Pune, India., April 27, 2021 (GLOBE NEWSWIRE) -- Natural Gas Vehicle Market: Key Insights
According to our new research study on “Natural Gas Vehicle Market to 2027 – COVID-19 Impact and Global Analysis and Forecast – by Fuel Type, Application, and Vehicle Type,” the Natural Gas Vehicle Market Size was valued at US$ 17,100 million in 2019 and is projected to reach US$ 28,805.75 million by 2027; it is expected to grow at a CAGR of 6.9% during 2019–2027.
Natural Gas Vehicle Market: Competition Landscape and Key Developments
The Ford Motor Company, AB Volvo, General Motors, and Nissan are the key players in the global natural gas vehicle market. The listing of key players is based on parameters such as overall revenue; brand image; current natural gas vehicle solutions portfolio; technology integration and product enhancements; geographic reach; and new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. Agility Fuel Solutions LLC, America Honda Motor Company, CNH Industrial N.V., Cummins Westport, Navistar Inc., Paccar Inc., and Volkswagen AG are among the other notable natural gas vehicle companies studied and analyzed during this market study.
In 2020, Agility Fuel Solutions urged the Indian automotive and fleet industry to implement long distance travel solutions with CNG. The Minister for Petroleum and Natural Gas of India launched the country’s first long distance, CNG-powered bus under a strategic program led by Indraprastha Gas Limited (IGL), the largest CNG distribution company in the country.
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In 2019, Miratorg, one of the largest producers and distributors of meat products in Russia, selected the Stralis NP 460 to leverage its environmental performance, which is consistent with the company’s sustainable policy. The Stralis NP 460, with a CNG configuration, is a long-haul transport vehicle.
Natural gas is popularly being used as an alternative fuel to leverage established distribution networks, easy domestic availability, and low cost and emissions. With the notable spike in the prices of gasoline in various countries, vehicle fleet managers and consumers seek alternative fuel for their vehicles. According to the Alternative Fuels Data Center (AFDC), the US imported 3% of its petroleum needs from other countries in 2019; the transportation industry in the country accounts for ~30% of its total energy needs and 70% of its petroleum consumption. Using natural gas as an alternative fuel, along with advanced technologies, to lower fuel consumption is reinforcing national energy security and decreasing transportation energy costs for consumers and businesses. Natural gas also reduces overall maintenance costs as it does not react with metals and is less corrosive than diesel. Besides, several heavy-duty natural gas vehicles are capable of running for one million miles or more without overhaul.
APAC led the natural gas vehicle market in 2019. The market growth in this region is mainly attributed to the rising production of commercial vehicles and passenger cars. Surge in disposable income of individuals, along with growing economy, has resulted in surge in the sales of passenger cars and commercial vehicles in the past few years. APAC has become a global manufacturing hub with the presence of robust automotive and transportation sectors. Moreover, government initiatives such as Made in China 2025 and Make in India bolster the growth of these sectors in APAC countries.
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In Southeast Asian countries, developing infrastructure, increasing domestic consumption, and low labor costs are the key factors attracting automotive and transportation companies. With lower pollutant emissions than diesel vehicles, natural gas vehicles, especially heavy commercial vehicles, perform exceptionally well. The concerns regarding optimizing air quality is a significant factor boosting the popularity of natural gas in various APAC countries, such as India, Malaysia, Singapore, and Thailand. Moreover, the proliferation of gas markets and public transportation infrastructure are other factor contributing to the growth of the natural gas vehicle market in APAC.
The global automotive and transportation industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns etc. as a result of this outbreak. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various electronic goods. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect automotive and transportation industry in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.
Energy security signifies the constant availability of cost-effective energy sources. It has numerous features, such as long-term energy security, chiefly handle timely investments to supply energy in line with environmental needs and economic developments. Short-term energy security revolves around the ability of energy systems to react quickly to unexpected changes in the supply-demand balance. The government of Pakistan has encouraged the introduction and development of CNG applications in the transportation sector through various policy measures. A huge number of natural gas vehicles, i.e., ~2 million vehicles, are running on road in Pakistan, which consume 2.5 billion cubic meters (BCM) of natural gas every year. Various Asian countries, especially India, have introduced crucial energy pricing reforms in oil, gas, coal, and electricity industries, which are essential to further open the energy market and improve its financial conditions. The country has taken substantial steps to strengthen its energy security by fostering domestic production of natural gas vehicles. Such government initiatives in various countries are supporting the natural gas vehicle market growth.
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Natural Gas Vehicle Market: Segmental Overview
Based on fuel type, the natural gas vehicle Market is segmented into CNG and LNG. The compressed natural gas (CNG) is a natural gas under pressure, which remains clear, odorless, and non-corrosive. It is a cheaper, greener, and more efficient alternative to gasoline and diesel. It can also be used as an alternative to liquefied petroleum gas (LPG). Natural gas is stored in a fuel tank or cylinder, mostly at the back of the vehicle. The CNG fuel system transfers high-pressure gas from the fuel tank through the fuel lines, wherein a pressure regulator reduces the pressure to a level that is compatible with the engine fuel injection system. Further, the fuel is introduced into the intake manifold or combustion chamber, where it is mixed with air and then compressed and ignited by a spark plug.
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