PUBLISHER: The Business Research Company | PRODUCT CODE: 1392482
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392482
“Automotive Natural Gas Vehicle Market Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive natural gas vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive natural gas vehicle market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive natural gas vehicle market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An automotive natural gas vehicle is an alternative fuel vehicle that operates using natural gas as its fuel source, as opposed to traditional gasoline or diesel. These vehicles are generally more cost-effective than their gasoline and diesel counterparts, providing a sustainable and secure fuel supply. Automotive natural gas vehicles offer high mileage, comfort, and lower emissions.
The main categories of vehicles in the realm of automotive natural gas vehicles include light-duty vehicles, medium-duty vehicles, and heavy-duty vehicles. Light-duty vehicles typically accommodate people and have no more than eight seats. Medium-duty vehicles are designed for transporting cargo and may have at least four wheels. These vehicles utilize different fuel types, with Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) being common options. Automotive natural gas vehicles find applications in various sectors, including commercial vehicles and passenger cars.
The automotive natural gas vehicle market research report is one of a series of new reports from The Business Research Company that provides automotive natural gas vehicle market statistics, including automotive natural gas vehicle industry global market size, regional shares, competitors with automotive natural gas vehicle market share, detailed automotive natural gas vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive natural gas vehicle industry. This automotive natural gas vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive natural gas vehicle market size has grown strongly in recent years. It will grow from $11. 52 billion in 2023 to $12. 35 billion in 2024 at a compound annual growth rate (CAGR) of 7. 2%. The growth observed during the historical period can be attributed to several factors, including concerns about energy security, efforts to reduce emissions, the abundance of natural gas as a fuel source, cost savings associated with natural gas vehicles, and supportive government policies aimed at promoting sustainable and cleaner transportation.
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 anticipated growth in the forecast period can be attributed to several factors, including the imposition of stricter emissions standards, the utilization of renewable natural gas, synergies with electrification efforts, the global expansion of infrastructure supporting natural gas vehicles, energy transition policies, increased urbanization, and heightened consumer education and awareness. Major trends expected during this period encompass the adoption of dual-fuel systems, advancements in lightweight vehicle design, innovations in enhanced storage technologies, the development of autonomous natural gas vehicles, and the implementation of advanced engine management systems.
Stringent regulations aimed at curbing air pollution are playing a pivotal role in driving the automotive natural gas vehicle market. Governments worldwide are increasingly concerned about the detrimental effects of air pollution, prompting the implementation of various regulations to control and mitigate pollution levels. This heightened regulatory environment has led to an increased demand for automotive natural gas vehicles due to their inherent low emission properties, attributed to the lower carbon content in the fuel they utilize. An example of this initiative can be seen in the World Health Organization's Global Air Quality Guidelines introduced in September 2021. These guidelines not only aim to improve air quality but also advocate effective practices to manage various types of particulate matter, setting stringent air quality guideline levels. Consequently, the automotive natural gas vehicle market is experiencing growth owing to these strict regulations aimed at controlling air pollution.
The ascent in disposable income levels is poised to be a driving force behind the automotive natural gas vehicle market's growth. As disposable income refers to the amount of money available for spending and saving after taxes and essential deductions, an increase in this financial resource often influences consumer behavior. With higher disposable incomes, consumers tend to exhibit increased propensity for investment in automobiles, which, in turn, fuels the demand for automotive natural gas vehicles. An illustration of this phenomenon is evident in the rise of disposable personal income in India, surging from 238,573,760 INR Million ($2,869,262. 20 million) in 2021 to 272,995,370 INR Million ($3,283,241. 61 million) in 2022. This augmented disposable income has contributed significantly to the growth of the automotive electronics market.
Within the automotive natural gas vehicle market, product innovations are emerging as a dominant trend. Key market players are directing their focus towards pioneering technologies geared at reducing greenhouse gas emissions. For example, in October 2021, Scania, a renowned Sweden-based commercial vehicle manufacturer, unveiled an LNG tractor unit specifically designed for biogas-fueled long-distance haulage. This pioneering vehicle encompasses both LNG (liquefied natural gas) and CNG (compressed natural gas) solutions across two-axle variants. Notably, the Scania vehicle can operate on 100% biogas, promising a substantial 90% reduction in carbon dioxide emissions, thereby exemplifying the industry's commitment to innovation and sustainability.
Prominent players within the automotive natural gas vehicle market are strategically entering collaborations to enhance their product offerings and market presence. These strategic partnerships entail leveraging the strengths and resources of each entity to achieve mutual benefits and drive collective success. For instance, in May 2023, Walmart, a leading American multinational retail corporation, initiated a partnership with Cummins, a distinguished US-based manufacturer specializing in engines, filtration, and power generation products. The primary objective of this collaboration is to reduce greenhouse gas emissions within the transportation sector by showcasing the viability of natural gas engines as a viable alternative to diesel engines. This partnership unveiled the introduction of the first among five new tractors equipped with a Cummins-built compressed natural gas (CNG) engine. These engines are anticipated to offer comparable performance and range to diesel engines while operating with reduced noise levels and exhibiting lower maintenance costs.
In January 2022, Cummins further solidified its presence in the automotive natural gas vehicle sector through a joint venture with Rush Enterprises. This initiative involved Cummins acquiring a 50% stake in Momentum Fuel Technologies from Rush Enterprises, aiming to enhance the manufacturing of nearly emission-free natural gas powertrains in North America. This strategic collaboration not only seeks to bolster the production of Compressed Natural Gas (CNG) and Renewable Natural Gas (RNG) powertrains but also focuses on expanding and refining the service and support network for customers utilizing these technologies. Rush Enterprises, a prominent US-based retailer specializing in commercial vehicles, particularly new and used trucks, brings its industry expertise and market reach to this partnership, aligning with Cummins' objectives to strengthen their position in the natural gas vehicle market while prioritizing eco-friendly solutions.
Major companies operating in the 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, Regie 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
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
The countries covered in the automotive natural gas vehicle market market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive natural gas vehicle market consists of sales of gasoline-powered vehicles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.