Automotive Natural Gas Vehicle Market

Automotive Natural Gas Vehicle Market is anticipated to grow at a higher CAGR during forecast period due to rising concern for the reduction of pollutants in the environment.

Introduction of the Automotive Natural Gas Vehicle Market Report

Natural gas vehicle (NGV) refers to an internal combustion engine vehicle, which uses compressed natural gas (CNG) or liquefied natural gas (LNG) as fuel. The NGV automotive are considered as some of the cleanest vehicles in commercial production than gasoline or diesel powered vehicles owing to their fewer fine particles and less CO2 emission than petrol or diesel powered vehicles.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing demand for greener transportation, the lack of availability for finite fossil fuels, and rising concern for the reduction of pollutants in the environment are some of the major factors expected to drive the growth of the automotive natural gas vehicle market. Additionally, the rapid adoption of NGV vehicles primarily due to the easy availability, lower vehicular emissions, and lower costs compared to conventional fuels, including gasoline and diesel is further propelling the market growth.

Moreover, the growing government initiatives for the development of natural gas distribution infrastructure and increasing regulations regarding environmental protection and Greenhouse Gas (GHG) emissions worldwide is expected to support the adoption of NGV automobiles. Major countries including UK, U.S., Canada, China, India, and France are expected to bans on all diesel-powered cars by 2030. According to the European Federation for Transport and Environment AISBL, the European Union has announced to cut its greenhouse gas (GHG) emissions by at least 80-95% by 2050. Furthermore, according to the NGV Global, in 2019, the total number of natural gas vehicles was 28,540,819 globally. This is expected to contribute to the automotive natural gas vehicle market share growth.

Restraint in the Automotive Natural Gas Vehicle Market

However, short driving range and extra space needed for fuel storage in vehicles are some of the factors expected to restraint the growth of the automotive natural gas vehicle market size. In addition, the outbreak of COVID-19 pandemic has negatively affected the sales and production of automobiles, which thereby expected to hamper the market growth over the forecast period.

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Fuel Type – Segment Analysis

Based on the fuel type, the LGN (Liquefied Natural Gas) segment is expected to grow at high CAGR over the forecast period primarily due to its several advantages including storage as liquid at a pressure of around 10 bar; greater mileage; and lower loss of power than CNG vehicles.

Vehicle Type – Segment Analysis

Based on the vehicle type, the passenger vehicles segment accounted for the prominent share in the market. This can be attributed to the growing use of passenger cars for personal and commercial purposes including ridesharing, fleet management, and others. Moreover, increasing production of passenger cars that use both natural gas and petrol for fuel such as Skoda Octavia G-TEC and Audi A5 Sportback g-tron is further propelling the market growth.

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Regional – Segment Analysis:

Based on region, Asia-Pacific is anticipated to grow at a high CAGR during the forecast period owing to the growing vehicle manufacturing industry in the region, primarily in countries including, India, China, South Korea, and Japan. According to the NGV Global, in 2019, 20,473,673 natural vehicles are in operation in Asia-Pacific with 20,275 natural gas fuelling stations in the region. This is further expected to contribute to the market growth.

Top Market Players

Several companies operating in the market, include, AB Volvo, Foton Motor Inc., Shaanxi Automobile Holdings Limited, Clean Energy Fuels Corp., Cummins, Inc., PACCAR, Inc., Navistar, Inc., Quantum Fuel Systems LLC, Westport Fuel Systems Inc., and Hexagon Composites ASA among others. 

Key Developments: 

• • In 2021, Agility Fuel Solutions announced the merger with Hexagon Mobile Pipeline, a part of Hexagon Composites ASA to form Hexagon Agility. This is expected to strengthen the company’s position as a one of the leading providers of (renewable) natural gas mobility solutions (g-mobility solutions).

Segments covered in the Report:

The global Automotive Natural Gas Vehicle Market has been segmented on the basis of fuel type, vehicle type, and key regions. Based on fuel type, the market is segmented into CNG and LNG. Based on vehicle type, the market is segmented into passenger vehicle, three wheelers, and light-duty & heavy-duty buses & trucks. 

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Key questions answered in this research report:

• • At what pace is global Automotive Natural Gas Vehicle Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Automotive Natural Gas Vehicle Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Automotive Natural Gas Vehicle Market?
  • Which fuel type generated maximum revenues in 2020 and identify the most promising fuel type during the forecast period?
  • What are the various vehicle type of global Automotive Natural Gas Vehicle Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Automotive Natural Gas Vehicle Market by Fuel Type

• • CNG
  • LNG

Global Automotive Natural Gas Vehicle Market by Vehicle Type

• • Passenger Vehicles
  • Three-wheelers
  • Light-duty & Heavy-duty Buses and Trucks

Global Automotive Natural Gas Vehicle Market by Region

• • North America Automotive Natural Gas Vehicle Market (Option 1: As a part of the free 25% customization)
    • North America Automotive Natural Gas Vehicle Market by Fuel Type
    • North America Automotive Natural Gas Vehicle Market by Vehicle Type
    • US Automotive Natural Gas Vehicle Market All-Up
    • Canada Automotive Natural Gas Vehicle Market All-Up
  • Europe Automotive Natural Gas Vehicle Market (Option 2: As a part of the free 25% customization)
    • Europe Automotive Natural Gas Vehicle Market by Fuel Type
    • Europe Automotive Natural Gas Vehicle Market by Vehicle Type
    • UK Automotive Natural Gas Vehicle Market All-Up
    • Germany Automotive Natural Gas Vehicle Market All-Up
    • France Automotive Natural Gas Vehicle Market All-Up
    • Spain Automotive Natural Gas Vehicle Market All-Up
    • Rest of Europe Automotive Natural Gas Vehicle Market All-Up
  • Asia-Pacific Automotive Natural Gas Vehicle Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Automotive Natural Gas Vehicle Market by Fuel Type
    • Asia-Pacific Automotive Natural Gas Vehicle Market by Vehicle Type
    • China Automotive Natural Gas Vehicle Market All-Up
    • India Automotive Natural Gas Vehicle Market All-Up
    • Japan Automotive Natural Gas Vehicle Market All-Up
    • Rest of APAC Automotive Natural Gas Vehicle Market All-Up
  • RoW Automotive Natural Gas Vehicle Market (Option 4: As a part of the free 25% customization)
    • RoW Automotive Natural Gas Vehicle Market by Fuel Type
    • RoW Automotive Natural Gas Vehicle Market by Vehicle Type
    • Brazil Automotive Natural Gas Vehicle Market All-Up
    • South Africa Automotive Natural Gas Vehicle Market All-Up
    • Saudi Arabia Automotive Natural Gas Vehicle Market All-Up
    • UAE Automotive Natural Gas Vehicle Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Automotive Natural Gas Vehicle Market All-Up

Major Players Operating in the Automotive Natural Gas Vehicle Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • AB Volvo
  • Foton Motor Inc.
  • Shaanxi Automobile Holdings Limited
  • Clean Energy Fuels Corp.
  • Cummins, Inc.
  • PACCAR, Inc.
  • Navistar, Inc.
  • Quantum Fuel Systems LLC
  • Westport Fuel Systems Inc.
  • Hexagon Composites ASA