Automotive Natural Gas Vehicle Market to set positive growth pace with 6% CAGR by 2023

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Automotive Natural Gas Vehicle Market Research Report.

Automotive Natural Gas Vehicle Market – Overview

The demand for natural fuel alternatives in vehicles is resurging currently due to new factors that are shaping the overall market. Market reports linked to the automobile industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is set to demonstrate a 6 % CAGR in the upcoming forecast period.

The surge in the extraction of natural gas production is rising owing to technology progress in natural gas extraction methods. The market is on an upward growth curve and is yet to penetrate in various regions and user segments, this fact presents high opportunities for development of the market in the coming years. Investments in vehicles and retail infrastructure are expected to create positive returns although temporary government support may be needed to create an NGV market. Lesser fuel price, a decrease in greenhouse gas emission, and making of less carbon dioxide per unit of energy used is expected to impel market growth in the forecast period.

Segmental Analysis

The segmentation of the automotive natural gas vehicle market is carried out on the basis of fuel type, vehicle type, and region. On the basis of fuel type, the automotive natural gas vehicle market is divided into LNG and CNG. The vehicle type segment of the market consists of medium-duty, light-duty, and heavy-duty. The regions included in the market for automotive natural gas vehicle are the Americas, Europe, Asia Pacific and Rest of the world.

Detailed

Regional Analysis

The regional analysis of the automotive natural gas vehicle market comprises of regions such as the Asia Pacific, the Americas, Europe, and Rest of the World. The Asia Pacific region is predicted to dominate the market in future, owing to the region’s major market share for fleet operators and commercial vehicles. For example, China is displaying growth in refueling infrastructure for LNG and CNG fuel. The Americas region follows the Asia Pacific region in the automotive natural gas vehicle market owing to the rise in the adoption rate of the natural gas driven vehicle. Thus, the automotive natural gas vehicle market is projected to develop approximately 6% CAGR in the forecast period.

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Competitive Analysis

The productive integration of supply chain management is firmly increasing the development of the market. The main success factors and participants’ tendencies are increasingly rising by the strategies being used by market competitors. The alterations seen in terms of strategy execution and creation are altering the development pace of the market. The evolution patterns are revised in tandem to the customer likings to realize greatest growth, and in the long run, viability. The framework for growth plans has stimulated the market for potential new entrants. The improvement in the products and services is the foremost factor intensifying the market's productivity and leading the trends that are achieving excellence in the market. The inequalities in the market are filled due to the application of apt supply chain strategies. The improved level of emphasis on the diversity of products is increasing the number of customers in the market significantly.

The foremost competitors in the automotive natural gas vehicle market are Beiqi Foton Motors Group Limited (China), AB Volvo (Sweden), Dongfeng Motors Group Limited (China), Shaanxi Automobile Group Limited (China), Daimler AG (Germany), Landi Renzo (Italy), CNH Industrial NV (The Netherlands), and Westport (Canada).

Industry Updates:

Sep 2018 The National Renewable Energy Laboratory (NREL), US Department of Energy, California Energy Commission, and South Coast Air Quality Management District (SCAQMD) have joined forces to introduce modern research focused on medium- and heavy-duty natural vehicles and gas engines. The NREL will award up to $11 million for projects in three categories of reducing the cost natural gas vehicles, increasing vehicle efficiency, and advancing new innovative medium- and heavy-duty natural gas engine designs.