The automotive natural gas vehicle market size is expected to see strong growth in the next few years. It will grow to $16.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to stricter emissions standards, renewable natural gas, electrification synergies, global expansion of infrastructure, energy transition policies, increased urbanization, consumer education and awareness. Major trends in the forecast period include dual-fuel systems, lightweight vehicle design, enhanced storage technologies, autonomous natural gas vehicles, advanced engine management systems.
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Scope Of Automotive Natural Gas Vehicle Market Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Natural Gas Vehicle Market Market Overview
Market Drivers –
Stringent regulations for controlling air pollution are significantly contributing to the growth of the automotive natural gas vehicle market going forward. Air pollution refers to the contamination of air by any physical, chemical, or biological pollutants that are harmful to animals as well as humans. The governments are concerned about the adverse effects of air pollution and have started implementing various regulations to control pollution. This has increased the demand for automotive natural gas vehicles as they possess low emission properties due to the lower carbon content in the fuel. For instance, in September 2021, the World Health Organization’s Global Air Quality Guidelines aim to save lives and improve air quality from air pollution. These guidelines also highlight good practices to manage certain types of particulate matter such as elemental carbon, particles originating from sand, ultrafine particles, and dust storms to set air quality guideline levels. Therefore, the stringent regulations for controlling air pollution are driving the automotive natural gas vehicle market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The automotive natural gas vehicle market market covered in this report is segmented –
1) By Vehicle Type: Light-Duty Vehicle, Medium-Duty Vehicle, High-Duty Vehicle
2) By Fuel Type: CNG, LNG
3) By Application: Commercial Vehicles, Passenger Cars
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Regional Insights –
Asia-Pacific was the largest region in the automotive natural gas vehicle market in 2023. The regions covered in the automotive natural gas vehicle market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the automotive natural gas vehicle market market report are Hexagon Composites ASA, AB Volvo, Beiqi Foton Motor Co. Ltd., CNH Industrial NV, Clean Energy Fuels Corp., Cummins Engine Company Inc., PACCAR International Inc., Navistar International Corp., Quantum Fuel Systems LLC, Westport Fuel Systems Inc., General Motors Company, Maruti Suzuki India Ltd., Ford Motor Company, Hondo Motor Co. Ltd., Volkswagenwerk GmbH, Hyundai Motor Company, Iran Khodro Industrial Group, C&C Trucks Co. Ltd., Tata Engineering & Locomotive Company Ltd., Fiat SpA, Régie Nationale Des Usines Renault SAS, Caterpillar Inc., Shaanxi Automobile Group Co. Ltd., Mercedes-Benz Group AG, Krishna Landi Renzo India Private Limited, Toyota Motor Corporation, Alexander Dennis Limited, Prins Autogassystemen BV, Stellantis N. V., Iveco SpA
Table of Contents
1. Executive Summary
2. Automotive Natural Gas Vehicle Market Market Report Structure
3. Automotive Natural Gas Vehicle Market Market Trends And Strategies
4. Automotive Natural Gas Vehicle Market Market – Macro Economic Scenario
5. Automotive Natural Gas Vehicle Market Market Size And Growth
…..
27. Automotive Natural Gas Vehicle Market Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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