Press release
Trends in Growth, Market Segmentation, and Competitive Approaches Influencing the Automotive Natural Gas Vehicle Market
Automotive Natural Gas Vehicle Market
Projected Growth and Market Size of the Automotive Natural Gas Vehicle Market
The automotive natural gas vehicle market is expected to grow steadily, reaching a value of $17.86 billion by 2030. This expansion corresponds to a compound annual growth rate (CAGR) of 6.9%. Several factors are contributing to this upward trajectory, including decarbonization goals, policies promoting clean fuels, alternatives to electrified public transportation, development of infrastructure, and fleet conversion efforts. Key trends anticipated during this period encompass the adoption of compressed natural gas (CNG) and liquefied natural gas (LNG) powertrains, an increase in commercial natural gas vehicle fleets, expansion of refueling facilities, growing demand for vehicles with lower emissions, and supportive government incentives.
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Key Drivers Fueling Growth in the Automotive Natural Gas Vehicle Market
A strong push towards achieving environmental sustainability is one of the main factors accelerating the use of natural gas vehicles. Governments and industries alike are focusing on reducing carbon footprints and transitioning to cleaner energy sources for transportation. This shift is encouraging investments in natural gas-powered vehicles as a practical alternative to traditional fossil fuels.
Additionally, expanding supporting infrastructure such as fueling stations is making natural gas vehicles more accessible and convenient for users. Public and private sectors are actively working to increase the availability of refueling networks, which is critical for wider adoption. These efforts are especially important for commercial fleets and public transport systems that rely on reliable fueling options.
Important Market Players Leading the Automotive Natural Gas Vehicle Industry
Several prominent companies currently dominate the automotive natural gas vehicle market. Notable players include Hexagon Composites ASA, AB Volvo, Beiqi Foton Motor Co. Ltd., CNH Industrial NV, 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, Volkswagenwerk GmbH, Hyundai Motor Company, Iran Khodro Industrial Group, Tata Engineering & Locomotive Company Ltd., Fiat SpA, Régie Nationale Des Usines Renault SAS, Mercedes-Benz Group AG, Toyota Motor Corporation, Stellantis N. V., Iveco SpA, Alexander Dennis Limited, and Shaanxi Automobile Group Co. Ltd.
In a notable move during September 2024, Apollo Global Management Inc, a US-based asset management firm, acquired Freedom CNG. This acquisition aims to accelerate the development of Freedom CNG's extensive fueling-station network and boost investments in dedicated CNG and renewable natural gas (RNG) sites. These facilities primarily support logistics fleets, municipal buses, school transportation, and commercial operators relying on natural gas vehicles. Freedom CNG operates as a provider of automotive natural gas vehicles in the United States.
View the full automotive natural gas vehicle market report:
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Emerging Trends Shaping the Automotive Natural Gas Vehicle Sector
Strategic partnerships are becoming increasingly important in the automotive natural gas vehicle market as companies collaborate to broaden their product offerings and enhance capabilities. Such alliances allow firms to combine their strengths and resources for mutual growth and competitive advantage.
For example, in May 2023, Walmart partnered with Cummins to reduce greenhouse gas emissions in transportation by demonstrating the viability of natural gas engines as alternatives to diesel. This collaboration resulted in the launch of the first of five new tractors powered by Cummins-built compressed natural gas (CNG) engines. These engines promise comparable performance and range to diesel counterparts, while operating more quietly and requiring less maintenance, offering a promising future for sustainable trucking.
Segmental Overview of the Automotive Natural Gas Vehicle Market
The automotive natural gas vehicle market is analyzed across several key segments:
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
Further subcategories provide a deeper breakdown, including:
- Light-Duty Vehicles: Passenger Cars, Light Trucks, Vans
- Medium-Duty Vehicles: Delivery Trucks, Buses, Service Vehicles
- High-Duty Vehicles: Freight Trucks, Long-Haul Trucks, Heavy-Duty Buses
This segmentation helps identify specific areas of growth and demand within the broader market, highlighting the diversity of natural gas vehicle applications across various transportation needs.
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