Natural Gas Vehicle Industry Report focuses on Market Influence Factors, Growth Drivers, Restraints, Trends and Opportunities so that Market Players can face any challenges and take advantage of Lucrative Prospects available in the Global Natural Gas Vehicle market.
The natural gas vehicle market was valued at US$ 17,100.00 million in 2019 and is expected to reach US$ 28,805.75 million by 2027; it is estimated to grow at a CAGR of 6.9% during 2020–2027.
Natural gas vehicle engines function similar to gasoline-powered vehicle engines that are typically spark-ignited internal combustion engines. Natural gas is stored in a cylinder or a fuel tank, usually embedded at the back of the vehicle. Batteries provide electricity for the functioning of the engine and power electronics in these vehicles. The electronic control module (ECM) controls the ignition timing, fuel mixture, and emissions system; it also observes the operation of the vehicle and detects the problems. Natural gas is eco-friendly fuel as it contributes less to pollution than petrol or diesel and its resources are extensively available worldwide. Moreover, the prospective benefits of using natural gas vehicles include low greenhouse gas emissions, cost reduction, noise reduction, and local air quality improvement. As per the Climate Technology Centre & Network (CTCN), compressed natural gas (CNG) is broadly used as vehicle fuel in the world. CTCN stated that there are ~10 million natural gas-powered vehicles and ~15,000 CNG refueling stations in ~75 countries. In countries with substantial gas reserves and limited oil reserves, the use of natural gas in transport can lower the dependency on costly oil imports. The global natural gas vehicle market is currently a niche market as the current share of natural gas in road transportation is small in a few countries. The prominent countries using CNG in vehicles are Pakistan, Argentina, Iran, and Brazil.
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The reports cover key developments in the Natural Gas Vehicle market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market payers from Natural Gas Vehicle market are anticipated to lucrative growth opportunities in the future with the rising demand for Natural Gas Vehicle market in the global market.
Key Players Influencing the Market
- AB Volvo
- Agility Fuel Solutions LLC
- America Honda Motor Company
- CNH Industrial N.V.
- Cummins Westport
- General Motors
- Navistar Inc.
- Paccar Inc.
- The Ford Motor Company
- Volkswagen AG
The global Natural Gas Vehicle market is segmented on the basis of deployment, application. On the basis of deployment, the market is segmented as cloud-based, on-premise. On the basis of application, the market is segmented as new cars market, used cars market.
Besides this, the report analyzes factors affecting Natural Gas Vehicle market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions considered in the Global Natural Gas Vehicle Market report.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global Natural Gas Vehicle market based on the type and application. It also provides market size and forecast till 2027 for overall Natural Gas Vehicle market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
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Answers that the report acknowledges:
- Market size and growth rate during forecast period.
- Key factors driving the Natural Gas Vehicle Market.
- Key market trends cracking up the growth of the Natural Gas Vehicle Market.
- Challenges to market growth.
- Key vendors of Natural Gas Vehicle Market.
- Detailed SWOT analysis.
- Opportunities and threats faces by the existing vendors in Global Natural Gas Vehicle Market.
- Trending factors influencing the market in the geographical regions.
- Strategic initiatives focusing the leading vendors.
- PEST analysis of the market in the five major regions.
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