Natural Gas Vehicle Market: 2018 Global Industry Size, Share, Growth, Trends Analysis By CNG, LNG, Light-duty, Medium-duty, and Heavy-duty Vehicle To 2023

“\”Global Natural Gas Vehicle Market\””
Natural Gas Vehicle Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Natural Gas Vehicle will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2023, which will be a surplus growth at 6% CAGR during the projected period (2018 -2023).

Global Natural Gas Vehicle Market Highlights:

Natural Gas Vehicle Market Analysis 2018 report expands Global Natural Gas Vehicle Market Size, Share, upcoming Trends, Growth and Key Players outlook by Fuel Type (CNG and LNG), Vehicle Type (Light-duty, Medium-duty, and Heavy-duty), and Region to 2023. 

Natural gas is the most efficient and abundant source of energy. It is one of the cleanest burning commercial fuels available in the market. There is a huge demand for a natural gas vehicle that satisfies emission targets of fleet operators, consumers, and manufacturers. Currently, there are more than 400,000 units of natural gas vehicles present on the road. However, there are some shortcomings in operating performance of the natural gas vehicle, such as short driving range and extra space needed for fuel storage.

Natural Gas Vehicle Market Companies Analyzed in report are:

Dongfeng Motors Group Limited (China), AB Volvo (Sweden), Beiqi Foton Motors Group Limited (China), Shaanxi Automobile Group Limited (China), Daimler AG (Germany), and CNH Industrial NV (The Netherlands), Landi Renzo (Italy), and Westport (Canada).

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The factors that are responsible for the growth of Natural Gas Vehicle market are lower fuel cost, reduction in greenhouse gas emission, and production of less carbon dioxide per unit of energy consumed. Other key drivers expected to contribute towards the growth of Natural Gas Vehicle market are growth in refueling station infrastructure and rising crude oil price. In addition to that, conversions or retrofitting are available across different platforms for consumers to get the desired fuel efficiency.

Natural gas vehicle enjoys significant advantages over gasoline and diesel propelled vehicles, such as long-term price stability, very narrow flammability range, high auto-ignition temperature, relatively cheap, and simplified fuel system. These fuel characteristics make natural gas favorable to use in high-duty vehicles. Recently, natural gas production is increased due to technology advancement in natural gas extraction method. This leads to a reduction of commodity price for natural gas. The price fluctuation of natural gases is minimum as compared to crude oil price fluctuation. The rise in crude oil prices and emission of greenhouse gasses will enable the fleet operators to adopt natural gas vehicle.

Geographic Analysis:

The market is segmented based on America, Asia Pacific, Europe, and Rest of the World. Asia Pacific region is expected to dominate the market in future, due to the largest market share for commercial vehicle and fleet operators. For instance, China is showing growth in refueling infrastructure for CNG and LNG fuel. The America region is second to the Asia Pacific region in the Natural Gas Vehicle market due to increase in the adoption rate of the natural gas driven vehicle. Thus, the Natural Gas Vehicle market is estimated to grow at approximately 6% CAGR during the period of 2017 to 2023.

Natural Gas Vehicle Market Segmentation:

The Natural Gas Vehicle market is segmented based on fuel type and vehicle type. On the basis of fuel type, Compressed Natural Gas (CNG) is widely used and covers the majority of the Natural Gas Vehicle market. On the basis of vehicle type, heavy-duty vehicles, such as transit buses, road tractors, and trucks, have the largest demand for the Natural Gas Vehicle. There are very few Liquefied Petroleum Gas (LPG) fuel options available in light-duty and medium-duty vehicles.

Target Audience of Report:

This report mainly focuses on Natural Gas Vehicle Market Distributer & Supplier companies, and end Users. Investment bankers and consultants with end user for Natural Gas Vehicle Market also analyzed. And finally Government and Independent Regulatory Authorities involved with Global Natural Gas Vehicle Market studied.

Global Natural Gas Vehicle Market Research Insights:

The report for Global Natural Gas Vehicle Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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