Automotive Natural Gas Vehicle Industry Synopsis and Highlights, Key Findings, M

Posted by Market Research Future on December 3rd, 2020

Market Synopsis:

Depletion in natural oil resources is a major factor that is expected to promote the growth of the Automotive Natural Gas Vehicle Industry growth, revealed Market Research Future (MRFR). As per the revised report published by MRFR on the global Automotive Natural Gas Vehicle Industry , it states that the market is likely to be driven by a 6 % CAGR over the forecast period of 2020-2023.

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Industry News

September 2019

Landi Renzo, an Italy based producer of compressed natural gas and autogas kits for automobiles, announced its partnership with Los Angeles World Airports, airport authority that is the owner and the operator of Van Nuys Airport and Los Angeles International Airport in Los Angeles. The pact to result in facilitating compressed natural fueling (CNG) systems to airport fleet.

Isuzu Motors South Africa (IMSAF), Tokyo-based, Africa manufacturer of diesel engine and commercial vehicle, to evaluate alternative propulsion technologies in two types of trucks to study the natural gas vehicle market growth in Africa.

Market Insights

Degrading environmental condition is expected to boost the global automotive naturals gas vehicle market. Declining quality of air is inducing several health conditions such asthma, COPD, and others in people. Recently, an increase in carbon footprint due to automobile population is noted. The rise in need for environmental pollution reduction is escalating the sales of natural gas-fueled automobiles. This factor is anticipated to drive the automotive naturals gas vehicle market growth, globally. In addition, the growing geriatric population, intolerant to environmental pollution, is also likely to cast a positive impact on the market growth.

The exploitation of fossil fuel is a rising concern. This is noted to trigger the shift from diesel or petrol driven automobiles to natural gas-fueled cars among people. Natural gas is a renewable source of energy. This eliminates the exhaustiveness demerit of fossil fuel. Technical advancements are making the extraction process of natural fuel seamless that is resulting in price cut-down. Hence, the Automotive Natural Gas Vehicle Industry is expected to gain momentum over the forecast period.

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Segmental Overview

The segmental study of the global market has been done on the basis of fuel type and vehicle type. Based on fuel type, the Automotive Natural Gas Vehicle Industry has been divided into CNG and LNG. Based on the vehicle type segment the Automotive Natural Gas Vehicle Industry has been segmented into light-duty, medium-duty, and heavy-duty.

Regional Outlook

The regional analysis of the Automotive Natural Gas Vehicle Industry covers Europe, the Americas, Asia Pacific, and the Rest of the World (RoW).

China is experiencing high demand for natural gas fuel refilling. The large population of the region is boosting the sales of the automobiles. As a result, the government is taking strict measures to reduce rising environmental pollution. Consequently, a greater number of people are opting for LNG or CNG over diesel and petrol, which is expected to promote the Automotive Natural Gas Vehicle Industry growth. MRFR asserts that the market in the Asia Pacific region is expected to exhibit robust growth pattern in the upcoming years due to practice of stringent environmental pollution control practices. The Automotive Natural Gas Vehicle Industry in North America is anticipated to be driven by an increase in the sales of natural gas fueled vehicles.

Key Players

Westport (Canada), AB Volvo (Sweden), Dongfeng Motors Group Limited (China), Shaanxi Automobile Group Limited (China), Beiqi Foton Motors Group Limited (China), CNH Industrial NV (The Netherlands), Landi Renzo (Italy), and Daimler AG (Germany) are strong contenders that are functional in the global market of Automotive Natural Gas Vehicle Industry .