Press release
Automotive Natural Gas Vehicle Market Projected to Reach USD 20.4 Billion by 2031 with a 6.4% CAGR Growth From 2021-2031
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/9497
Asia-Pacific is expected to dominate the global automotive natural gas vehicle market. The presence of huge population has led to huge demand for automotive natural gas vehicle. Furthermore, huge demand has been witnessed in this region for natural gas and CNG to eliminate the emission by gasoline fuel. In addition, rules and regulations introduced by governments to minimize the air pollution in urban areas lead to development of transportation infrastructure and surge in demand for natural gas transportation sectors fostered the demand for automotive natural gas vehicle industry.
Several expansion and product launches carried out by the key players operating in automotive natural gas vehicle market, fuels the growth of the market. For instance, in 2022, in India, Blue Energy Motors unveiled its new manufacturing plant at Chakan in Pune. The new plant is expected to manufacture liquefied natural gas fueled green trucks. Company is expected to produce LNG-fuelled, long-haul, heavy-duty trucks at the facility with the 5,528 4x2 tractor model as the first vehicle to be rolled out of the plant.
The growth of the global automotive natural gas vehicle market is propelling due to increase in fuel costs, government initiatives to develop & expand natural gas distribution infrastructure, and rise in environmental awareness. However, rise in demand for electric vehicle is the factor that hampers the growth of the market. Furthermore, growth in demand from emerging countries is the factor expected to offer growth opportunities during the forecast period.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/automotive-natural-gas-vehicle-market/purchase-options
๐๐๐๐๐-๐๐ ๐๐ฆ๐ฉ๐๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ :
The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing low sales of passenger cars and temporary suspension of production of vehicles across the globe, which in turn resulted in decrease in the sales of natural gas vehicles. For instance, in September 2020, Europe recorded a decrease of 50% in the sales of passenger cars running on alternative fuels such ethanol, liquefied petroleum gas (LPG) and natural gas (NGV) in 2020 as compared to 2019. Total number of vehicles sold were reduced to 335,906 units which were 1.1% less in 2020 as compared to 2019.
Moreover, import-export activities between countries were temporarily halted due to national emergency, resulting in shortage of supply, return, and replacement of automotive parts & finished items. Several automobile manufacturers faced shortage of components such as semiconductor chips, and others, which resulted in delay in production of automobiles, thereby resulted in decrease in the production of natural gas-based vehicles.
However, post-pandemic, few companies has recorded the increase in the sales of natural gas-based vehicles which is expected to drive the growth of the automotive natural gas vehicle market during the forecast timeframe. For instance, in April 2021, Maruti Suzuki recorded an increase of 48.11% in the sales of gas-based vehicles in 2021 as compared to 2019. The total number of units sold were 157,000 units in 2021 and 106,444 units in 2020.
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ :
By fuel type, the LNG segment is anticipated to exhibit significant growth in the near future.
By vehicle type, the commercial vehicle segment is anticipated to exhibit significant growth in the near future.
By region, North America is anticipated to register the highest CAGR during the forecast period.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/9497
Key players operating in the global automotive natural gas vehicle market include ๐๐ ๐๐จ๐ฅ๐ฏ๐จ, ๐๐๐ ๐๐, ๐๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐.๐., ๐ ๐จ๐ซ๐ ๐๐จ๐ญ๐จ๐ซ ๐๐จ๐ฆ๐ฉ๐๐ง๐ฒ, ๐๐จ๐ง๐๐ ๐๐จ๐ญ๐จ๐ซ ๐๐จ., ๐๐ญ๐., ๐๐๐ซ๐๐๐๐๐ฌ-๐๐๐ง๐ณ ๐๐ซ๐จ๐ฎ๐ฉ ๐๐, ๐๐ข๐ญ๐ฌ๐ฎ๐๐ข๐ฌ๐ก๐ข ๐๐จ๐ญ๐จ๐ซ๐ฌ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐๐ฏ๐ข๐ฌ๐ญ๐๐ซ ๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐ข๐ฌ๐ฌ๐๐ง ๐๐จ๐ญ๐จ๐ซ ๐๐จ., ๐๐ญ๐, ๐๐๐ญ๐ ๐๐จ๐ญ๐จ๐ซ๐ฌ, ๐๐จ๐ฒ๐จ๐ญ๐ ๐๐จ๐ญ๐จ๐ซ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง, ๐๐ง๐ ๐๐จ๐ฅ๐ค๐ฌ๐ฐ๐๐ ๐๐ง ๐๐.
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ :
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ฐ๐๐ซ ๐๐ญ๐๐๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/automotive-electric-power-steering-market-A07236
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐จ๐ข๐๐ ๐๐๐๐จ๐ ๐ง๐ข๐ญ๐ข๐จ๐ง ๐๐ฒ๐ฌ๐ญ๐๐ฆ ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/automotive-voice-recognition-system-market-A07279
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ก๐๐๐ฅ ๐๐ฉ๐๐๐ ๐๐๐ง๐ฌ๐จ๐ซ ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/automotive-wheel-speed-sensor-market
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐จ๐ฐ๐๐ซ ๐๐ฅ๐๐๐ญ๐ซ๐จ๐ง๐ข๐๐ฌ ๐๐๐ซ๐ค๐๐ญ :
https://www.alliedmarketresearch.com/automotive-power-electronics-market
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