An alternative fuel vehicle that uses liquefied natural gas or natural gas as a cleaner option in contrast to other fossil fuels is known as a natural gas vehicle. Cars powered by propane possess fundamentally various compositions and are unique from gas vehicles. As petroleum reserves are rapidly depleting, many developing nations extensively depend upon foreign countries for oil export. Due to this, governments are that specialize in controlling their export spending, which ends up in high demand for abundantly and inexpensively available gas. Gas is taken into account environment-friendly and results in the economic process of the country.
The global automotive gas vehicle market is estimated to flourish at a strong CAGR of 5.7% over the forecast period. This will be attributed to varied factors like rising interest for automobiles, burgeoning bourgeoisie population and increasing concerns about environment. However, rising inclination of individuals towards advanced automotive vehicles is probably going to foster the expansion of the worldwide automotive gas vehicle market.
2020 is on the way to encountering the biggest recorded interest stun throughout the entire existence of worldwide natural gas markets. The COVID-19 pandemic hit a previously declining gas request, confronted with truly mellow temperatures over the principal months of the year. Gas utilization is relied upon to fall by 4% in 2020, under the progressive effects of lower warming interest from the warm winter, the execution of lockdown quantifies in practically all nations and regions to slow the spread of the infection, and a lower level of movement brought about by the coronavirus initiated macroeconomic emergency.
Confronted with this phenomenal stun, natural gas markets are experiencing a solid supply and exchange modification, bringing about generally low spot costs and high unpredictability. Gaseous petrol request is relied upon to continuously recoup in 2021, anyway the COVID-19 emergency will have longer-enduring effects on natural gas markets as the primary medium-term drivers are dependent upon high vulnerability.
Melted natural gas is relied upon to remain the fundamental driver behind worldwide gas exchange development, yet it faces the danger of delayed overcapacity as the development in new fare limit from past venture choices outpaces more slow than anticipated interest development.
Drivers and Restraints of Automotive Natural Gas Vehicle Market:
In the current situation, the market penetration of the natural gas vehicle in automotive is less, due to the average price of NGV is above than that of petrol diesel vehicle. Because of the scarcity of fuel resources in future, it's predicted that the penetration of the gas vehicles will increase globally. Interest of vehicles is rising day by day as per capita income of individuals is increasing, but the petrol and diesel sources are depleting with it, this is often also a serious reason for continuous growth in prices of petrol and diesel from past 8-10 years. It opens opportunity for the gas vehicles. Unique equipment manufacturers (OEM’S) are generally advertising their products to extend the interest of the NGV by showcasing their high fuel efficiency and ecofriendly behavior.
However, the lack of CNG infrastructure in different nations is believed to dampen the expansion of the worldwide automotive natural gas vehicle market.
By Vehicle Type:
Passenger cars are further divided into Hatchback, sedan and SUV/MUV, passenger cars have major market share in NGV’s because the interest of passenger cars are high.
By Fuel Type:
Natural gas (CNG or LNG) has lesser carbon content as compared to diesel or gasoline. The use of those gases leads to a cleaner-burning of fuel wherein the emissions produced also are low. However, the worth of gas is relatively lower and stable than diesel. This has resulted in a rise within the adoption of gas trucks and buses as fleet operators can save on fuel also as reduce their carbon footprint. The gas trucks and buses market has seen a rise in adoption by government fleets thanks to the environmental benefits. The usage of gas helps the government to scale back the direct impact of the rising petroleum price.
Automotive Natural Gas Vehicle Market Region-wise analysis:
Marked Segmentation based on the region:
a. Middle East
North America has seen an honest growth within the numbers for NGV’S. U.S.A is among the highest 5 automobile production counties within the world it's the foremost share in North American region for the sales of NGV’S. Europe has high interest for gas that arises from trucks and bus fragments. The govt. policies, subsidies, growing petrol and diesel prices, stringent pollution rules are the boost in interest for automotive natural gas vehicles in Europe. The Asia Pacific has stringent rules for carbon emissions, increasing automobile production. Interest for gas is extremely significant for commercial vehicle segment in Asia pacific. China and India are among the highest 10 countries in automobile production. These countries also are having excellent fuel infrastructure; the amount has also raised in NGV’S in Asia Pacific from 2016-2018. Latin America and Middle East & Africa region are forecast to grow at significant pace thanks to the growing sales of CNG vehicles. The emission from of the automotive gas vehicle is relatively less than diesel and gasoline counterparts. This may help in reduction of dangerous pollutants like nitrogen gas, non-methane organic gas, carbon monoxide gas, and CO2 and end in rising demand for automotive gas vehicle within the Middle East and Africa.
Key Players of Market:
Key players in the global automotive natural gas vehicle market include Volkswagen AG, Isuzu Motors Ltd., Suzuki Motor Corporation Ltd., Caterpillar Inc., and Honda Motor Company Ltd. Other players include AB Volvo, Ford Motor Company, General Motors Company, Toyota Motor Corporation, and Renault SA.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferences
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Automotive Natural Gas Vehicle Market, By Vehicle Type
6.1.1 Medium Duty Commercial Vehicles
6.1.2 Heavy-Duty Commercial Vehicles
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Automotive Natural Gas Vehicle Market, By Fuel Type
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Vehicle Type
7.2.3 By Fuel Type
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Vehicle Type
7.3.3 By Fuel Type
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Vehicle Type
7.4.3 By Fuel Type
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Vehicle Type
7.5.3 By Fuel Type
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Vehicle Type
7.6.3 By Fuel Type
8. Key Player Analysis
8.1 Daimler AG
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 AB Volvo
8.3 Shaanxi Automobile Group Company Limited
8.4 Beiqi Foton Motor Co. Ltd.
8.5 Dongfeng Motor Group Company Limited
8.6 CNH Industrial NV
8.7 Landi Renzo
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures