Press release
Automotive Natural Gas Vehicle Market 2024-2033 Trends, Size, Growth, Supply, Demand And Regional Analysis
Automotive Natural Gas Vehicle Market
The Business Research Company offers in-depth market insights through Automotive Natural Gas Vehicle Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive natural gas vehicle market size has grown strongly in recent years. It will grow from $11.52 billion in 2023 to $12.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to energy security concerns, emissions reduction, abundance of natural gas, cost savings, government policies.
The automotive natural gas vehicle market size is expected to see strong growth in the next few years. It will grow to $16.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to stricter emissions standards, renewable natural gas, electrification synergies, global expansion of infrastructure, energy transition policies, increased urbanization, consumer education and awareness. Major trends in the forecast period include dual-fuel systems, lightweight vehicle design, enhanced storage technologies, autonomous natural gas vehicles, advanced engine management systems.
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Market Segmentation:
The automotive natural gas vehicle market market covered in this report is segmented -
1) By Vehicle Type: Light-Duty Vehicle, Medium-Duty Vehicle, High-Duty Vehicle
2) By Fuel Type: CNG, LNG
3) By Application: Commercial Vehicles, Passenger Cars
Major Driver - Stringent Air Pollution Regulations Boost Demand For Automotive Natural Gas Vehicles
Stringent regulations for controlling air pollution are significantly contributing to the growth of the automotive natural gas vehicle market going forward. Air pollution refers to the contamination of air by any physical, chemical, or biological pollutants that are harmful to animals as well as humans. The governments are concerned about the adverse effects of air pollution and have started implementing various regulations to control pollution. This has increased the demand for automotive natural gas vehicles as they possess low emission properties due to the lower carbon content in the fuel. For instance, in September 2021, the World Health Organization's Global Air Quality Guidelines aim to save lives and improve air quality from air pollution. These guidelines also highlight good practices to manage certain types of particulate matter such as elemental carbon, particles originating from sand, ultrafine particles, and dust storms to set air quality guideline levels. Therefore, the stringent regulations for controlling air pollution are driving the automotive natural gas vehicle market.
Competitive Landscape:
Major companies operating in the automotive natural gas vehicle market market report are Hexagon Composites ASA, AB Volvo, Beiqi Foton Motor Co. Ltd., CNH Industrial NV, Clean Energy Fuels Corp., Cummins Engine Company Inc., PACCAR International Inc., Navistar International Corp., Quantum Fuel Systems LLC, Westport Fuel Systems Inc., General Motors Company, Maruti Suzuki India Ltd., Ford Motor Company, Hondo Motor Co. Ltd., Volkswagenwerk GmbH, Hyundai Motor Company, Iran Khodro Industrial Group, C&C Trucks Co. Ltd., Tata Engineering & Locomotive Company Ltd., Fiat SpA, Régie Nationale Des Usines Renault SAS, Caterpillar Inc., Shaanxi Automobile Group Co. Ltd., Mercedes-Benz Group AG, Krishna Landi Renzo India Private Limited, Toyota Motor Corporation, Alexander Dennis Limited, Prins Autogassystemen BV, Stellantis N. V., Iveco SpA
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Top Trend - Product Innovations Transforms The Automotive Natural Gas Vehicle Market
Product innovations have emerged as the key trend gaining popularity in the automotive natural gas vehicle market. Major market players are concentrating their efforts on creating innovative technologies to reduce greenhouse gas emissions. For instance, in October 2021, Scania, a Sweden-based commercial vehicle manufacturer, launched an LNG tractor unit for its biogas-fueled long-distance haulage. The inclusion of the LNG tractor unit covers both LNG (liquefied natural gas) and CNG (compressed natural gas) solutions in both two-axle variants. The Scania vehicle can operate on 100% biogas, which will offer up to a 90% carbon dioxide reduction.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Natural Gas Vehicle Market Characteristics
3. Automotive Natural Gas Vehicle Market Trends And Strategies
4. Automotive Natural Gas Vehicle Market - Macro Economic Scenario
5. Automotive Natural Gas Vehicle Market Size And Growth
…..
27. Automotive Natural Gas Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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