The global natural gas market is anticipated to grow at a significant CAGR of 3.7% during the forecast period (2022-2028). Natural gas is becoming more popular as an alternative fuel around the globe due to its easy availability, reduced vehicular emissions, and lower costs when compared to traditional fuels like gasoline and diesel.
A full report of Global Natural Gas Vehicle Market is available at: https://orionmarketreports.com/global-natural-gas-vehicle-market/31125/
The increased need for alternative fuel alternatives in the transportation sector is prompting companies to use LNG trucks to run their operations. As a result, the transportation industry’s demand for LNG vehicles is growing. Furthermore, over the anticipated period, rising government initiatives for the development of natural gas distribution infrastructure are expected to stimulate demand for natural gas vehicles. One of the major elements driving the adoption of natural gas vehicles is the unstable and disruptive pricing structure connected with gasoline and diesel. Various reasons, such as the volatility in the strength of the US dollar, shifting demand and supply of oil, and the rise of energy-intensive sectors such as transportation, power, and manufacturing, are causing economic instability in the oil and gas business. Crude oil prices are predicted to be volatile as a result of these causes. As a result, the natural gas vehicles sector in the automotive industry is expected to expand significantly over the projection period.
Among vehicle types, the passenger vehicle segment holds the major share in the market. The excessive release of pollutants and greenhouse gases created by the combustion of fossil fuels such as coal, gasoline, and diesel is causing global air quality to deteriorate. People in developing nations like China, and India, among others, are increasingly turning towards alternative fuels and related technologies as the environment and air quality deteriorate.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance, in February 2021, India’s road transport and roads minister unveiled India’s first-ever diesel tractor, which has been converted to a far cleaner (compressed natural gas) CNG variant. Farmers are now able to save more than $1 trillion each year on fuel costs as a result of this, allowing them to enhance their living conditions.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Vehicle Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-Agility Fuel Solutions, AB Volvo, Beiqi Foton Motor Co., Ltd., CNH Industrial N.V., and Clean Energy Fuels Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Natural Gas Market Report by Segment
By Fuel Type
- CNG
- LNG
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
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