The global automotive natural gas vehicle (NGV) market is estimated to attain 37,373.8 thousand units by the end of 2027 and is projected to grow at a CAGR of 3.5% from 2020 to 2027, according to a new report by Million Insights. Increasing consumption of natural gas as a primary fuel type for transportation is mainly driving the market growth. Moreover, negative impacts of using gasoline and diesel and stringent government regulations regarding greenhouse gases emission is expected to increase the need of natural gas vehicles. Thus, advanced technology supported LNG and CNG fueled vehicles are projected to gain momentum in the next few years.
Government authorities across the world are setting up regulations to reduce harmful emissions. Hazardous emissions from gasoline and diesel vehicles are causing environmental problems such as quality of air is deteriorating, and also impacting human health. Thus, various governments have taken up some initiatives and environmental programs to promote the use of natural gas vehicles.
Manufacturers are spending high amounts on R&D for developing optimum solutions to NGV operators such as trucks and bus services. Moreover, the government authorities are also supporting manufacturers to develop new LNG and CNG-based systems. For example, Southern California gas and clean energy fuels have developed LNG and CNG fuel stations on different transportation routes. Companies are now coming up with virtual fueling solutions to support the applications such as home refueling.
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Further key findings from the report suggest:
• Strict government regulations regarding the greenhouse gas emission is anticipated to positively impact the automotive NGV market growth.
• Time fills refueling and home refueling solutions with high convenience is projected to influence consumer to opt for LNG and CNG-based vehicles. For example, Southern California Gas Company provides home refueling options in the U.S.
• COVID-19 pandemic has disrupted the businesses across the automobile and energy industry on big scale.
• Major companies in the industry are AB Volvo; Cummins, Inc.; Quantum Fuel Systems; Beiqi Foton Motor Co., Ltd; Navistar; Westport Fuel Systems; and PACCAR, Inc.
Million Insights has segmented the global automotive NGV market based on fuel type, vehicle type, and region:
Automotive NGV Fuel Type Outlook (Volume, Thousand Units, 2016 - 2027)
Automotive NGV Vehicle Type Outlook (Volume, Thousand Units, 2016 - 2027)
• Passenger Vehicles
• Light-duty & Heavy-duty Buses and Trucks
Automotive NGV Regional Outlook (Volume, Thousand Units, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East & Africa