The global natural gas commercial vehicles market is anticipated to grow at a CAGR of 3.5% during the forecast period (2022-2028). Automotive natural gas vehicle is the vehicle that uses liquefied natural gas and compressed natural gas used as substitute fuels. The market growth is majorly attributable to the growing concerns for environmental pollution arising from the commercial vehicles’ usage. Transportation sector is adopting natural gas as fuel for the vehicles owing to low emission. Natural gas is safer as compared to diesel and gasoline as they cause pollution and emit greenhouse gases on large scale. As government is coming up with various regulations for low emissions of greenhouse effect in order to reduce pollutions and need lower fuel at lower cost. This is acting as a driving factor for the growth of the market.
According to Sublime China Information, the demand for CNG in China is expected to be 10 billion m3 less in the year 2020 than earlier. However, high price of the automotive natural gas vehicle is restraining the market growth. Although global awareness of safety and the hazardous effects of greenhouse gas among people would lead to an increased demand for the natural gas commercial vehicles, which is further likely to provide huge opportunity to the market growth. As a matter of fact, the use of compressed natural gas or the CNG has already made its mark in the market. This trend is further anticipated to continue in the future years, thereby strengthening the global natural gas commercial vehicles market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape: The Mercedes-Benz Group AG, AB Volvo, and Cummins Inc., among others.
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Global Natural Gas Commercial Vehicles Market Report by Segment
By Type
- Trucks
- Vans
- Buses and Coaches
By Application
- Transportation
- Logistics
- 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?
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