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Automotive Natural Gas Vehicle Market Overview, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Automotive Natural Gas Vehicle Market Overview,
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Automotive Natural Gas Vehicle Market Market 2024 Key Insights:
• 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%.
• Stringent Air Pollution Regulations Boost Demand For Automotive Natural Gas Vehicles
• Product Innovations Transforms The Automotive Natural Gas Vehicle Market
• Asia-Pacific was the largest region in the automotive natural gas vehicle market in 2023
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