The global automotive natural gas vehicle market demand is expected to reach 37,373.8 thousand units by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 3.5% from 2020 to 2027. The adoption of natural gas as a fuel for the vehicles is increasing in the transportation sector across the globe, owing to its low emission properties. Natural gas vehicles (NGV) are safer to refuel compared to diesel or gasoline engines. Incumbents of the transportation sector have realized that cars running on conventional fuels, such as diesel and gasoline, are causing pollution and emitting greenhouse gases on a large scale. Rise in government regulation to reduce the greenhouse emissions due to vehicular pollution and need of a cleaner fuel at a lower cost is expected to drive the demand for automotive NGV market.
The
market for automotive natural gas vehicle is expected to grow on account of
various factors, including government support for the adoption of natural gas
vehicles. Governments of different countries have put in place stringent
regulations aimed at curbing the environmental damages stemming from the
emissions of greenhouse gases and Particulate Matter (PM) from vehicles. Along
with these regulations, authorities have also been amending the emission standard
policies continuously to protect the environment. Also, having realized the
high initial costs associated with the adoption of LNG and CNG vehicles,
governments, and authorities across the globe have launched various incentive
programs to smoothen the promotion process of such automotive vehicles.
Incentive programs launched in U.S. include the EPA’s Clean Construction and
Clean Agriculture Program, the Voluntary Airport Low Emission (VALE) program,
and the Congestion Mitigation and Air Quality (CMAQ) Improvement
Program.
Modern
technologies have continuously emerged through dedicated collaborative R&D
centers or manufacturer’s independent technology centers, where researchers
focus on building optimal solutions for their automotive natural gas vehicle
customers. The government across the globe is taking initiatives and investing
significant resources to improve natural gas technologies. Also, infrastructure
improvement for natural gas is being carried out across the nations. CNG and
LNG fueling stations are established strategically across transportation routes
by the companies such as Clean Energy Fuels and Southern California Gas Co. The
companies have come up with mobile fueling solutions that are home refueling
and virtual pipelines to provide infrastructure to the infrastructure-lacking
regions.
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Automotive NGV
Market Report Highlights
- Stringent regulations laid
down by governments of various nations, to reduce emissions of greenhouse
gases and Particulate Matter (PM) are expected to positively influence
market growth over the forecast period
- Refueling solutions such as
home refueling and time-fill refueling prove to be economical, along with
providing convenience to customers. For instance, Southern California Gas
Company (a subsidiary of Sempra Energy) is a U.S.-based company that
offers home refueling appliance for NGV owners, called PHILL
- COVID – 19 (Coronavirus
Disease) outbreak has produced numerous disruptions in several major
industries, including the energy and auto industry. For instance,
according to Sublime China Information (SCI99), the demand for CNG in China is expected to be 10bn m3 less
in the year 2020 than earlier
- Less noise produced from a
CNG engine due to the lower level of the sound pressure will be the demand
driving factor from densely populated cities
- The key players in the
automotive natural gas vehicle market areAgility Fuel Solutions; AB Volvo;
Beiqi Foton Motor Co., Ltd.; CNH Industrial N.V.; Clean Energy Fuels;
Cummins, Inc.; PACCAR, Inc.; Navistar, Inc.; Quantum Fuel Systems LLC; and
Westport Fuel Systems Inc.
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Automotive NGV
Market Segmentation
Grand View Research has segmented
the global automotive NGV market based on fuel type, vehicle type, and region:
Automotive
NGV Fuel Type Outlook (Volume, Thousand Units, 2016 - 2027)
- CNG
- LNG
Automotive
NGV Vehicle Type Outlook (Volume, Thousand Units, 2016 - 2027)
- Passenger Vehicles
- Light-duty & Heavy-duty
Buses and Trucks
- Three-wheelers
Automotive NGV
Regional Outlook (Volume, Thousand Units, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Russia
- Germany
- France
- Sweden
- Asia Pacific
- China
- India
- Bangladesh
- Thailand
- South America
- Brazil
- Middle East and Africa (MEA)
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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