Automotive Natural Gas Vehicle Industry Overview
The global automotive natural gas vehicle market demand is expected to reach 38,856.33 thousand units by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 3.3% from 2021 to 2028. The growing adoption of natural gas as an alternative fuel in vehicles, especially in the transportation sector worldwide, is creating the demand for automotive natural gas vehicles (NGVs). The low emission properties of NGVs facilitated by clean fuel characteristics are expected to drive their demand in public transportation, therefore boosting the market growth. The need for cleaner fuels at lower costs is also expected to drive market growth.
Moreover, government support for the adoption of these vehicles will augment the demand. The government authorities in various countries are implementing stringent regulations to curb environmental damages arising from the emission of Particulate Matter (PM) and Greenhouse Gases (GHG) from vehicles. Simultaneously, with these regulations, authorities have also been continuously revising the emission standard policies to help protect the environment. Government agencies across the globe are rolling out incentive programs to promote the adoption of NGVs owing to the high initial cost associated with the procurement of CNG and LNG vehicles.
Automotive Natural Gas Vehicle Market Segmentation
Grand View Research has segmented the global automotive natural gas vehicle market on the basis of fuel type, vehicle type, and region:
Based on the Fuel Type Insights, the market is segmented into CNG and LNG
- The CNG segment accounted for the largest volume share of over 95% in 2020 and will expand further at a steady CAGR from 2021 to 2028.
- The LNG segment is projected to register the fastest CAGR from 2021 to 2028. The segment is majorly incentivized by government policy support, diesel-LNG price differential, and developing logistics industry driven by more robust economic growth.
Based on the Vehicle Type Insights, the market is segmented into Passenger, Light-duty & Heavy-duty Buses and Trucks, and Three-wheelers
- The passenger vehicle type segment accounted for the largest volume share of over 87% in 2020.
- The three-wheelers segment accounted for a significant market share in Asian countries, such as Thailand, India, and Bangladesh, owing to the higher number of three-wheelers that run on natural gas in circulation.
Automotive Natural Gas Vehicle Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The companies in the market are focusing on increasing the customer base to gain a competitive edge. They are stressing on providing technologically driven and advanced products to enhance their product offerings in the market. The companies are also undertaking strategic initiatives, such as regional expansions, acquisitions, mergers, partnerships, and collaborations, to grow in the market.
Some prominent players in the global Automotive Natural Gas Vehicle market include:
- Agility Fuel Solutions
- AB Volvo
- Beiqi Foton Motor Co., Ltd.
- CNH Industrial N.V.
- Clean Energy Fuels
- Cummins, Inc.
- PACCAR, Inc.
- Navistar, Inc.
- Quantum Fuel Systems LLC
- Westport Fuel Systems Inc.
Order a free sample PDF of the Automotive Natural Gas Vehicle Market Intelligence Study, published by Grand View Research.
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