Market Research Future (MRFR) predicts the global automotive natural gas vehicle market to grow at approximately 6% CAGR from 2017 to 2023 (forecast period).
Natural gas is the most efficient and plentiful energy source. It is one of the most environmentally friendly commercial fuels on the market. There is a massive demand for a natural gas vehicle that satisfies emission targets of fleet operators, consumers, and manufacturers. Presently, there are more than 400,000 natural gas vehicles on the road. Nevertheless, the natural gas vehicle has some drawbacks in terms of operating efficiency, such as a limited driving range and the additional space needed for fuel storage.
Get free sample report @ https://www.marketresearchfuture.com/sample_request/5750
Lower fuel prices, lower greenhouse gas emissions, and the production of less carbon dioxide per unit of energy consumed are the factors driving the growth of the automotive natural gas vehicle industry. Other primary factors expected to contribute to the growth of the automotive natural gas vehicle market include refueling station infrastructure and rising crude oil prices. Furthermore, conversion or retrofitting is available through various platforms for customers to achieve the desired fuel efficiency.
Natural gas vehicles have many advantages over gasoline and diesel vehicles, including long-term price stability, a very small flammability range, a high auto-ignition temperature, and a relatively inexpensive and simplified fuel system. Because of these fuel properties, natural gas is a good choice for heavy-duty vehicles. Natural gas production has recently increased due to technical advances in natural gas extraction methods. This leads to a reduction of commodity prices for natural gas. The price volatility of natural gases is minimum as opposed to crude oil price fluctuation.
COVID-19 Impact on the Global Automotive Natural Gas Vehicle Market
Implementation of a set of regulations by governments of different nations to deal with the COVID-19 crisis, such as a full shutdown of manufacturing units, is found to have an impact on the development of the global automotive natural gas vehicle industry.
The global automotive natural gas vehicle industry has been segmented based on fuel type and vehicle type.
By fuel type, the global automotive natural gas vehicle industry has been segmented into CNG and LPG.
By vehicle type, the global automotive natural gas vehicle industry has been segmented into light-duty, medium-duty, and heavy-duty.
The global automotive natural gas vehicle industry has been segmented based on America, Asia Pacific, Europe, and the Rest of the World.
Asia Pacific region is anticipated to dominate the market in the future due to the biggest market share for commercial vehicle and fleet operators. For illustration, China is showing growth in refueling infrastructure for CNG and LNG fuel. The American region holds the second spot in the automotive natural gas vehicle market due to an increase in the adoption rate of the natural gas-driven vehicle.
The key players in the automotive natural gas vehicle market are Dongfeng Motors Group Limited (China), Shaanxi Automobile Group Limited (China), AB Volvo (Sweden), Beiqi Foton Motors Group Limited (China), Landi Renzo (Italy), Daimler AG (Germany), and CNH Industrial NV (The Netherlands) and Westport (Canada).
The global automotive natural gas vehicle industry is anticipated to grow at approximately 6% CAGR from 2017 to 2023 (forecast period). The factors that propel the development of the automotive natural gas vehicle market are lower fuel cost, reduction in greenhouse gas emissions, and less carbon dioxide per unit of energy consumed. Other drivers expected to push the growth of the automotive natural gas vehicle market are growth in refueling station infrastructure and increasing crude oil price. Furthermore, conversions or retrofitting are available across multiple platforms for consumers to get the desired fuel efficiency.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
Ask for your specific company profile and country level customization on reports.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/automotive-natural-gas-vehicle-market-5750
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
+1 646 845 9312
Email: [email protected]