Market Scenario
Market ResearchFuture (MRFR), in its latest report on the automotive natural gas vehiclemarket 2020, shed light on forces that govern the market. The impact of theCOVID 19 on the automotive natural gas vehicle market is explained in thereport. As per MRFR, the automotive natural gas vehicle market can rise at 6%CAGR through the review period 2017 to 2023.
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The abundance ofnatural gas is expected to boost the expansion of the automotive natural gasvehicle market is expected to boost the expansion of the market through thereview period. The rise in popularity of automotive natural gas vehicle as the cleanestburning commercial fuels can boost the expansion of the automotive natural gasvehicle market across the assessment period. The rise demand for natural gas drivenvehicle to meet vehicle emission standards can also prompt the expansion of themarket. The growing adoption of automotive natural gas vehicle among consumers,and fleet operators resulting in increase in their manufacturing can impose theexpansion of the automotive natural gas vehicle market through the reviewperiod. On the contrary, certain shortcomings in the operation of natural gasvehicle, such as need for extra space for fuel storage and short driving rangecan deter the expansion of the automotive natural gas vehicle market.
The recent surgein the natural gas production due to technology advancements in the natural gasextraction methods can boost the expansion of the market across the globe asthis resulted in the reduction of commodity price for natural gas. In addition,price fluctuation of natural gases compared to crude oil price can also supportthe expansion of the market.
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Market Segmentation
The segmentanalysis of the automotive natural gas vehicle market is done by vehicle typeand fuel type.
The fuel typebased segment of the automotive natural gas vehicle is Compressed Natural Gas(CNG). The high utility of CNG and widespread utility of automotive natural gasvehicle can boost the market rise.
The vehicle typebased segment of the automotive natural gas vehicle market is heavy-dutyvehicles that include road tractors, transit buses, and trucks. Increase inheavy duty natural gas driven automobile can boost the expansion of the market.
Regional Analysis
In APAC, theincrease in air pollution is boosting the adoption of automotive natural gasvehicle is expected to boost the rise of the regional market. Increase insupport from the government to curb air pollution and strict measures taken tomaintain air quality index are other factors that are expected to prompt theexpansion of the automotive natural gas vehicle market in the years to come. InNorth America, the rapid replacement of gasoline and diesel propelled vehicleswith natural gas driven automobiles can support the expansion of the regionalmarket. In addition, the growing awareness about benefits of automotive naturalgas vehicles, such as very narrow flammability range, high auto-ignitiontemperature, long-term price stability, simplified fuel system, and relativelycheap can support the rise of the automotive natural gas vehicle market in theanalysis period. In Europe, the rise in awareness about fuel characteristics ofnatural gas being favorable to the utility of high-duty vehicles can impel theexpansion of the regional market.
Automotive Natural Gas Vehicle Market KeyPlayers
Landi Renzo(Italy), Westport (Canada), Shaanxi Automobile Group Limited (China), DongfengMotors Group Limited (China), Beiqi Foton Motors Group Limited (China), ABVolvo (Sweden), CNH Industrial NV (The Netherlands), and Daimler AG (Germany)are some notable names in the automotive natural gas vehicle global marketlisted by MRFR.
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Market ResearchFuture (MRFR) is a global market research firm that takes great pleasure in itsservices, providing a detailed and reliable study of diverse industries andconsumers worldwide. MRFR's methodology integrates proprietary information withdifferent data sources to provide the client with a comprehensive understandingof the current key trends, upcoming events, and the steps to be taken based onthose aspects.
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