Automotive Natural Gas Vehicle Market Size And Forecast
Automotive Natural Gas Vehicle Market is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2020 to 2027.
The Global Automotive Natural Gas Vehicle Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Automotive Natural Gas Vehicle Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
What is Automotive Natural Gas Vehicle?
Automotive gas vehicles are powered by liquefied petroleum gas (LPG), mainly propane. Vehicles powered by propane possess fundamentally different compositions and are different from natural gas vehicles. As crude oil reserves are rapidly draining, many developing nations broadly depend on foreign countries for oil export. Owing to this, governments are concentrating on controlling their export spending, which results in huge demand for abundantly and inexpensively available natural gas. Natural gas is considered environment-friendly and drives to the economic growth of the country.
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A key advantage of employing natural gas is the existence, in principle, of most of the infrastructure and the supply chain, which is non-interchangeable with hydrogen. Methane today mostly originates from non-renewable sources but can be supplied or produced from renewable sources offering net carbon-neutral mobility. In many markets, especially the America, natural gas may trade at a discount to other fossil fuel products such as petrol, diesel or coal, or indeed be a less valuable by-product associated with their product that has to be disposed of. Many countries also provide tax incentives for natural gas-powered vehicles owing to the environmental benefits to society. Lower operating costs and government incentives to lessen pollution from heavy vehicles in urban areas have encouraged the adoption of NGV for commercial and public uses, i.e. trucks and buses.
Global Automotive Natural Gas Vehicle Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Factors such as energy security, environmental benefits owing to the use of natural gas instead of petroleum products, and overall fuel cost savings are driving the market growth. Additionally, increasing government regulations and initiatives, and growing applications of natural gas are estimated to propel the global automotive natural gas vehicle market growth.However, higher initial cost and infrastructural challenges in automotive sectors are hampering the market growth. Moreover, the growing popularity of green transportations offers a lucrative opportunity to market. The emergence of electric vehicles over natural gas or petroleum is a key challenge.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Automotive Natural Gas Vehicle Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Automotive Natural Gas Vehicle Market Competitive Landscape
The “Global Automotive Natural Gas Vehicle Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as AB Volvo, Beiqi Foton Motor Co. Ltd., Dongfeng Motor Group Company Limited, CNH Industrial NV, Daimler AG, Westport Innovations Inc., Clean Energy Fuels Corp., Landi Renzo SPA, Clean Air Power Ltd., Agility Fuel Systems Inc., and Others. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Automotive Natural Gas Vehicle Market, By Fuel Type
Automotive Natural Gas Vehicle Market, By Vehicle Type
• Medium duty commercial vehicles
• Heavy dutycommercial vehicles
Automotive Natural Gas Vehicle Market Geographic Scope
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Rest of the World
o Middle East & Africa
o Latin America
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