Natural Gas Vehicles Market size was valued at US$ 12.7 billion in 2021, and anticipated to grow at a CAGR of 6.8% over the forecast period.
Natural gas vehicles (NGVs) can offer comparable fuel range support for applications that stay within a region supported by reliable CNG fuelling, making them attractive choices for high-mileage, centrally fuelled fleets. Liquefied natural gas (LNG) delivers a higher energy density than compressed natural gas (CNG), resulting in a fuel range that is more comparable to regular fuel for vehicles that travel long distances. Natural gas has several benefits over conventional gasoline and diesel fuels, including domestic availability, vast distribution infrastructure, and lower greenhouse gas emissions.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: AB Volvo, Beiqi Foton Motor Co. Ltd., CNH Industrial NV, Daimler AG, Westport Innovations Inc., Dongfeng Motor Group Company Limited, Clean Energy Fuels Corp., Clean Air Power Ltd., Agility Fuel Systems Inc., Landi Renzo SPA, and Others. Major players operating in the ecosystem experiences strong competition owing to the presence of large number of players on global and regional scale. Further, the various strategies are adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.
In 2021, To strengthen its standing among companies offering natural gas and renewable natural gas mobility solutions, Agility Fuel Systems announced a merger with Hexagon Mobile Pipeline.
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Segments
By Type
- Compressed Natural Gas (CNG)
- Liquefied Petroleum Gas (LPG)
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Sales Channel
- OEM
- Retrofitting
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Key Questions Answered in This Report:
- How has the global Market performed so far and how will it perform in the coming years?
- What are the key regional Markets?
- What has been the impact of COVID-19 on the global Market?
- What is the breakup of the Market based on the type?
- What is the breakup of the Market based on the application?
- What is the breakup of the Market based on the manufacturing process?
- What is the breakup of the Market based on the price range?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global Market and who are the key players?
- What is the degree of competition in the industry?
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