North America Automotive
Natural Gas Vehicle Market Overview:
The global North
America Automotive Natural Gas Vehicle Market to grow at approximately 6%
CAGR from 2023 to 2032.
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.
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.
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 North America 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.
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Key Players
The key players in the North
America 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).
Market Segmentation
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.
Regional Analysis
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 North America Automotive Natural Gas
Vehicle Market due to an increase in the adoption rate of the natural
gas-driven vehicle.
COVID-19 Impact on the Global North
America 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.
Summary
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 North
America 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 North America 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.
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