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Top Market Shifts Transforming the Automotive Natural Gas Vehicle Market Landscape: Key Insights
Automotive Natural Gas Vehicle Market
What Is the Expected CAGR for the Automotive Natural Gas Vehicle Market Through 2025?
The expansion of the automotive natural gas vehicle market has been robust in the preceding years, swelling from $12.18 billion in 2024 to $12.98 billion in 2025 with a compound annual growth rate (CAGR) of 6.6%. Factors propelling growth during this historic period include energy security worries, emission reduction efforts, availability of natural gas, cost-effectiveness, and government directives.
What's the Projected Size of the Global Automotive Natural Gas Vehicle Market by 2029?
In the coming years, the market size of automotive natural gas vehicles is anticipated to experience substantial growth, expected to reach $17.43 billion in 2029 with a compound annual growth rate (CAGR) of 7.6%. The growth during the projected period can be related to tighter emission standards, renewable natural gas, synergies of electrification, the worldwide expansion of infrastructure, energy transition strategies, increased urbanization, and increased consumer knowledge and consciousness. Notable trends during the forecast period encompass systems of dual fuel, lightweight vehicle design, improved storage technologies, self-driving natural gas vehicles, and superior engine management systems.
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Top Growth Drivers in the Automotive Natural Gas Vehicle Industry: What's Accelerating the Market?
The increasingly strict rules to manage air pollution are playing a significant role in propelling the automotive natural gas vehicle market's expansion. Air pollution involves the tainting of air with harmful physical, chemical or biological pollutants that are detrimental to both humans and animals. Government entities are becoming more aware of air pollution's negative impact and have begun to put various control measures in place. These measures have led to a surge in demand for automotive natural gas vehicles, which have reduced emissions due to the fuel's lower carbon content. For example, in September 2023, the UK-based Department for Environment, Food and Rural Affairs established the Environmental Targets (Fine Particulate Matter) (England) Regulations 2023 that set the legal annual mean PM2.5 concentrations limit of 10 μg/m3. This goal, applicable across all monitoring stations in England, needs to be reached by 2040. Therefore, these rigorous policies developed to contain air pollution are fueling the market of automotive natural gas vehicles.
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What Trends Will Shape the Automotive Natural Gas Vehicle Market Through 2029 and Beyond?
The trend of product innovation is growing in significance within the automotive natural gas vehicle market. To curtail the release of greenhouse gases, leading market participants are focusing on the development of inventive technologies. In the context, Tata Motors, a company based out of India, launched 5 CNG-powered trucks in September 2022. These include the first-ever CNG Medium & Heavy Commercial Vehicle (M&HCV) truck in India, equipped with an Advanced Driver Assistance System (ADAS). Enhanced versions of models like Prima, Signa, and Ultra have also been introduced for added driving comfort. Furthermore, the company launched modern Intermediate & Light Commercial Vehicle (I&LCV) tippers and trucks to cater to the increasing demands in the logistics and infrastructure sectors. The Signa CNG trucks are environmentally friendly, powered by a 5.7-liter SGI engine with a power of 180hp and torque of 650Nm, promising reduced operational costs and high durability. These trucks feature a modular design and can cover up to 1,000 km. They are available with various customizable options for wheelbase, load deck, and cabins.
What Are the Main 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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Which Top Companies are Driving Growth in the Automotive Natural Gas Vehicle Market?
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
Which Regions Will Dominate the Automotive Natural Gas Vehicle Market Through 2029?
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
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