By GlobeNewswire – Press Releases
Wilmington, Delaware, United States, Transparency Market Research. Inc., July 02, 2024 (GLOBE NEWSWIRE) — The global natural gas vehicles market stood at US$ 47.4 billion in 2023, and the global market is projected to reach US$ 86.9 billion in 2034. The natural gas vehicles market is anticipated to expand at a CAGR of 5.3% between 2024 and 2034.
The natural gas vehicles (NGV) market is experiencing significant growth, driven by several key factors. The foremost driver is the implementation of stringent emission regulations by governments worldwide, aiming to curb greenhouse gas emissions and combat climate change. These regulations have made it imperative for the transportation sector to adopt cleaner alternatives, positioning natural gas as a viable and environmentally friendly option.
Natural gas vehicles emit substantially lower levels of harmful pollutants, including nitrogen oxides and particulate matter, compared to their gasoline and diesel counterparts, making them a preferred choice for reducing urban air pollution.
Government policies and incentives are further bolstering the adoption of NGVs. Subsidies, tax benefits, and funding for infrastructure development are encouraging both consumers and fleet operators to switch to natural gas-powered vehicles.
Many countries are investing in the expansion of refueling infrastructure, addressing one of the major barriers to NGV adoption. The increased availability of natural gas refueling stations is enhancing the convenience and feasibility of operating NGVs, thereby driving market growth.
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Technological advancements in natural gas vehicle technology are also contributing to market expansion. Improvements in engine efficiency, fuel storage, and overall vehicle performance are making NGVs more competitive with traditional fuel-powered vehicles. Additionally, the development of renewable natural gas (RNG) from organic waste sources is providing a sustainable and carbon-neutral option, further aligning with global emission reduction goals.
The economic benefits of natural gas as a fuel source are another significant factor. Natural gas is generally cheaper than gasoline and diesel, offering cost savings for consumers and businesses, particularly in the transportation and logistics sectors. This cost advantage, coupled with environmental benefits, is making NGVs an attractive option.
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Key Takeaways of Market Report
- Global natural gas vehicles market to generate absolute dollar opportunity worth US$ 86.9 billion until 2034.
- Global natural gas vehicles market is valued at US$ 47.4 billion in 2023.
- Asia Pacific is forecasted to hold the largest share in 2023.
Natural Gas Vehicles Market: Growth Drivers Top of Form
- Natural gas is gaining traction in the transportation sector as a cleaner alternative to fossil fuels notorious for high emissions of nitrous oxides (NOx), carbon monoxide (CO), carbon dioxide (CO2), and particulate matter (PM10). This shift is driven by natural gas’s lower greenhouse gas emissions and safer combustion properties, boosting the market for natural gas vehicles (NGVs).
- Hybrid electric vehicles (HEVs) are also contributing significantly to the growth of the NGV market. HEVs integrate combustion engines with electric motors, offering flexibility in energy sources. Many HEVs utilize compressed natural gas to power their energy conversion units, enhancing efficiency and reducing emissions.
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Natural Gas Vehicles Market: Regional Landscape
- Asia Pacific dominated the natural gas vehicles (NGV) market in 2023, driven by increased natural gas production in the region. India, for instance, produced approximately 34,450 million standard cubic meters (MMSCM) of natural gas during the fiscal year 2022–2023, highlighting significant regional production dynamics.
- The surge in CNG refueling infrastructure development is bolstering market growth in Asia Pacific. India’s government has set ambitious targets to expand CNG refueling stations from approximately 6,000 to over 17,700 by 2030.
- This infrastructure expansion aims to support the growing adoption of natural gas vehicles, enhancing convenience and encouraging more consumers and businesses to switch to cleaner fuel alternatives across the region.
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Natural Gas Vehicles Market: Key Players
- In 2023, FAW Group focused on advancing natural gas vehicle (NGV) technology by introducing a new lineup of commercial vehicles powered by compressed natural gas (CNG). This initiative aimed to cater to the increasing demand for cleaner transportation solutions in China and globally.
- In 2023, Stellantis made significant strides in the NGV sector by expanding its range of natural gas-powered passenger vehicles in Europe. The company aimed to offer consumers more environmentally friendly options while leveraging natural gas’s lower emissions profile compared to traditional gasoline and diesel engines.
Natural Gas Vehicles Market: Segmentation
By Engine/System Type
- Dedicated Fuel
- Bi-fuel
- Dual Fuel
By Fuel Type
By LPG/CNG Tank Capacity
- Less than 9 Kg
- 9.1 – 18 Kg
- 18.1 – 27 Kg
- More than 27 Kg
By Fitting Type
- OEM Fitted/Factory Fitted
- Aftermarket
By Intake System Type
- Vapor Phase Injection (VPI) System
- Liquid Phase Injection (LPI) System
- Liquid Phase Direct Injection (LPDI) System
By Kit Type
By System Position
- Front Position
- Rear Position
By Vehicle Type
- Three Wheeler
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Duty Truck
- Bus & Coach
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Source: GlobeNewswire – Press Releases