covina, May 8, 2023 (GLOBE NEWSWIRE) —
Automotive Natural Gas Vehicle (NGV) is a vehicle with an internal combustion engine that runs on LNG (liquefied natural gas) or CNG (compressed natural gas). Automotive natural gas vehicles offer comfort and comparable mileage, which has increased the demand for market growth.
The excellent properties of natural gas such as lower vehicle emissions, easy availability and lower costs have fueled the demand for market growth. Growing automotive industries to meet transportation needs and increasing demand for alternative fuel solutions are expected to drive the growth demand of the automotive natural gas market in the coming years.
The Automotive Natural gas vehicle The (NGV) market refers to the use of natural gas as a fuel source in vehicles, specifically in the transport sector. Natural gas is a cleaner and more environmentally friendly alternative to traditional gasoline and diesel fuels, as it emits fewer pollutants and greenhouse gases.
The CNG market has been growing steadily in recent years, due to increased awareness of the environmental benefits of natural gas as a fuel source, as well as government incentives to promote CNG adoption. CNGs are especially popular in countries where natural gas is abundant and affordable, such as the United States, China, and Russia.
Key aspects:
- In April 2022, Mahindra (India) launched its new cargo and passenger variants ‘Alfa CNG’ at INR 2.75 lakh that deliver around 40.2 km/kg mileage. The newly launched CNG vehicles offer the best durability and can save up to Rs 4 lakh in fuel expenses over five years.
- In November 2022, Toyota Kirloskar Motor launched the CNG (compressed natural gas) option for its Hyryder and Glanza models in both S&G grades and manual transmission powertrain.
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Key players
- i return
- Beiqi Foton Motor Co. Ltd.
- Navistar Inc.
- PACCAR Inc.
- Westport Fuel Systems Inc.
- cummins inc
Analyst View:
The growing adoption of natural gas and the demand for vehicles have contributed to the growth of the target market. Growing environmental concerns and stringent government regulations regarding environmental protection are likely to provide lucrative opportunities in the growth of the automotive natural gas vehicle (NGV) market.
| Attributes | Details |
| Automotive Natural gas vehicle Market Value (NGV) (2022) | 12.09 million US dollars |
| Automotive Natural gas vehicle Expected Market Value (GNV) (2032) | 22.97 million dollars |
| Automotive Natural gas vehicle Market CAGR (NGV) (2022-2032) | 6.7% |
| Segments covered | By type, end user, by region |
| Geographies covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Report covered | Trends, analysis, forecasting, drivers, opportunities |
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Following are some important points that are answered in this market report:
- It explains an overview of the product portfolio, including product development, planning and positioning
- It details key operating strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of market revenue during the forecast period.
- Examining various market perspectives with the help of Porter’s five forces analysis, PEST and SWOT analysis.
- Study of the segments expected to dominate the market.
- Regional analysis study that is expected to register the highest growth during the forecast period
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