An automotive natural gas vehicle uses compressed natural gas (CNG) or liquefied natural gas (LNG) as an alternative to diesel or gasoline. Natural gas is widely used in lifting trucks, buses, light and heavy trucks, motorcycles, cars, vans and locomotives.
It offers an economical and environmentally friendly option with natural gas, diesel or petrol. Currently, the penetration of the automotive natural gas vehicle is globally less, but due to its operational advantages, penetration is expected to increase globally in the future.
Automotive Natural Gas Vehicle Market: Drivers and Challenges
Governments around the world have made strict regulations on emissions and fuel efficiency. Global fossil fuel prices have increased in the last 5-10 years. For these reasons, there is an increasing demand for a cheap and environmentally friendly fuel alternative. The original equipment manufacturers of the vehicles introduce their products by exhibiting fuel efficiency and emission-free properties. This factor is fueling the demand for the automotive gas market.
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High cost of buying, low awareness in many countries are some of the factors that hinder the growth of the automotive natural gas vehicle market.
Automotive Natural Gas Vehicle Market: Overview
At present, the automotive natural gas market is still developing and is considering an increase in sales in the last 3-4 years.
The global automotive natural gas market is expected to expand at a CAGR of around 5-7% in the forecast period (2015-2025), due to tight government emission regulations and the growing demand for fuel-efficient vehicles.
Automotive Natural Gas Vehicle Market: Segmentation
The global automotive natural gas market can be divided into sections according to the type of vehicle, type of vehicle and region.
According to Fuel Type, the global automotive natural gas vehicle market is segmented as follows:
- Compressed natural gas
- Liquefied natural gas
According to Vehicle Type, the global automotive natural gas vehicle market is divided into the following sections:
Automotive Natural Gas Vehicle Market: Regional Outlook
The global automotive natural gas market is expected to record a single digit CAGR for the forecast period. Depending on geographic regions, the global automotive energy recovery market is divided into seven main regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and the Middle East and Africa. In terms of market revenues, Asia Pacific automotive energy is expected to record a significant CAGR of the recovery market during the forecast period. Stable economic growth, increased automotive production, stringent government emission norms, changing consumer preferences are some of the factors that have fueled the growth of the automotive natural gas market in Asia Pacific. Important demand for natural gas is the commercial vehicle segment in Asia Pacific. India, China and Iran's Asia Pacific automotive natural gas vehicle market is expected to record significant growth. Because these countries have an important gas infrastructure and CNG fuel network.
In Europe, the demand for natural gas in trucks and buses is high in countries such as Russia and Ukraine. The revenue of the European automotive natural gas vehicle market is currently managed by commercial vehicles. Government policies, subsidies, increased fossil fuel prices, tight environmental regulations, fuel the demand for automotive natural gas vehicles in Western and Eastern Europe.
In North America and Latin America, compressed natural gas sees high demand. At present, the US adds value to the North American automotive natural gas market, while Colombia adds value to the Latin American automotive natural gas market.
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Automotive Natural Gas Vehicle Market: Key Players
Some of the major market participants in the global natural gas vehicle market are Ford Motor Company, Fiat Chrysler Automobiles, General Motors, Honda Motor Company, Volkswagen, Hyundai Motor Group, etc.