Automotive Natural Gas Vehicle Market: Growing reduction in greenhouse gas emission is expected to augment the market at a healthy CAGR of ~ 6% during the forecast period of 2022 to 2030

PRESS RELEASE

Published January 30, 2023

Market Research Future Insights

According to MRFR analysis, the global Automotive Natural Gas Vehicle Market is expected to register a CAGR of ~ 6% from 2022 to 2030 and hold a value of over USD 16,400 billion by 2030.

A natural gas-powered vehicle (NGV) is powered by substitute fuels like LPG (Liquified petrol gas) and CNG (Compressed natural gas). The combustion of oxygen (O2) and methane (CH4) into water (H2O) and carbon dioxide (CO2) powers the engine of NGVs. NGVs are being encouraged as low-cost alternative fuel vehicles later they produce fewer greenhouse gases than conventional fossil fuel-based vehicles.The market of Natural gas-powered vehicles is steadily rising and is projected to grow further.

This can be attributed to the prices of CNG and LPG, which are moderately less than diesel. Also, owing to stunted emissions, natural gas will emerge as the leading player in the substitute fuel market worldwide. The growing demand for alternative fuel in the transportation sector is attributed to the private players growing used of natural gas vehicles in their operations. The COVID-19 epidemic has adversely affected automotive and commercial vehicle production.

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The rising influence of electric vehicles, especially in the Europe and Asia-Pacific region, is hindering the expansion of the automotive natural gas vehicle market. Low operational and maintenance costs of electric vehicles contribute to fluctuating the consumer focus from natural gas-powered vehicles to electric vehicles. Hence this is one of the keys limiting factors of the market.

Regional Analysis

Asia Pacific is anticipated to exhibit a higher CAGR during the forecast period owing to augmented manufacturing and sales of passenger cars in this region. In countries such as India, the Ministry of Petroleum and Natural Gas is encouraging the adoption of natural gas by drafting the city gas distribution policy (CGD). Under this scheme, the government is increasing natural gas infrastructure across the country. Some cities have even started adapting their city buses from diesel engines to natural gas-powered engines.

North America is anticipated to show steady growth during the estimated period. This can be attributed to the exponential upsurge in the adoption of NGV by fleet operators.

Market Segmentation

The Global Automotive Natural Gas Vehicle Market has been segmented into fuel type and vehicle type

Based on fuel type, The Global Automotive Natural Gas Vehicle Market has been segmented into CNG and LPG. The CNG held the largest share of the market in 2020. The non-toxic nature of this fuel acts as a catalyst in its raise as a Clean Energy. The increase in the CNG market can be attributed to the strict emission norms being implemented by several countries to curb emissions of vehicles owing to environmental concerns.

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Based on vehicle type, The Global Automotive Natural Gas Vehicle Market has been segmented into natural gas-powered passenger cars and commercial vehicles. The passenger car segment dominated the market. Owing to the depreciating air quality and environment, consumers are persuaded to adopt low greenhouse gas emitting fuels like CNG & LPG. Economically, CNG cars provide substantial savings as it is 50% more cost-effective than gasoline and 40% more cost-effective than diesel. These factors are pushing the growth of this segment.

Key Players

Some of the key market players are Daimler AG (Germany), CNH Industrial NV (Netherlands), Landi Renzo (Italy), Westport (Canada), Dongfeng Motors Group Limited (China), AB Volvo (Sweden), Beiqi Foton Motors Group Limited (China), and Shaanxi Automobile Group Limited (China)