According to the latest report by Reports & Data, the global Automotive Natural Gas Vehicle (NGV) market size was USD 19.08 Billion in 2022 and is projected to grow at a revenue CAGR of of 6% during the forecast period.
NGVs are gaining popularity over conventional petrol and diesel vehicles due to their various advantages, including reduced fuel costs, lower emissions and longer engine life. The automotive CNG market is being driven by the growing demand for green and sustainable transportation as governments around the world encourage the adoption of CNG to reduce greenhouse gas emissions and improve the quality of air
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Moreover, the market revenue growth is being driven by the emphasis on energy security. Natural gas is considered a safer and more reliable source of energy than imported oil because it is readily available and can be sourced locally. Several countries are investing in expanding their natural gas infrastructure and promoting the use of CNG.
Another factor contributing to the adoption of NGVs is their affordability. Because natural gas burns cleaner than gasoline and diesel, it is a cheaper fuel option, and CNGs require less maintenance. This allows fleet managers, governments and individual customers to choose CNG at a lower cost.
The automotive CNG market is influenced by the development of a unique CNG technology. CNG and LNG are increasingly used to power NGVs, with CNG being used more in light-duty vehicles and LNG in heavy-duty vehicles. Dual-fuel NGVs are also gaining popularity, as they can run on both gasoline and natural gas, providing drivers with greater flexibility and range.
Some of the Driving Factors for Automotive Natural Gas (CNG) Vehicles Market.
- Increasing demand for green and sustainable transport due to environmental concerns.
- Government initiatives and regulations that promote the adoption of CNG to reduce greenhouse gas emissions and improve air quality.
- Emphasis on energy security, as natural gas is considered a safer and more reliable source of energy than imported oil.
- Affordability of natural gas as a fuel, which burns cleaner and requires less maintenance compared to gasoline and diesel.
- Advances in CNG technology, including the development of compressed natural gas (CNG) and liquefied natural gas (LNG) fuel systems.
- The growing popularity of dual-fuel NGVs, which can run on both gasoline and natural gas, providing drivers with greater flexibility and autonomy.
- Increased adoption of CNG in the commercial vehicle industry, especially in heavy vehicles such as buses and trucks, due to its cost-effectiveness, improved fuel efficiency and reduced emissions.
Some of the notable innovations in the automotive natural gas (CNG) vehicle market.
- Development of unique CNG technology: The automotive CNG market is driven by the development of new and innovative technologies. The use of compressed natural gas (CNG) and liquefied natural gas (LNG) as fuels for CNG has gained popularity, with CNG being the most common in light vehicles and LNG being the most common in heavy vehicles. Dual-fuel CNGs, which can run on both gasoline and natural gas, are also gaining traction.
- Improvements in fuel storage: NGVs require fuel storage systems that can withstand high pressures and low temperatures. In recent years, there have been significant advances in the design and materials used in fuel storage tanks, making them more efficient and durable.
- Improved engine performance: CNGs require engines that can run on natural gas, which is a different type of fuel than gasoline or diesel. Recent innovations in engine design have resulted in more efficient and powerful CNG engines.
- Integration of CNG technology with other technologies: CNG technology is being integrated with other technologies such as hybrid and electric powertrains to create more sustainable and efficient vehicles.
- Increasing use of CNG in heavy-duty vehicles: CNG is increasingly being used in heavy-duty vehicles such as buses and trucks, especially in developing countries where natural gas is abundant and affordable. This has led to the development of CNG engines and fuel systems specifically designed for heavy-duty applications.
Some of the leading companies in the automotive natural gas vehicle market are
- Fiat Chrysler Automobiles NV
- Volkswagen AG
- General Motors
- Ford Motor Company
- cummins inc
- Clean Energy Fuels Corp.
- Westport Fuel Systems Inc.
- IVECO
- Hyundai Motor Company
- Toyota Motor Corporation
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