The global Automotive Natural Gas Vehicle Market demand is expected to reach 37,373.8 thousand units by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to witness a CAGR of 3.5% from 2020 to 2027. The adoption of natural gas as a fuel for the vehicles is increasing in the transportation sector across the globe, owing to its low emission properties. Natural gas vehicles (NGV) are safer to refuel compared to diesel or gasoline engines. Incumbents of the transportation sector have realized that cars running on conventional fuels, such as diesel and gasoline, are causing pollution and emitting greenhouse gases on a large scale. Rise in government regulation to reduce the greenhouse emissions due to vehicular pollution and need of a cleaner fuel at a lower cost is expected to drive the demand for automotive NGV market.
The
market for automotive natural gas vehicle is expected to grow on account of
various factors, including government support for the adoption of natural gas
vehicles. Governments of different countries have put in place stringent
regulations aimed at curbing the environmental damages stemming from the
emissions of greenhouse gases and Particulate Matter (PM) from vehicles. Along
with these regulations, authorities have also been amending the emission
standard policies continuously to protect the environment. Also, having
realized the high initial costs associated with the adoption of LNG and CNG
vehicles, governments, and authorities across the globe have launched various
incentive programs to smoothen the promotion process of such automotive
vehicles. Incentive programs launched in U.S. include the EPA’s Clean
Construction and Clean Agriculture Program, the Voluntary Airport Low Emission
(VALE) program, and the Congestion Mitigation and Air Quality (CMAQ)
Improvement Program.
Modern
technologies have continuously emerged through dedicated collaborative R&D
centers or manufacturer’s independent technology centers, where researchers
focus on building optimal solutions for their automotive natural gas vehicle
customers. The government across the globe is taking initiatives and investing
significant resources to improve natural gas technologies. Also, infrastructure
improvement for natural gas is being carried out across the nations. CNG and
LNG fueling stations are established strategically across transportation routes
by the companies such as Clean Energy Fuels and Southern California Gas Co. The
companies have come up with mobile fueling solutions that are home refueling and
virtual pipelines to provide infrastructure to the infrastructure-lacking
regions.
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Automotive NGV Market Report Highlights
- Stringent
regulations laid down by governments of various nations, to reduce
emissions of greenhouse gases and Particulate Matter (PM) are expected to
positively influence market growth over the forecast period
- Refueling
solutions such as home refueling and time-fill refueling prove to be
economical, along with providing convenience to customers. For instance,
Southern California Gas Company (a subsidiary of Sempra Energy) is a
U.S.-based company that offers home refueling appliance for NGV owners,
called PHILL
- COVID – 19
(Coronavirus Disease) outbreak has produced numerous disruptions in
several major industries, including the energy and auto industry. For
instance, according to Sublime China Information (SCI99), the demand
for CNG in China is expected to be 10bn m3 less
in the year 2020 than earlier
- Less noise
produced from a CNG engine due to the lower level of the sound pressure
will be the demand driving factor from densely populated cities
- The key
players in the automotive natural gas vehicle market are Agility Fuel
Solutions; AB Volvo; Beiqi Foton Motor Co., Ltd.; CNH Industrial N.V.;
Clean Energy Fuels; Cummins, Inc.; PACCAR, Inc.; Navistar, Inc.; Quantum
Fuel Systems LLC; and Westport Fuel Systems Inc.
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, the company offers market intelligence studies
ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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