Overview and Scope
An automotive natural gas vehicle refers to an alternative fuel vehicle that operates with natural gas as the fuel rather than gasoline or diesel. These are lower-cost vehicles than gasoline and diesel and provide a long-lasting and secure fuel supply. The automotive natural gas vehicle provides high mileage and comfort with low emissions.
Sizing and Forecast
The automotive natural gas vehicle market size has grown strongly in recent years. It will grow from $11.52 billion in 2023 to $12.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to energy security concerns, emissions reduction, abundance of natural gas, cost savings, government policies.
The automotive natural gas vehicle market size is expected to see strong growth in the next few years. It will grow to $16.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to stricter emissions standards, renewable natural gas, electrification synergies, global expansion of infrastructure, energy transition policies, increased urbanization, consumer education and awareness. Major trends in the forecast period include dual-fuel systems, lightweight vehicle design, enhanced storage technologies, autonomous natural gas vehicles, advanced engine management systems.
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Segmentation & Regional Insights
The automotive natural gas vehicle market market covered in this report is segmented –
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
Asia-Pacific was the largest region in the automotive natural gas vehicle market in 2023. The regions covered in the automotive natural gas vehicle market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Stringent regulations for controlling air pollution are significantly contributing to the growth of the automotive natural gas vehicle market going forward. Air pollution refers to the contamination of air by any physical, chemical, or biological pollutants that are harmful to animals as well as humans. The governments are concerned about the adverse effects of air pollution and have started implementing various regulations to control pollution. This has increased the demand for automotive natural gas vehicles as they possess low emission properties due to the lower carbon content in the fuel. For instance, in September 2021, the World Health Organization’s Global Air Quality Guidelines aim to save lives and improve air quality from air pollution. These guidelines also highlight good practices to manage certain types of particulate matter such as elemental carbon, particles originating from sand, ultrafine particles, and dust storms to set air quality guideline levels. Therefore, the stringent regulations for controlling air pollution are driving the automotive natural gas vehicle market.
Key Industry Players
Major companies operating in the automotive natural gas vehicle market market report are Hexagon Composites ASA, AB Volvo, Beiqi Foton Motor Co. Ltd., CNH Industrial NV, Clean Energy Fuels Corp., 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, Hondo Motor Co. Ltd., Volkswagenwerk GmbH, Hyundai Motor Company, Iran Khodro Industrial Group, C&C Trucks Co. Ltd., Tata Engineering & Locomotive Company Ltd., Fiat SpA, Régie Nationale Des Usines Renault SAS, Caterpillar Inc., Shaanxi Automobile Group Co. Ltd., Mercedes-Benz Group AG, Krishna Landi Renzo India Private Limited, Toyota Motor Corporation, Alexander Dennis Limited, Prins Autogassystemen BV, Stellantis N. V., Iveco SpA
The automotive natural gas vehicle market market report table of contents includes:
1. Executive Summary
2. Automotive Natural Gas Vehicle Market Characteristics
3. Automotive Natural Gas Vehicle Market Trends And Strategies
4. Automotive Natural Gas Vehicle Market – Macro Economic Scenario
5. Global Automotive Natural Gas Vehicle Market Size and Growth
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31. Global Automotive Natural Gas Vehicle Market Competitive Benchmarking
32. Global Automotive Natural Gas Vehicle Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Natural Gas Vehicle Market
34. Automotive Natural Gas Vehicle Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Hexagon Composites ASA
AB Volvo
CNH Industrial NV
Clean Energy Fuels Corp
Cummins Engine Company Inc.
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