Fueling Innovation: Natural Gas Vehicles and Their Technological Advancements

The presence of huge population has led to huge demand for automotive natural gas vehicle.

PORTLAND, OR, UNITED STATES, May 9, 2023 /EINPresswire.com/ -- The automotive industry has seen significant developments in recent years, and one of the most promising ones is the emergence of natural gas vehicles. With concerns over climate change and the environmental impact of traditional gasoline and diesel-powered vehicles, there is a growing demand for sustainable transportation options. Natural gas vehicles, or NGVs, offer an attractive alternative that is both eco-friendly and cost-effective.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/9497

According to a new report published by Allied Market Research, titled, “Automotive Natural Gas Vehicle Market," The automotive natural gas vehicle market was valued at $11.1 billion in 2021, and is estimated to reach $20.4 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

Covid-19 scenario:

The Covid-19 pandemic resulted in supply chain disruptions which led to low sales of passenger cars and temporary suspension of production of vehicles across the globe.
However, post-pandemic, only a few companies have witnessed growth in sales of natural gas-based vehicles. This will impact the market growth for a long time.

Several expansion and product launches carried out by the key players operating in automotive natural gas vehicle market, fuels the growth of the market. For instance, in 2022, in India, Blue Energy Motors unveiled its new manufacturing plant at Chakan in Pune. The new plant is expected to manufacture liquefied natural gas fueled green trucks. Company is expected to produce LNG-fuelled, long-haul, heavy-duty trucks at the facility with the 5,528 4x2 tractor model as the first vehicle to be rolled out of the plant.

𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝘁𝗼 𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁? 𝗜𝗻𝗾𝘂𝗶𝗿𝗲 𝗕𝗲𝗳𝗼𝗿𝗲 𝗕𝘂𝘆𝗶𝗻𝗴 - https://www.alliedmarketresearch.com/purchase-enquiry/9497

The growth of the global automotive natural gas vehicle market is propelling due to increase in fuel costs, government initiatives to develop & expand natural gas distribution infrastructure, and rise in environmental awareness. However, rise in demand for electric vehicle is the factor that hampers the growth of the market. Furthermore, growth in demand from emerging countries is the factor expected to offer growth opportunities during the forecast period.

Asia-Pacific is expected to dominate the global automotive natural gas vehicle market. The presence of huge population has led to huge demand for automotive natural gas vehicle. Furthermore, huge demand has been witnessed in this region for natural gas and CNG to eliminate the emission by gasoline fuel. In addition, rules and regulations introduced by governments to minimize the air pollution in urban areas lead to development of transportation infrastructure and surge in demand for natural gas transportation sectors fostered the demand for automotive natural gas vehicle industry.

Key players operating in the global automotive natural gas vehicle market include AB Volvo, BMW AG, CNH Industrial N.V., Ford Motor Company, Honda Motor Co., Ltd., Mercedes-Benz Group AG, Mitsubishi Motors Corporation, Navistar International Corporation, Nissan Motor Co., Ltd, Tata Motors, Toyota Motor Corporation, and Volkswagen AG.

KEY FINDINGS OF THE STUDY

By fuel type, the LNG segment is anticipated to exhibit significant automotive natural gas vehicle industry growth in the near future.
By vehicle type, the commercial vehicle segment is anticipated to exhibit significant growth in the near future.
By region, North America is anticipated to register the highest CAGR during the forecast period.

𝗣𝗿𝗼𝗰𝘂𝗿𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗮𝘁 https://www.alliedmarketresearch.com/automotive-natural-gas-vehicle-market/purchase-options

Allied Market Research
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