According to The Business Research Company’s Automotive Natural Gas Vehicle Market, The automotive natural gas vehicle market size has grown strongly in recent years. It will grow from <b>$11.52 billion in 2023 to $12.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. </b> The growth in the historic period can be attributed to energy security concerns, emissions reduction, abundance of natural gas, cost savings, government policies.
More On The Automotive Natural Gas Vehicle Market Market:
The automotive natural gas vehicle market size is expected to see strong growth in the next few years. It will grow to <b>$16.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. </b> 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.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.
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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 CarsProduct innovations have emerged as the key trend gaining popularity in the automotive natural gas vehicle market. Major market players are concentrating their efforts on creating innovative technologies to reduce greenhouse gas emissions. For instance, in October 2021, Scania, a Sweden-based commercial vehicle manufacturer, launched an LNG tractor unit for its biogas-fueled long-distance haulage. The inclusion of the LNG tractor unit covers both LNG (liquefied natural gas) and CNG (compressed natural gas) solutions in both two-axle variants. The Scania vehicle can operate on 100% biogas, which will offer up to a 90% carbon dioxide reduction.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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26. South America Automotive Natural Gas Vehicle Market
27. Brazil Automotive Natural Gas Vehicle Market
28. Middle East Automotive Natural Gas Vehicle Market
29. Africa Automotive Natural Gas Vehicle Market
30. Automotive Natural Gas Vehicle Market Competitive Landscape And Company Profiles
Top Major Players:
- Hexagon Composites ASA
- AB Volvo
- Beiqi Foton Motor Co. Ltd
- CNH Industrial NV
- Clean Energy Fuels Corp
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