About Natural Gas Vehicles
A natural gas vehicle refers to an alternative fuel vehicle that uses compressed natural gas or liquefied natural gas. There is the various benefit of natural gas vehicles such as natural gas costs are lower than gasoline, natural gas is convenient and abundant, the natural gas vehicle has lower maintenance costs, the natural gas vehicle is safer, among others. The demand for natural gas vehicles has increased, due to the rising adoption of natural gas vehicles in both developed and developing countries. For instance, the U.S. Department of Energy and Natural Gas powers almost over 160,000 vehicles in the United States. Therefore, rising demand for natural gas vehicles and the increasing number of passenger cars and commercial vehicles are expected to support the growth of the natural gas vehicle market in the near future. Benefits of natural gas vehicles include:, • Reduced particulate, nitrogen oxides, and greenhouse gas emissions, • Lower cost, • Can be derived from renewable sources (biogas), • Minimal processing or refining requirements, • Safer than most liquid fuels, • Noise reductions of as much as 50%, • Reduced engine wear and With some of the stated benefits, it is very easy to see why the number of the natural gas vehicle (NGV) has more than doubled in the past 5 years. There have been around more than 15 million NGVs worldwide during the year 2011 and NGV Global has projected that this number would increase to at least five-folds, to over more than 65 million natural gas vehicles by the year 2020. Also, in May 2019, according to the Government of India, the Natural gas vehicles (NGVs) would be accountable for around more than 50% of the sales of the new three and four-wheelers in India by 2030. Henceforth, increasing the usage of natural gas vehicles which is likely to be one of the major drivers for the global natural gas vehicles market over the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Natural Gas Vehicles market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Maruti Suzuki (India), Volkswagen AG (Germany), Fiat Automobiles (Italy), Honda Motor Company, Ltd. (Japan), General Motors Company (United States), Groupe Renault (France), The Hyundai Motor Company (South Korea), Ford Motor Company (United States), Iran Khodro (Iran) and The Volvo Group (Sweden) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Isuzu Motors Ltd. (Japan), Daimler AG (Germany), Alexander Dennis Limited (United Kingdom), C&C Trucks Co., Ltd. (China), Cummins, Inc. (United States), Clean Air Power Limited (United Kingdom) and Worthington Industries (United States).
Segmentation Overview
AMA Research has segmented the market of Global Natural Gas Vehicles market by Type (Dedicated, Bi-Fuel and Dual-Fuel), Application (Passenger Cars, Commercial Vehicles and Others) and Region.
On the basis of geography, the market of Natural Gas Vehicles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Form, the sub-segment i.e. Compressed Natural Gas (CNG) will boost the Natural Gas Vehicles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Governmental Initiative toward Natural Gas Vehicle
Market Growth Drivers:
Growing Investments in Automobile Sector Worldwide and Strict Government Regulation Related to the Emission owing to Air Pollution
Challenges:
Relatively Price and Environmentally Insensitive and Low Adaptation Rate in Underdeveloped Countries
Restraints:
Issue related to the emergence of Electric Vehicles
Opportunities:
The popularity of Green Transportation in the Emerging Countries and Growing Demand from Emerging Market such as China, India, Brazil, among others
Market Leaders and their expansionary development strategies
In APRIL 2022, PepsiCo announces the acquisition of a new fleet of natural gas vehicles. Through this acquisition and in line with Pep+, its strategic transformation with sustainability as its central axis, the multinational seeks to promote change towards a sustainable transport system.
On June 13th, 2019, the president of the Colombian Association of Natural Gas – Naturgas, Orlando Cabrales Segovia, delivered some figures on the estimated growth of the dedicated heavy-duty vehicles that are powered by natural gas at an international mobility event namely Latam Mobility Summit Medellin, 2019. He stated that there would be an end of the year with 109 tractor-trailers that would run on Colombian highways, reducing the particulate matter pollution by almost 100% and carbon dioxide emissions by 30%. In addition, to these, this would also represent savings for the companies of over more than 35% in their transportation costs. There were 14 tractor-trailers that were operating in Colombia from the companies based in Antioquia, Bogotá, Bolívar, and Valle del Cauca, and over the next few months, 95 additional cargo trucks were expected to come into operation.
According to U.S. Department of Energy, “The Kentucky Transportation Cabinet may establish regulations to qualify persons to perform safety inspections; modify FMVSS for state use; and identify converted vehicles and ensure compliance with applicable regulations”.
Key Target Audience
Natural Gas Vehicle Manufactures Company, Regulatory Bodies, Component Suppliers, Government Regulatory Authorities, Technology Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.