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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Automotive Natural Gas Vehicle Market
Request Now !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:Â
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:
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.
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.
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Questions answered in the automotive natural gas vehicle market research report:
Key Market Segments
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Key Market Players
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