Automotive Natural Gas Vehicle Market by Fuel Type (CNG and LNG), Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Two-Wheeler), and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2022-2029

Automotive Natural Gas Vehicle Market Outlook – 2027 

The global demand for vehicles equipped with natural gas is growing sharply, owing to their economical nature and high efficiency as compared to traditional fuels, such as gasoline and diesel. Natural gas vehicles work similar to petrol or diesel engines with CNG and LNG as fuel alternatives. The natural gas transfer high pressure gas from fuel tank to combustion chamber for ignition. Moreover, due to the availability of dual fuel option offered by natural gas, the aftermarket sales are skyrocketing. As compared to conventional vehicles, the running cost of vehicle is significantly low in natural gas vehicle. Additionally, natural gas vehicles are more affordable than electric cars. Furthermore, the rising adoption of natural gas in public transport vehicles is favoring the market growth.

COVID-19 scenario analysis: 

• The economic destruction caused by novel coronavirus in automotive sector would be a time taking process.
• The consumer buying preference is anticipated to shift towards private vehicle, which would increase the sales of new vehicle.
• However, the people would prefer buying inexpensive vehicle due to reduced purchasing power and fear of recession.
• Besides, the fossil fuel vehicle is expected to hamper significantly due to high prices associated with it. Further, the focus on natural gas vehicles would increase due to the pandemic.
• Moreover, the governments revival packages during the pandemic are focused toward the use of alternative fuels to petrol and diesel. This, in turn, would grow the market of natural gas vehicles.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Scarcity of fossil fuel resources and low running cost associated with automotive natural gas are major driving factors of the market. Additionally, the natural gas reduces emission substantially as compared to gasoline engine. Besides, the increasing fuel prices will propel the natural gas vehicle market growth. Moreover, the automakers are promoting use of natural gas vehicles and attracting customer by displaying the perks of using natural gas vehicles. However, high initial cost of natural gas vehicles and rise in adoption of electric vehicles will hamper the market growth. Furthermore, governments spending on developing infrastructure like increasing the number of natural gas fuel station will proliferate the market demand.

The automotive natural gas vehicle market trends are as follows:

Use of natural gas in bikes

The use of natural gas has benefited consumers in reducing the price of transportation in cars. The cost-effectiveness offered by natural gas vehicles have attracted the attention of two-wheeler commuter. For instance, Honda launched its Activa CNG variant with a range of 120kms. This product from Honda is attracting large number of audience as it offers lesser running cost.

Increase in demand in Asia-Pacific

With increase in population in Asia-Pacific and emerging economies, the demand for automotive has boosted in recent years. Automakers are shifting their manufacturing units in Asia-Pacific as it avoids hefty import duties. Additionally, the labor and manufacturing cost in Asia-Pacific is comparatively low. Furthermore, due to under-developed infrastructure for EV in majority of Asia-Pacific countries, the market for natural gas vehicle has increased. Moreover, the adoption of natural gas vehicles has increased in public transport. Besides, cab taxi owners have boosted the sales of natural gas vehicles. Recently, TATA motors have launched 36-seater bus which will run on LNG.

Key benefits of the report:

• This study presents the analytical depiction of the automotive natural gas vehicle industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed automotive natural gas vehicle market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the automotive natural gas vehicle market research report:

• What are the leading market players active in the automotive natural gas vehicle market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Key Market Segments

 
Key Market Players

• Ford motors
• Peugeot
• Volvo
• BMW
• Proton
• Opel
• Mercedes
• Volkswagen
• General motors
• Honda Motor Company Ltd.