The global automotive natural gas vehicle market is segmented into vehicle type such as passenger car, heavy trucks, buses three wheeler & motorcycle and other. Out of which, passenger car segment is expected to dominate the overall automotive natural gas vehicle market and is anticipated to capture a noteworthy CAGR by 2027. Further, rising popularity of CNG vehicle on the back of low environment impact is envisioned to bolster the growth of global automotive natural gas market. Furthermore, rising demand for automobiles is also projected to trigger the growth of automotive natural gas vehicle market in near future.
Global automotive natural gas vehicle market is anticipated to mask a notable CAGR of 5.7% during the forecast period i.e. 2018-2027. Moreover, the global automotive natural gas vehicle market is projected to account for noteworthy revenue by the end of 2027. Additionally, growing inclination of consumers towards innovative and environment friendly automotive vehicles is believed to propel the growth of automotive natural gas vehicle market.
In terms of regional platform, Asia Pacific accounted for the largest market of global automotive natural gas vehicle in terms of revenue in 2017. Moreover, emerging economies such as China and India and positive GDP figures are believed to foster the growth of automotive natural gas market in this region. In addition to this, presence of major natural gas vehicle manufacturer in this region is also predicted to strengthen the market of automotive natural gas market. Apart from this, North America automotive natural gas market is anticipated to grow at a significant pace due to rise in sales of passenger cars.
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Government Regulations
Government legislations and guidelines regarding pollution across the globe are projected to foster the growth of automotive natural gas vehicle market. Moreover, properties such as environment friendly are also pushing the automotive manufacturers to move towards natural gas vehicle manufacturing. Further,
Rising Demand for Passenger Cars
Increasing sales of passenger cars on the back of swelled disposable income of the consumers is projected to bolster the growth of automotive natural gas vehicle market across the globe. Due to rising demand for automotive, there is a growing demand for cheap and environ mental friendly fuel alternative which is believed to strengthen the market of automotive natural gas vehicle in the near future.
In contrast, lack of natural gas infrastructure and low awareness associated with natural gas is expected to dampen the growth of the global automotive natural gas vehicle market in near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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