Automotive Natural Gas Vehicle Market Predicted to Witness Sustainable Evolution in Future.
Automotive Natural Gas Vehicle Market Scenario
Market Research Future (MRFR), in its latest report on
the Automotive Natural Gas Vehicle Market 2022, shed light on
forces that govern the market. The impact of the COVID 19 on the automotive
natural gas vehicle market is explained in the report. As per MRFR, the
automotive natural gas vehicle market can rise at 6% CAGR through the review
period
The abundance of natural gas is expected to boost the
expansion of the automotive
natural gas vehicle market is expected to boost the expansion of
the market through the review period. The rise in popularity of automotive
natural gas vehicle as the cleanest burning commercial fuels can boost the
expansion of the automotive natural gas vehicle market across the assessment
period. The rise demand for natural gas driven vehicle to meet vehicle emission
standards can also prompt the expansion of the market.
The growing adoption of automotive natural gas vehicle among
consumers, and fleet operators resulting in increase in their manufacturing can
impose the expansion of the automotive natural gas vehicle market through the
review period. On the contrary, certain shortcomings in the operation of
natural gas vehicle, such as need for extra space for fuel storage and short
driving range can deter the expansion of the automotive natural gas vehicle
market.
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The recent surge in the natural gas production due to
technology advancements in the natural gas extraction methods can boost the
expansion of the market across the globe as this resulted in the reduction of
commodity price for natural gas. In addition, price fluctuation of natural
gases compared to crude oil price can also support the expansion of the market.
Market Insights
Degrading environmental condition is expected to boost the
global automotive naturals gas vehicle market. Declining quality of air is
inducing several health conditions such asthma, COPD, and others in people.
Recently, an increase in carbon footprint due to automobile population is
noted. The rise in need for environmental pollution reduction is escalating the
sales of natural gas-fueled automobiles. This factor is anticipated to drive
the automotive naturals gas vehicle market growth, globally. In addition, the
growing geriatric population, intolerant to environmental pollution, is also
likely to cast a positive impact on the market growth.
The exploitation of fossil fuel is a rising concern. This is
noted to trigger the shift from diesel or petrol driven automobiles to natural
gas-fueled cars among people. Natural gas is a renewable source of energy. This
eliminates the exhaustiveness demerit of fossil fuel. Technical advancements
are making the extraction process of natural fuel seamless that is resulting in
price cut-down. Hence, the automotive natural gas vehicle market is expected to
gain momentum over the forecast period.
Market Segmentation
The segment analysis of the automotive natural gas vehicle
market is done by vehicle type and fuel type.
The fuel type based segment of the automotive natural gas
vehicle is Compressed Natural Gas (CNG). The high utility of CNG and widespread
utility of automotive natural gas vehicle can boost the market rise.
The vehicle type based segment of the automotive natural gas
vehicle market is heavy-duty vehicles that include road tractors, transit
buses, and trucks. Increase in heavy duty natural gas driven automobile can
boost the expansion of the market.
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Regional Analysis
In APAC, the increase in air pollution is boosting the
adoption of automotive natural gas vehicle is expected to boost the rise of the
regional market. Increase in support from the government to curb air pollution
and strict measures taken to maintain air quality index are other factors that
are expected to prompt the expansion of the automotive natural gas vehicle
market in the years to come.
In North America, the rapid replacement of gasoline and
diesel propelled vehicles with natural gas driven automobiles can support the
expansion of the regional market. In addition, the growing awareness about
benefits of automotive natural gas vehicles, such as very narrow flammability
range, high auto-ignition temperature, long-term price stability, simplified
fuel system, and relatively cheap can support the rise of the automotive
natural gas vehicle market in the analysis period. In Europe, the rise in
awareness about fuel characteristics of natural gas being favorable to the
utility of high-duty vehicles can impel the expansion of the regional market.
Key Players
Landi Renzo (Italy), Westport (Canada), Shaanxi Automobile
Group Limited (China), Dongfeng Motors Group Limited (China), Beiqi Foton
Motors Group Limited (China), AB Volvo (Sweden), CNH Industrial NV (The
Netherlands), and Daimler AG (Germany) are some notable names in the automotive
natural gas vehicle global market listed by MRFR.
Industry News
September 2019
Landi Renzo, an Italy based producer of compressed
natural gas and autogas kits for automobiles, announced its partnership
with Los Angeles World Airports, airport authority that is the owner and the
operator of Van Nuys Airport and Los Angeles International Airport in Los
Angeles. The pact to result in facilitating compressed natural fueling (CNG)
systems to airport fleet.
Isuzu Motors South Africa (IMSAF), Tokyo-based, Africa
manufacturer of diesel engine and commercial vehicle, to
evaluate alternative propulsion technologies in two types of trucks to
study the natural gas vehicle market growth in Africa.
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