Market Research Future (MRFR), in its latest report on the automotive natural gas vehicle market 2030, shed light on forces that govern the market. The impact of the COVID 19 on the automotive natural gas vehicle market is explained in the report. As per MRFR, the automotive natural gas vehicle market can rise at 6% by 2032.
The abundance of natural gas is expected to boost the
expansion of the automotive natural gas vehicle market is expected to boost the
expansion of the market through the review period. The rise in popularity of
automotive natural gas vehicle as the cleanest burning commercial fuels can
boost the expansion of the automotive natural gas vehicle market across the
assessment period. The rise demand for natural gas driven vehicle to meet
vehicle emission standards can also prompt the expansion of the market.
The growing adoption of automotive natural gas vehicle among
consumers, and fleet operators resulting in increase in their manufacturing can
impose the expansion of the automotive natural gas vehicle market through the
review period. On the contrary, certain shortcomings in the operation of natural
gas vehicle, such as need for extra space for fuel storage and short driving
range can deter the expansion of the automotive natural gas vehicle market.
The recent surge in the natural gas production due to
technology advancements in the natural gas extraction methods can boost the
expansion of the market across the globe as this resulted in the reduction of
commodity price for natural gas. In addition, price fluctuation of natural
gases compared to crude oil price can also support the expansion of the market.
Market Segmentation
The segment analysis of the automotive natural gas vehicle
market is done by vehicle type and fuel type.
The fuel type based segment of the automotive natural gas
vehicle is Compressed Natural Gas (CNG). The high utility of CNG and widespread
utility of automotive natural gas vehicle can boost the market rise.
The vehicle type based segment of the automotive natural gas
vehicle market is heavy-duty vehicles that include road tractors, transit
buses, and trucks. Increase in heavy duty natural gas driven automobile can
boost the expansion of the market.
Regional Analysis
In APAC, the increase in air pollution is boosting the
adoption of automotive natural gas vehicle is expected to boost the rise of the
regional market. Increase in support from the government to curb air pollution
and strict measures taken to maintain air quality index are other factors that
are expected to prompt the expansion of the automotive natural gas vehicle
market in the years to come.
In North America, the rapid replacement of gasoline and
diesel propelled vehicles with natural gas driven automobiles can support the
expansion of the regional market. In addition, the growing awareness about
benefits of automotive natural gas vehicles, such as very narrow flammability
range, high auto-ignition temperature, long-term price stability, simplified
fuel system, and relatively cheap can support the rise of the automotive
natural gas vehicle market size in the analysis period. In Europe, the rise
in awareness about fuel characteristics of natural gas being favorable to the
utility of high-duty vehicles can impel the expansion of the regional market.
Key Players
Landi Renzo (Italy), Westport (Canada), Shaanxi Automobile
Group Limited (China), Dongfeng Motors Group Limited (China), Beiqi Foton
Motors Group Limited (China), AB Volvo (Sweden), CNH Industrial NV (The Netherlands),
and Daimler AG (Germany) are some notable names in the automotive natural gas
vehicle global market listed by MRFR.
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