Global Automotive Natural Gas Vehicle Market, By Fuel Type (Compressed Natural Gas and Liquefied Natural Gas), Vehicle Type (Passenger, Commercial, Light-Duty and Heavy-Duty Buses and Trucks, Three-wheelers, Motorcycles and Others), Distribution Channel (OEM and Aftermarket), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Data Bridge Market Research analyses that the automotive natural gas vehicle market would exhibit a CAGR of 4.30% for the forecast period. Rising demand for cost- efficient fuel alternative and increasing demand for vehicles running on natural gas owing to the rising awareness are the two major factors attributable to the growth of automotive natural gas vehicle market. In terms of automotive natural gas vehicle market value, it will stand tall by USD 15447.46 million by the year 2028.
From the name itself, it is clear that automotive natural gas vehicles are those vehicles that run on natural gas. The automotive natural gas vehicles use natural liquefied gas or compressed natural gas as a substitute to petrol, diesel or any other fuel. The automotive natural gas vehicles don’t generate environmental pollution and are cheaper in cost. The power in automotive natural gas vehicles is generated by the combustion of methane and oxygen into water and carbon dioxide. The automotive natural gas vehicles offer high mileage and centrally fuelled fleets offers similar fuel range for long routes. Further, the automotive natural gas vehicles offer reduced transportation costs and better fuel economy.
Rising prices and depletion of crude oil resources has resulted in growth in the demand for automotive natural gas vehicles globally. Rising awareness about the environmental impact of petrol and diesel vehicles emissions coupled with the fact that cost of natural gas is cheaper than other fuels will also create lucrative growth opportunities for the automotive natural gas vehicles market. Tax rebates and subsidies offered by the government for manufacturing automotive natural gas vehicles is also fostering the market growth. Growing demand for passenger vehicles owing to the rising population and increasing personal disposable income will further induce growth in the demand for automotive natural gas vehicles.
However, high cost for storing these gases and customized storage tanks will pose a major challenge to the market growth. Improper fuelling infrastructure in developing and underdeveloped economies will act as market restraint for this market.
This global automotive natural gas vehicle market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on automotive natural gas vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Automotive Natural Gas Vehicle Market Scope and Market Size
The global automotive natural gas vehicle market is segmented on the basis of fuel type, vehicle type and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- Automotive natural gas vehicle market, on the basis of fuel type has been segmented into compressed natural gas and liquefied natural gas.
- Based on vehicle type, the automotive natural gas vehicle market has been segmented into passenger, commercial, light-duty and heavy-duty buses and trucks, three-wheelers, motorcycles and others.
- On the basis of distribution channel, the automotive natural gas vehicle market is segmented into OEM and aftermarket.
Global Automotive Natural Gas Vehicle Market Country Level Analysis
The global automotive natural gas vehicle market is analysed and market size insights and trends are provided by country, fuel type, vehicle type and distribution channel as referenced above.
The countries covered in the automotive natural gas vehicle market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), South Africa, Saudi Arabia, U.A.E, Israel, Egypt, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific dominates the automotive natural gas vehicle market and will continue to flourish its dominance during the forecast period. This is because of the growing automobile production and stringent regulations on carbon emissions. This is because of rising demand for passenger vehicles owing to rising personal disposable income. On-going development of natural gas infrastructure is also driving the market growth rate.
The country section of the automotive natural gas vehicle market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Automotive Natural Gas Vehicle Market Share Analysis
The automotive natural gas vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to automotive natural gas vehicle market.
The major players covered in the automotive natural gas vehicle market report are TOYOTA MOTOR CORPORATION., Hexagon Agility, General Motors, Volkswagen, Caterpillar., ISUZU MOTORS LIMITED, Westport Fuel Systems Inc., Landi Renzo S.p.a., Daimler AG., Quantum Fuel Systems LLC., Navistar, Inc., PACCAR Inc., Cummins Inc.,, Clean Energy Fuels., CNH Industrial N.V., Foton Motor Inc., AB Volvo, Suzuki Motor Corporation, Honda Motorcycle & Scooter India Pvt. Ltd. and HYUNDAI MOTOR GROUP among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.