Automotive Natural Gas Vehicle Market to Exhibit Phenomenal CAGR of 7% From 2022 to 2032 Attributing to its Low Cost & Environment-Friendly Properties | Future Market Insights, Inc.

News provided by

Sep 14, 2022, 07:00 ET

Asia Pacific held the largest Automotive Natural Gas Vehicle Market share in 2022. This growth is attributed to the increased production and sales of passenger cars in the region. The growing adoption of natural gas as an alternative fuel in vehicles, especially in the transportation sector worldwide, is creating the demand for automotive natural gas vehicles (NGVs)

NEWARK, Del., Sept. 14, 2022 /PRNewswire/ -- The automotive natural gas vehicle market is expected to create lucrative growth opportunities during the assessment period from 2022 to 2032 with a phenomenal CAGR of 7%. The market was estimated to experience heightened sales in the last 3 to 4 years.

As an alternative to diesel and petrol, the automotive natural gas vehicle uses compressed natural gas (CNG) or liquified natural gas (LNG) are highly used as a preferred alternative. Natural gas is widely used in lift trucks, buses, light, and heavy trucks, motorcycles, cars, vans, and locomotives.

Natural gas options are preferred as it is an economical option and environment-friendly alternative over diesel or petrol. At present, the penetration of automotive natural gas vehicles is less attributed to its operational advantages. Although in the future, the penetration is predicted to increase.

Request a Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-530

Key Takeaways

Being an alternative fuel, GCC natural gas is gaining traction across the globe due to its easy availability, lower vehicular emissions, and lower costs compared to regular fuels, such as gasoline and diesel.
There is a rising need for alternative fuel solutions in the transportation segment which is reassuring the global players in the transportation industry to adopt Liquefied Natural Gas (LNG) trucks to route their operations.
In the transportation industry, LNG vehicles are witnessing immense popularity. One of the crucial factors which are likely to further the demand for natural gas vehicles (NGVs) in the upcoming years is the mounting government initiatives for the development of natural gas distribution infrastructure.
Plug-in hybrid electric vehicles are gaining immense traction in the European region & the Asia Pacific region, which is creating a tough challenge for the expansion of the automotive natural gas vehicles in these regions.
Elective vehicles have a massive contribution to the shifting of the consumer focus from natural gas-powered vehicles to electric vehicles due to the low operation cost and maintenance cost. Therefore, being a restraining factor in the growth of the automotive natural gas vehicle market.

Competitive Landscape

Key manufacturers in the market are focusing on mergers and acquisitions with prominent global and regional players in order to spread maximum awareness about the benefits of natural gas in the global landscape. Ford Motor Company, Hondo Motor Company, Volkswagen and Hyundai, Motor Corp

Request Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-530

More Insights into the Automotive Natural Gas Vehicle Market

The Asia Pacific region is expected to dominate the global market as it accounted for about 55% of the total revenue in 2021 and is expected to maintain its lead in the global market, recording a significant CAGR throughout the forecast period. This market growth is propelled by soaring production and sales of passenger cars in the province.

In the APAC passenger car sales, China accounted for about half a section, and this particular region is recognized as the largest adopter of NGVs on the basis of natural gas infrastructure development in countries, such as India, China, and Pakistan.

China is expected to propel in CNG and LNG usage because there is an enormous infrastructural growth expected and natural gas is expected to support the operation in order to enhance their operating costs. Several governmental incentives are offered to encourage the adoption of natural gas and act as primary drivers of market growth.

As per the reports of the German Association of the Automotive Industry (VDA), in Europe, approximately 5.1 million passenger cars were registered in the first half of 2021 which shows that the European region is inclined toward hybrid vehicles more than promoting natural gas vehicles.

There is a plentiful supply of natural gas in the United States, and it is considered to be the world's lowest-cost producer. Therefore, it opens a plethora of growth opportunities for the Automotive natural gas vehicle market. Moreover, the increase in the extraction of shale gas across the U.S. has augmented the supply of natural gas.

Ask an Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-530

Key Segments Covered in the Automotive Natural Gas Vehicles Market Report

Fuel Type:

Compressed Natural Gas (CNG)
Liquefied Natural Gas (LNG)

Vehicle Type:

Passenger Vehicles
Commercial Vehicles

Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

4. Global Automotive Natural Gas Vehicle Market Analysis 2017-2021 and Forecast, 2022-2032

To be continued…!

Have a Look at Related Reports of Automotive Domain

APAC Automotive Telematics Market Growth: As per FMI, passenger vehicles are expected to be the most preferred vehicle type. However, commercial vehicles are anticipated to witness fast growth.

Europe Automotive Night Vision System Market Type: Automotive night vision systems play a major role in preventing accidents. Globally, they are currently becoming an important feature in passenger cars.

Latin America Automotive HVAC Market Analysis Forecast: Growing demand for automotive HVAC technology has led to application and product development such as multi-zone individual air and temperature control.

Automotive Brake System Market Sale: The global market for automotive brake systems is expected to witness a rise of 3% CAGR between the forecast years of 2020-2030.

ASEAN Automotive Aftermarket Value: The ASEAN automotive aftermarket is forecast to expand at 8.7% CAGR, reaching a market valuation of US$ 21.05 Bn in 2021.

ABOUT FUTURE MARKET INSIGHTS, INC.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization and full reports through MarketNgage, the market intelligence engine from Future Market Insights.

Contact:

Future Market Insights Inc. 
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA 
T: +1-845-579-5705 
For Sales Enquiries: [email protected]   
Browse latest Market Reports: https://www.futuremarketinsights.com/reports

Logo: https://mma.prnewswire.com/media/1197648/FMI_Logo.jpg

SOURCE Future Market Insights