The global Automotive NGV Market demand is projected to reach 31,000.1 thousand units by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 3.0% during the forecast period. The transportation sector across the world is adopting natural gas as a fuel for vehicles.
Incumbents of the sector have realized that vehicles operating on conventional fuels, such as diesel and gasoline, are causing pollution and emitting greenhouse gases on a large scale. The adoption of advanced technologies in engines is turning out to be of paramount importance in order to reduce emissions. These technologies include use of alternative fuels, such as CNG, LNG, hydrogen, and electricity.
Need for alternative fuel technology in the transportation sector is prompting incumbents to adopt LNG vehicles for their operations. Subsequently, the automotive LNG vehicle segment is likely to witness strong growth in line with rising interest from the transportation sector, especially the trucking sector.
Rising emissions of greenhouse gases and particulate matter (PM) from diesel and gasoline vehicles are causing the air quality all around the globe to deteriorate, thus affecting people’s health. PM and greenhouse gases lead to smog that might cause lung diseases, such as asthma, chronic bronchitis, and emphysema, along with other health issues.
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Deteriorating air quality in China is compelling the government to put in place stringent regulations and initiatives aimed at moving toward zero-emissions vehicles. Therefore, the demand for natural gas is rising in the country. According to the U.S. Energy Information Administration (EIA), China emerged as the world’s second-largest importer of LNG as of December 2017, mainly driven by spiraling adoption of LNG by the nation’s trucking industry.
Modern technologies have continuously emerged through dedicated collaborative R&D centers or manufacturers’ independent technology centers; where researchers focus on building optimal solutions for their NGV customers. Governments across the globe are taking initiatives and investing significant resources to improve natural gas technologies.
Further key findings from the report suggest:
- Stringent regulations, laid down by governments of various nations, to reduce emissions of greenhouse gases and particulate matter are expected to positively influence market growth over the forecast period
- Refueling solutions such as home refueling and time-fill refueling prove to be economic along with providing convenience to customers
- There is an increase in the adoption of natural gas for different applications across various industries owing to stringent government regulations regarding greenhouse gas emissions and environmental protection
- Asia Pacific dominated the market in 2017 and is anticipated to progress at the highest CAGR over the forecast period
- Some of the key players in the market are AB Volvo; Cummins, Inc.; Beiqi Foton Motor Co., Ltd.; Navistar, Inc.; PACCAR, Inc.; and Westport Fuel Systems Inc.
Grand View Research has segmented the global automotive NGV market on the basis of fuel type, vehicle type, and region:
Automotive NGV Fuel Type Outlook (Volume, Thousand Units, 2014 – 2025)
Automotive NGV Vehicle Type Outlook (Volume, Thousand Units, 2014 – 2025)
- Passenger vehicles
- Light-duty & heavy-duty buses and trucks
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Key Topics Covered…
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope & Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Automotive NGV – Industry Snapshot & Key Buying Criteria, 2014 – 2025
Chapter 3 Industry Outlook
3.1 Market Segmentation & Scope
3.2 Penetration and Growth Prospect Mapping
3.3 Automotive NGV – Value Chain Analysis
3.4 Market Dynamics
3.4.1 Market driver analysis
220.127.116.11 Fuel cost efficiency over petroleum-based fuels
18.104.22.168 Environmental security
22.214.171.124 Increasing government regulations and initiatives
126.96.36.199 Growing applications of natural gas
3.4.2 Market restraint analysis
188.8.131.52 High costs and slow growth of infrastructure
3.4.3 Market challenge analysis
184.108.40.206 Emergence of electric vehicles
3.5 Industry Analysis – Porter’s
3.6 Automotive NGV Market – Company Analysis
3.6.1 Key company analysis, 2017
3.7 Automotive NGV – PEST Analysis
3.8 Automotive NGV: Policies
3.8.1 North America
3.8.3 Asia Pacific
3.9 Automotive NGV: Engine Types
3.10 Automotive NGV Refueling Infrastructure Trends
3.10.1 Type of Refueling
3.10.2 Business Model
220.127.116.11 Fleet or End-User Ownership
18.104.22.168 Local Distribution Company (LDC) Ownership
22.214.171.124 Third-Party or Commercial Ownership
3.10.3 Safety and Code Requirements
3.10.4 Site Selection Criteria
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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