Automotive Natural Gas Vehicle Market Predicted Double-Digit Growth Rate by 2024

Automotive Natural Gas Vehicle Market Predicted Double-Digit Growth Rate by 2024

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An alternative fuel vehicle that utilizes liquefied natural gas or natural gas as a cleaner alternative to other fossil fuels is known as a natural gas vehicle. Vehicles powered by propane possess fundamentally different composition and are different from natural gas vehicles. As crude oil reserves are rapidly depleting, many developing nations extensively depend on foreign countries for oil export. Owing to this, governments are focusing on controlling their export spending, which results in high demand for abundantly and inexpensively available natural gas. Natural gas is considered environment-friendly and leads to the economic growth of the country.

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Various initiatives are taken by the governments to encourage the use of natural gas; this is anticipated to contribute to the global automotive natural gas vehicle market growth in the near future. In addition, companies are highly investing in the renewable sources such as natural gas as the cleaner alternative for fuel, which has created ample opportunities for the global market. Vehicle owners are focusing on the acceptance of the environment-friendly and cleaner source of fuel at low cost leading to the enormous increase in the demand for automotive natural gas vehicle globally. Natural gas also offers various advantages whereas liquefied natural gas and compressed natural gas are produced from it providing many environmental benefits to consumers. This is expected to fuel the global market growth in future.

The global automotive natural gas vehicle market is categorized based on vehicle type as commercial and passenger. On the basis of fuel type, the global market is classified as liquefied natural gas and compressed natural gas. Furthermore, the automotive natural gas vehicle market is segregated based on geography as Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.

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Asia Pacific is the dominating region for automotive natural gas vehicle market as it accounted for the largest market share. Latin America comes second in the global ranking, as almost all vehicles in this region have bio-fuel engines that allow vehicles to run on either gasoline or CNG. Use of natural gas vehicles provides fuel efficiency and significant savings over the life of the vehicle boosting the global market growth in North America. The automotive natural gas vehicle is costly due to the cost of installation high-pressure insulated fuel tank, which facilitates fuel extraction from CNG or LPG. The emission from of the automotive natural gas vehicle is comparatively lower than diesel and gasoline counterparts. This will help in reduction of dangerous pollutants such as nitrogen gas, non-methane organic gas, carbon monoxide, and carbon dioxide and result in rising demand for automotive natural gas vehicle in the Middle East and Africa.

Market Competitive Players

Major players in the global automotive natural gas vehicle market are Volkswagen AG, Isuzu Motors Ltd., Suzuki Motor Corporation Ltd., Caterpillar Inc., and Honda Motor Company Ltd. Other players include AB Volvo, Ford Motor Company, General Motors Company, Toyota Motor Corporation, and Renault SA.

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Global Automotive Natural Gas Vehicle Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa

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shawn

Shawn Morgan is an accomplished digital marketing professional. He tracks the most recent patterns and happenings in the advanced showcasing scene, additionally offering his feeling on their effect on organizations. He has involvement in both B2C and B2B markets. His side interests incorporate perusing books and voyaging.

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