Market Scenario
Market Research Future (MRFR), in its latest report on the automotive natural gas vehicle market 2020, 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% CAGR through the review period 2017 to 2023.
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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.
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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 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.
Automotive Natural Gas Vehicle 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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