicle Market, By Fuel Type (CNG, LNG), By Vehicle Type (Three Wheeler, Passenge

Published Date: | Report Code : AT1955642

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The Natural Gas Vehicle Market growth is expected to gain high momentum during the forecast period due to the rise in crude oil prices and low prices of natural gas.

A natural gas automotive vehicle uses either compressed natural gas (CNG) or liquefied natural gas (LNG) as an alternative to diesel or petrol. In lift trucks, buses, light and heavy-duty trucks, motorcycles, cars, vans and locomotives, natural gas is extensively used. Natural gas offers a cost-effective and environmentally sound alternative over diesel or petrol. Presently, the penetration of automotive natural gas vehicles is less global, but the penetration is anticipated to enhance globally in the future owing to its operational benefits. Governments around the globe have imposed rigorous emission and fuel efficiency regulations. Over the preceding 5-10 years, the global cost of fossil fuel has seen a rising trend. Because of these factors, there is an increasing demand for alternative fuel that is inexpensive and ecofriendly. Original vehicle equipment manufacturers promote their products via the demonstration of fuel efficiency and emission-free attributes. This factor fuels the demand for the market of natural gas vehicles in the automotive sector.

Segment Analysis:

The automotive NGV market was categorized into passenger vehicles, three-wheeler The segment of passenger vehicles dominated the market in 2017. Countries like Thailand, India, and Bangladesh have more three-wheelers in circulation operating on natural gas.

Due to the increased use of LNG in the locomotive and aviation sectors, the LNG segment is capable of recording the biggest growth during the forecast period. Owing to increasing government projects, the CNG segment is expected to dominate the market across the same horizon. With heavy initial expenditures associated with the acceptance of LNG and CNG vehicles, governments and authorities around the globe are launching myriad incentive programs to simplify the adoption process for such vehicles. Incentive programs introduced in the US include the program for Voluntary Airport Low Emission (VALE), the Clean Construction & Clean Agriculture Program of the Environmental Protection Agency (EPA), and the Improvement Program for Congestion Mitigation and Air Quality (CMAQ).

Increasing progress in North America’s CNG vehicle development is predicted to drive the region’s market. In the US, domestic truck manufacturers and automakers are announcing the latest CNG trucks and cars to be introduced to their assembly lines, which is likely to further stimulate CNG vehicle adoption in the region. During the forecast period, Asia Pacific is projected to emerge as the largest adopter of NGVs due to the growth of natural gas facilities in nations like China, India. Besides, stringent environmental government policies are promoting the growth of the Asia Pacific market. The Middle East is still emergent in this market.

Key Factors Impacting Market Growth:

  • The rise in crude oil prices and low prices of natural gas
  • The national government of various countries is launching various incentive programs for the process of adoption of natural gas
  • Expansion of the Panama Canal will lead to market growth

Regional Analysis:

By region, North America, Western Europe, and Asia Pacific are estimated to dominate the natural gas vehicle market in terms of market demand. North America and Western Europe have been traditional markets for the automotive sector with a number of global manufacturers headquartered in this region. The automotive sector in these regions has been dynamic in terms of technological developments and product modifications. The demand for lightweight materials, cleaner emissions, and green fuels have been some of the key influencing factors in this region. Also, the market has witnessed steady recovery from recent slowdowns in the past decades. Some of these factors are expected to impact the dynamics of the natural gas vehicle market in North America and Western Europe during the forecast period. The US, Germany, France, Italy, UK, and Spain have been some of the major economies for the natural gas vehicle market in the region.

The Asia Pacific is estimated to be the fastest-growing region for natural gas vehicle market during the forecast period. This region has been one of the lucrative markets for the automotive sector in the past few decades with strategic investments by global companies in the region. China, Japan, India, and South Korea have been some of the major countries for the natural gas vehicle market in the Asia Pacific region. The Middle East promises a strong market potential with the growth of the automotive sector in the region. Countries including UAE, Saudi Arabia, Qatar, and Iran have been diversifying the industrial sector to boost the economy in the past few decades. Other regions including Eastern Europe, South America, and Africa are estimated to emerging markets with growing demand during the forecast period.

Companies Covered: AB Volvo, Dongfeng Motors Group Limited, Beiqi Foton Motors Group Limited,   Daimler AG, CNH Industrial NV, Landi Renzo, Westport, and Shaanxi Automobile Group Limited

Market Segmentation:               

By Fuel Type:

  • CNG
  • LNG

By Vehicle Type:

  • Three Wheeler
  • Passenger
  • Light-Duty
  • Heavy-Duty
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Fuel Type
    • By Vehicle Type
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Fuel Type
    • By Vehicle Type
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Fuel Type
    • By Vehicle Type
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Fuel Type
    • By Vehicle Type
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Fuel Type
    • By Vehicle Type
  • Rest of the World
    • By Region (South America, Africa)
    • By Fuel Type
    • By Vehicle Type

Reasons To Buy This Report:

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  • Broad scope to cover all the possible segments helping every stakeholder in the market

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