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Future of Automotive Natural Gas Vehicle Market: Size, Share & Forecasts to 2029
Automotive Natural Gas Vehicle
What Is the Projected Market Size Valuation of the Automotive Natural Gas Vehicle Market by 2025?
The market size for natural gas vehicles in the automotive sector has seen significant growth in the past few years. It is projected to increase from $12.18 billion in 2024 to $12.85 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. Factors driving this growth during the historic period include concerns about energy security, reducing emissions, the plentiful supply of natural gas, cost-effectiveness, and government regulations.
What Is the Estimated Market Growth Value for the Automotive Natural Gas Vehicle Industry in 2029?
The market size for natural gas vehicles in the automotive industry is anticipated to experience significant growth in the upcoming years. It is predicted to reach a value of $16.62 billion by 2029, with a compound annual growth rate (CAGR) of 6.6%. The projected growth within this period can be linked to factors such as tighter emissions regulations, the use of renewable natural gas, synergies with electrification, worldwide infrastructure expansion, policies promoting energy transition, increased urbanisation, and increased consumer knowledge and awareness. Key trends expected during this period encompass dual-fuel systems, the design of lighter vehicles, improved storage technologies, autonomous natural gas vehicles, and sophisticated engine management systems.
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What Are the Growth Drivers and Opportunities in the Automotive Natural Gas Vehicle Market?
The advancement of the automotive natural gas vehicle market is significantly influenced by the strict regulations aimed at limiting air pollution. Air pollution alludes to harmful physical, chemical, or biological pollutants contaminating our atmosphere, causing harm to humans and animals. Government bodies worldwide are recognising the negative impact of air pollution and are responding by enforcing various regulations aimed at reducing pollution. Such actions have escalated the demand for automotive natural gas vehicles due to their low emission capabilities, originating from the fuel's low carbon content. For example, the UK's Department for Environment, Food, and Rural Affairs, enforced the Environmental Targets (Fine Particulate Matter) (England) Regulations 2023 in September 2023. These regulations set a legal cap of 10 μg/m3 for the annual mean PM2.5 concentrations applicable to all monitoring stations throughout England, to be achieved by 2040. Thus, the strict policies aimed at curbing air pollution are fuelling the automotive natural gas vehicle market's growth.
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What Are the Primary Segments Covered in the Global Automotive Natural Gas Vehicle Market Report?
The automotive natural gas vehicle 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
What Are the Top Growth Trends in the Automotive Natural Gas Vehicle Market?
Innovations in products have become a prominent trend within the automotive natural gas vehicle market. Leading companies in the market are focusing on developing groundbreaking technologies to bring down greenhouse gas emissions. In September 2022, for example, Tata Motors, a company based in India, introduced 5 trucks powered by CNG. Included in this new product line is the first Medium & Heavy Commercial Vehicle (M&HCV) truck powered by CNG in India, equipped with an Advanced Driver Assistance System (ADAS) and upgraded versions of the Prima, Signa, and Ultra models to enhance driver comfort. Moreover, high-end Intermediate & Light Commercial Vehicle (I&LCV) tippers and trucks have been released to cater to increasingly demanding logistics and infrastructure sectors. The Signa CNG trucks, equipped with a 5.7-litre SGI engine delivering 180hp and 650Nm torque, are environmentally friendly, offering low operating expenses, high longevity, modular design, and a range of up to 1,000 km, complete with diverse options for wheelbase, load deck, and cabin customization.
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Which Companies Are Shaping the Future of 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 Region Holds the Largest Market Share in the Automotive Natural Gas Vehicle Industry?
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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