Automotive Natural Gas Vehicle Market Overview
Automotive natural gas vehicle uses liquefied natural gas (LPG) and compressed natural gas (CNG) and it’s an alternative of petrol and diesel.. Vehicles running on natural gas are considered good for environment and the economy as a whole. Natural gas vehicle are more cost effective and ecofriendly than the other fossil fuel. CNG and LNG gases require tank to fill the gas.
Market Size and Forecast
Automotive natural gas vehicle market is anticipated to flourish at a robust CAGR of 5.7% over the forecast period. This can be attributed to various factors such as rising demand for automobiles, burgeoning middle class population and rising concerns about environment. Further, increasing inclination of people towards advanced automotive vehicles is likely to foster the growth of the automotive natural gas vehicle market.
In the terms of regional platform, Asia Pacific holds the largest market share in automotive natural gas vehicle market. This significant growth can be attributed to the expansion of the automotive industry in the Asia Pacific region. Additionally, presence of major CNG vehicle manufacturer is likely to strengthen the market of automotive natural gas vehicle market. Further, growing economies such as China and India are foreseen to witness the augmented demand for the CNG vehicles in the next few years. Moreover, major automotive companies are likely to enter in automotive natural gas vehicle market which further, is anticipated to increase the market size of automotive natural gas vehicle market during the forecast period. Europe region is anticipated to account for second largest market in overall automotive natural gas market during the forecast period. Unprecedented growth and sale of passenger car and three wheelers in Europe region is fuelling the demand for the automotive natural gas vehicle. Furthermore, strict government regulations to curb the pollution are expected to strengthen the market of the automotive natural gas vehicle. U.K. & Germany accounted for the major contributor to the growth of natural gas vehicle market due to the presence of major passenger car manufacturing companies.
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Furthermore, North America is projected to grow at significant pace during the forecast period. Additionally, government regulations to increase the fuel efficiency are expected to supplement the growth of the automotive natural gas vehicle market in the region. U.S. is anticipated to contribute significantly to the growth of the automotive natural gas vehicle market. Furthermore, Latin America and Middle East & Africa region are anticipated to grow at significant pace due to the increasing sales of CNG vehicles.
Market Segmentation
Our in-depth analysis has segmented global automotive natural gas vehicle market into the following segments:
By Fuel Type
- Compressed Natural Gas
- Liquefied Natural Gas
By Vehicle Type
- Passenger Cars
- Heavy trucks
- Three Wheelers
- Motorcycles
- Others
By Region
Global automotive natural gas vehicle market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Increasing demand and sale of the passenger car is anticipated to be the key factor behind the growth of the automotive natural gas vehicle market. Further, rising disposable income coupled with increasing purchasing power of the population is resulting in more demand of the automotive. This factor is likely to boost the growth of the automotive natural gas market over the forecast period. Original equipment manufacturers of vehicles are promoting their products by showcasing the fuel efficiency and emission free features which is predicted to trigger the growth of automotive natural gas vehicle market.
Stringent government regulation to curb the pollution is expected to positively impact the growth of the automotive natural gas vehicle market. In many developed countries, government has legislated various rules and regulations to reduce the carbon dioxide and is also working on expanding the natural gas fuel stations, thus encouraging the commercial and private car owners to shift to CNG, which further, is likely to spur the growth of the global automotive natural gas vehicle market. In addition, natural gas cost about 45% cheaper than the other fossil fuel which is anticipated to positively impact the growth of CNG and LNG vehicles in the future market.
Furthermore, lack of CNG infrastructure in various nations is believed to dampen the growth of global of automotive natural gas vehicle market.
Top Featured Companies Dominating The Market
The major key players for automotive natural gas vehicle market are listed below:
- Isuzu Motors Ltd
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- Honda Motor Company Ltd
- Ford Motor Company
- AB Volvo
- Toyota Motor Corporation
- Volkswagen AG
- Caterpillar Inc.
- Renault SA
- Suzuki Motor Corporation Ltd.
- General Motors Company
- Other Key Players
