Automotive Natural Gas Vehicle Market Size, Share, Growth 2022-28

The global automotive natural gas vehicle market will be valued at USD 11.2 billion in 2022, growing at a CAGR of 6.5% from 2022 to 2028. Natural gas vehicles are a subset of alternative fuel vehicles that use natural gas as their fuel, such as compressed natural gas (CNG) or liquefied natural gas (LNG). Vehicles fuelled by natural gas operate similarly to those with gasoline engines. A fuel tank or cylinder, usually located at the back of a natural gas vehicle is where the fuel is kept. Through the use of fuel lines, the fuel system moves the high-pressure gas from the fuel tank to the combustion chamber. The fuel is then combined with the air inside the combustion chamber, compressed, and ignited by a spark plug. Additionally, natural gas vehicles are highly efficient and emit little pollution.

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Automotive Natural Gas Vehicle Market Growth Factors:
Natural gas is becoming more and more popular as an alternative fuel since it is readily available, produces fewer vehicle emissions, and is less expensive than conventional fuels like gasoline and diesel. Liquefied Natural Gas (LNG) trucks are becoming more popular among companies in the transportation sector as a result of the growing need for alternative fuels in transportation sector. As a result, the transportation sector is seeing a surge in demand for LNG vehicles. Additionally, the government's growing efforts to build infrastructure for the distribution of natural gas are projected to increase the demand for natural gas vehicles (NGVs) in the near future. The expansion of automotive natural gas vehicles in the European and Asia-Pacific regions is facing a significant challenge as a result of the enormous popularity of electric vehicles in these regions.

Electric vehicles help consumers move their attention away from vehicles fueled by natural gas and toward those that are driven by electricity because of their cheap operating and maintenance costs. This represents one of the key market restraints going forward. The interruption of the natural gas mining and supply chain as a result of social problems like riots and war in reserve territories also hinders the expansion of the worldwide NGV market.

Automotive Natural Gas Vehicle Market Segmentation:
1) by Fuel Type: Compressed Natural Gas, Liquefied Natural Gas.
2) Vehicle Type: Passenger Vehicles, Light-duty & Heavy-duty Buses and Trucks, Three-wheelers.

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Automotive Natural Gas Vehicle Market Regional Analysis:
With a substantial CAGR over the projected period, the Asia Pacific region is expected to continue to dominate the global market, with the greatest share of more than 54% in 2022. The region's rising passenger automobile production and sales are to blame for this expansion. Around 52% of passenger automobile sales in APAC were in China. Due to the expansion of the natural gas infrastructure in nations like India, China, and Pakistan, the area has adopted NGVs at the highest rate.

Major players working in the automotive natural gas vehicle market are AB Volvo, Agility Fuel Systems Inc., Clean Energy Fuels Corp., CNH Industrial NV, Daimler AG, Dongfeng Motor Group Company Limited.

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This release was published on openPR.