DUBLIN--(BUSINESS WIRE)--The "Natural Gas Vehicle Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Fuel Type (CNG and LNG), Application (On Road and Off Road), and Vehicle Type (Passenger Vehicles, Light and Commercial Vehicles, and Heavy Commercial Vehicles)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market 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% from 2020 to 2027.
Europe led the global natural gas vehicle market with 8.1% revenue share in 2019, followed by Asia-Pacific (APAC)and North America. Europe comprises Germany, Italy, Russia, the UK, France, and the Rest of Europe. Automotive is one of the major manufacturing industries in European countries as it considerably contributes to the countries' gross domestic product. Also, several premium automotive manufacturers are based in the region. The vehicles and fueling stations are constantly growing across Europe. LNG and CNG primarily consist of methane that is progressively generated from renewable sources in biomethane and synthetic natural gas. The rising production of commercial and passenger vehicles generates huge demand for natural gas vehicles. Moreover, growing investments in sustainable transport and increasing need for alternative fuel technology would accelerate the natural gas vehicle market growth across various European countries in the coming years.
In 2019, Asia-Pacific stood second in the natural gas vehicle market with a decent market share; it is anticipated to register a steady CAGR from 2020 to 2027. In the past five years, capital investment in technological development has grown by 6.3% in Europe, to reach US$ 7,313.09 million of capital investment in 2019. International Energy Agency stated that apart from South America, APAC is the leading region in the natural gas vehicle industry. The increasing disposable income of individuals and rising economy have bolstered the sales of passenger cars and commercial vehicles in the past few years. APAC has become a global manufacturing hub with the presence of a robust automotive and transportation industry.
Government initiatives - such as Made in China 2025 and Make in India - propel the growth of this sector in APAC countries. Developing infrastructure, increasing domestic consumption, as well as low labor costs are the key factors attracting automotive and transportation companies in southeast Asian countries. Based on the pollutant emissions, natural gas vehicles perform exceptionally well than diesel vehicles - especially in heavy commercial vehicles. Optimizing air quality is expected to be a significant driver for natural gas in various APAC countries, such as India, Malaysia, Singapore, and Thailand. Expansion of gas markets, public transportation, and the economy in the region drives the growth of the market.
Impact of COVID-19 Pandemic on Natural Gas Vehicle Market
The COVID-19 outbreak is adversely affecting the world and is continuing to shatter several countries. Until the outbreak, the automotive and transportation industry was experiencing substantial growth in terms of production and services; however, the outbreak is tremendously disrupting the supply chain and production of automotive and transportation. The automotive manufacturing and transportation industry is heavily dependent on manual labor. Owing to the strong lockdown regulations imposed by the majority of the countries across the globe, the industry is experiencing a significantly lower number of labors in respective manufacturing facilities. This factor is hindering the automotive and transportation industry, thereby restraining the growth of the natural gas vehicle market.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global natural gas vehicle market
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- The key findings and recommendations highlight crucial progressive industry trends in the global natural gas vehicle market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
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Market Dynamics
Drivers
- Growing Demand for Cost-Effective Mobility Solutions
- Surge in Government Focus on Enhancing Energy Security
Restraints
- Rising Emphasis on Electric Vehicles
Opportunities
- Rising Focus on Green Transportation
Future Trends
- Growing Use of Heavy-Duty Vehicles Powered by Natural Gas
Companies Mentioned
- AB Volvo
- Agility Fuel Solutions
- Cummins Westport Inc.
- Ford Motor Company
- PACCAR Inc.
- General Motors
- CNH Industrial N.V.
- Navistar, Inc.
- Volkswagen AG
- Nissan Motor Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/lcmdoe
