Press release
Automotive Natural Gas Vehicle Market Size Forecasted To Achieve $17.43 Billion By 2029 With Steady Growth
Automotive Natural Gas Vehicle Market
What Is the Automotive Natural Gas Vehicle Market Size and Projected Growth Rate?
The market size for natural gas vehicles in the automotive sector has seen considerable growth in the past few years. The figures are set to increase from $12.18 billion in 2024 to $12.98 billion in 2025, showing a compound annual growth rate (CAGR) of 6.6%. Factors such as concerns over energy security, reduction of emissions, abundance of natural gas, cost efficiency, and governmental policies have contributed to this remarkable growth in the historical period.
Anticipations are high for the automotive natural gas vehicle market as it is projected to experience notable expansion in the coming years. By 2029, estimates suggest the market will reach a valuation of $17.43 billion, growing at a compound annual growth rate (CAGR) of 7.6%. Factors contributing to this projected growth encompass stricter emission standards, the use of renewable natural gas, the reconciliation of electric systems, worldwide infrastructural developments, policies promoting energy transition, urban growth, and increased consumer enlightenment and consciousness. Key trends expected to be prevalent during this period include dual-fuel systems, design of lighter vehicles, improvement in storage technology, independent natural gas vehicles, and sophisticated engine management systems.
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What Are the Major Segments in the Automotive Natural Gas Vehicle Market?
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
Subsegments:
1) By Light-Duty Vehicle: Passenger Cars, Light Trucks, Vans
2) By Medium-Duty Vehicle: Delivery Trucks, Buses, Service Vehicles
3) By High-Duty Vehicle: Freight Trucks, Long-Haul Trucks, Heavy-Duty Buses
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What Are The Driving Automotive Natural Gas Vehicle Market Evolution?
The growth of the automotive natural gas vehicle market is being significantly influenced by stringent regulations aimed at managing air pollution. Air pollution involves the release of harmful physical, chemical, or biological contaminants into the air that pose a threat to animals and humans. Recognizing the detrimental effects of this, governments have initiated various laws geared at reducing pollution. As a result, the demand for automotive natural gas vehicles, known for their low emission traits resulting from lower carbon fuel contents, has increased. As an example, in September 2023, the Department for Environment, Food and Rural Affairs, a UK-based government body, set out the Environmental Targets (Fine Particulate Matter) (England) Regulations 2023 which calls for a legally binding limit of 10 μg/m3 for average annual PM2.5 concentrations. This standard is applicable to all monitoring locations throughout England and is targeted to be reached by 2040. As such, these strict regulations aimed at mitigating air pollution are propelling the automotive natural gas vehicle market forward.
Which Firms Dominate The Automotive Natural Gas Vehicle Market Segments?
Major companies operating in the automotive natural gas vehicle market market include 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
What Trends Are Expected to Dominate the Automotive Natural Gas Vehicle Market in the Next 5 Years?
In the automotive natural gas vehicle market, product innovations have become a prominent trend. The primary focus of significant market players is the development of innovative technologies to lower greenhouse gas emissions. For instance, in September 2022, Tata Motors, a company based in India, introduced 5 trucks powered by CNG. This new fleet consists of India's first Medium & Heavy Commercial Vehicle (M&HCV) truck running on CNG, equipped with an Advanced Driver Assistance System (ADAS) and upgraded versions of the Prima, Signa, and Ultra models for a superior driving experience. The launch also included high-tech Intermediate & Light Commercial Vehicle (I&LCV) tippers and trucks to accommodate the increasing demands of the logistics and infrastructure sectors. The eco-friendly Signa CNG trucks, utilizing a 5.7-litre SGI engine generating 180hp and 650Nm torque, boast low operating costs, high durability, modular design, and a range of up to 1,000 km, along with multiple customization alternatives for wheelbase, load deck, and cabins.
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Which Is The Largest Region In The Automotive Natural Gas Vehicle Market?
Asia-Pacific was the largest region in the automotive natural gas vehicle market in 2024. The regions covered in the automotive natural gas vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Natural Gas Vehicle Market?
2. What is the CAGR expected in the Automotive Natural Gas Vehicle Market?
3. What Are the Key Innovations Transforming the Automotive Natural Gas Vehicle Industry?
4. Which Region Is Leading the Automotive Natural Gas Vehicle Market?
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