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.
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.
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.
Some of the key players in this market include 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
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This is a professional and in-depth study on the current state of the Natural Gas Vehicle Market with a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Strategic Insights and Development plans are also discussed and manufacturing processes and cost structures analyzed. Natural Gas Vehicle Market import/export consumption, supply and demand figures and cost price and production value gross margins are also provided.
The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of technology offered by the leading participants in the industry in order to understand widely used market specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.
The Insight Partners Natural Gas Vehicle Market Research Report Scenario include:-
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The report also covers a detailed chapter of the analysis on COVID-19 impact on this market at global and regional level in our final reports.
This research provides detailed information regarding the major factors influencing the growth of the Natural Gas Vehicle Market in Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.
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