Global Automotive Natural Gas Vehicle Market Report 2024, Forecast To 2033
15 Feb, 2024
The automotive natural gas vehicle market has shown strong growth from $11.52 billion in 2023 to $12.35 billion in 2024 at a 7.2% CAGR. Energy security concerns, emissions reduction, the abundance of natural gas, cost savings, and government policies contributed to this historic growth. In the forecast, the market is expected to reach $16.32 billion in 2028 with a 7.2% CAGR. Contributing factors include stricter emissions standards, renewable natural gas, electrification synergies, the global expansion of infrastructure, energy transition policies, increased urbanization, and consumer education and awareness, along with trends such as dual-fuel systems and lightweight vehicle design.
Global Automotive Natural Gas Vehicle Market Key Driver
Stringent regulations combating air pollution significantly boost the automotive natural gas vehicle market. With a focus on reducing emissions, governments globally implement regulations favoring natural gas vehicles due to their lower carbon content. Initiatives like the World Health Organization's Global Air Quality Guidelines drive demand for natural gas vehicles, steering the automotive market toward cleaner alternatives.
Get A Free Sample Of The Global Automotive Natural Gas Vehicle Market ReportGlobal Automotive Natural Gas Vehicle Market Segments
The automotive natural gas vehicle market market covered in this report is segmented –
1) By Vehicle Type: Light-Duty Vehicle, Medium-Duty Vehicle, High-Duty Vehicle
2) By Fuel Type: CNG, LNG
3) By Application: Commercial Vehicles, Passenger Cars
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the automotive natural gas vehicle market in 2023. The regions covered in the automotive natural gas vehicle market market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Automotive Natural Gas Vehicle Industry Players
Hexagon Composites ASA; AB Volvo; Beiqi Foton Motor Co. Ltd.; CNH Industrial NV; Clean Energy Fuels Corp.; Cummins Engine Company Inc.; PACCAR International Inc.; Navistar International Corp.; Quantum Fuel Systems LLC; Westport Fuel Systems Inc.; General Motors Company; Maruti Suzuki India Ltd.; Ford Motor Company; Hondo Motor Co. Ltd.; Volkswagenwerk GmbH; Hyundai Motor Company; Iran Khodro Industrial Group; C&C Trucks Co. Ltd.; Tata Engineering & Locomotive Company Ltd.; Fiat SpA; Régie Nationale Des Usines Renault SAS; Caterpillar Inc.; Shaanxi Automobile Group Co. Ltd.; Mercedes-Benz Group AG; Krishna Landi Renzo India Private Limited; Toyota Motor Corporation; Alexander Dennis Limited; Prins Autogassystemen BV; Stellantis N. V.; Iveco SpA
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Automotive Natural Gas Vehicle Market Overview
An automotive natural gas vehicle refers to an alternative fuel vehicle that operates with natural gas as the fuel rather than gasoline or diesel. These are lower-cost vehicles than gasoline and diesel and provide a long-lasting and secure fuel supply. The automotive natural gas vehicle provides high mileage and comfort with low emissions.
Automotive Natural Gas Vehicle Global Market Report 2023 provides data on the global automotive natural gas vehicle market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive natural gas vehicle market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.