The low-costs of Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG), and the rising petroleum prices are estimated to have a positive impact on the automotive natural gas vehicles market over the forecast period. Availability of affordable conversion kits in the market has reduced the overall costs of operation and ownership. The vision to deploy emission-reduction along with low costs of conversion to natural gas propelled engines has resulted in the penetration of alternative fuels in the market and has provided a boost to the global automotive natural gas vehicles market.
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Natural gas-driven vehicles have superior performance and are fuel-efficient as compared to their conventional diesel engines-driven counterparts. Moreover, CNG and LNG when compared to gasoline emit fewer pollutants, and are low on maintenance and operational costs. Automotive natural gas vehicles outperform in hot as well as in cold climates and experience no vapor locking and knocking.
Governments across the world have encouraged and enforced the use of CNG and LNG as they are cheaper than conventional fuels and are environment friendly. Energy security, environmental benefits, and fuel-cost savings are some factors that are expected to drive the automotive natural gas vehicles industry. High capital costs for the development of adequate fuelling infrastructure and high initial costs can challenge the automotive natural gas vehicles industry growth in the coming years.
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The automotive natural gas vehicles market is segmented on the basis of vehicle types into commercial vehicles (medium & heavy duty) and passenger vehicles. Automotive natural gas vehicles are segmented on the basis of fuel into CNG and LNG.
Large natural gas reserves in countries such as the U.S. and Russia have enabled them to achieve energy independence and domestically produce the required fuel and make them the key regional markets. Asia Pacific is expected to exhibit significant market share in the CNG buses and trucks market, whereas North America is projected to witness high growth due to increasing adoption among fleet operators in the U.S. Growing popularity of green transportation across the globe has led to increased use of automotive natural gas as a fuel in combustion engines vehicles.
The key participants in the automotive natural gas vehicles market are Beiqi Foton Motors Ltd., CNH Industrial, Daimler AG, Dongfeng Motors Ltd., Shaanxi Automobile Co. Ltd., and Volvo.
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