Global Automotive Natural Gas Vehicle Market: Overview
An alternative fuel vehicle that utilizes liquefied natural gas or natural gas as a cleaner alternative to other fossil fuels is known as a natural gas vehicle. Vehicles powered by propane possess fundamentally different composition and are different from natural gas vehicles. As crude oil reserves are rapidly depleting, many developing nations extensively depend on foreign countries for oil export. Owing to this, governments are focusing on controlling their export spending, which results in high demand for abundantly and inexpensively available natural gas. Natural gas is considered environment-friendly and leads to the economic growth of the country.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global Automotive Natural Gas Vehicle Market: Growth Factors
Various initiatives are taken by the governments to encourage the use of natural gas; this is anticipated to contribute to the global automotive natural gas vehicle market growth in the near future. In addition, companies are highly investing in the renewable sources such as natural gas as the cleaner alternative for fuel, which has created ample opportunities for the global market. Vehicle owners are focusing on the acceptance of the environment-friendly and cleaner source of fuel at low cost leading to the enormous increase in the demand for automotive natural gas vehicle globally. Natural gas also offers various advantages whereas liquefied natural gas and compressed natural gas are produced from it providing many environmental benefits to consumers. This is expected to fuel the global market growth in future.
Global Automotive Natural Gas Vehicle Market: Segmentation
The global automotive natural gas vehicle market is categorized based on vehicle type as commercial and passenger. On the basis of fuel type, the global market is classified as liquefied natural gas and compressed natural gas. Furthermore, the automotive natural gas vehicle market is segregated based on geography as Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Global Automotive Natural Gas Vehicle Market: Regional Analysis
Asia Pacific is the dominating region for automotive natural gas vehicle market as it accounted for the largest market share. Latin America comes second in the global ranking, as almost all vehicles in this region have bio-fuel engines that allow vehicles to run on either gasoline or CNG. Use of natural gas vehicles provides fuel efficiency and significant savings over the life of the vehicle boosting the global market growth in North America. The automotive natural gas vehicle is costly due to the cost of installation high-pressure insulated fuel tank, which facilitates fuel extraction from CNG or LPG. The emission from of the automotive natural gas vehicle is comparatively lower than diesel and gasoline counterparts. This will help in reduction of dangerous pollutants such as nitrogen gas, non-methane organic gas, carbon monoxide, and carbon dioxide and result in rising demand for automotive natural gas vehicle in the Middle East and Africa.
Global Automotive Natural Gas Vehicle Market: Competitive Players
Major players in the global automotive natural gas vehicle market are Volkswagen AG, Isuzu Motors Ltd., Suzuki Motor Corporation Ltd., Caterpillar Inc., and Honda Motor Company Ltd. Other players include AB Volvo, Ford Motor Company, General Motors Company, Toyota Motor Corporation, and Renault SA.
Global Automotive Natural Gas Vehicle Market: Regional Segment Analysis
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