Automotive Natural Gas Vehicle Market valued at USD 20.4 Billion in 2031, to Accelerate at a CAGR of Around 6.4% | AMR
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 9, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โAutomotive Natural Gas Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report, by Fuel Type, by by Vehicle Type : Global Opportunity Analysis and Industry Forecast, 2021-2031".
The global automotive natural gas vehicle market was valued at $11.1 billion in 2021, and is projected to reach $20.4 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
With the rising consciousness toward growing environmental issues, the automotive industry has been actively exploring alternative fuels and propulsion systems. Natural gas vehicles have gained popularity these days, owing to their potential to reduce emissions and enhance sustainability in the transportation sector.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/9497
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ :
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,
Volkswagen AG.
๐๐ง๐ฏ๐ข๐ซ๐จ๐ง๐ฆ๐๐ง๐ญ๐๐ฅ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐จ๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐ง๐๐ญ๐ฎ๐ซ๐๐ฅ ๐ ๐๐ฌ ๐ฏ๐๐ก๐ข๐๐ฅ๐๐ฌ :
ยท ๐๐๐๐ฎ๐๐๐ ๐๐ฆ๐ข๐ฌ๐ฌ๐ข๐จ๐ง๐ฌ : Natural gas vehicles produce significantly fewer harmful emissions, such as nitrogen oxides, and particulate matter, contributing to improved air quality and reduced environmental impact.
ยท ๐๐จ๐ฐ๐๐ซ ๐๐๐ซ๐๐จ๐ง ๐๐จ๐จ๐ญ๐ฉ๐ซ๐ข๐ง๐ญ : Natural gas combustion emits fewer greenhouse gases compared to traditional fuels, greenhouse gases compared to traditional fuels, aligning with global effects to combat climate change.
ยท ๐๐๐ง๐๐ฐ๐๐๐ฅ๐ ๐ง๐๐ญ๐ฎ๐ซ๐๐ฅ ๐ ๐๐ฌ : Natural gas combustion emits fewer greenhouse gases compared to traditional fuels, aligning with global efforts to combat climate change.
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐จ๐ง๐ฌ๐ข๐๐๐ซ๐๐ญ๐ข๐จ๐ง๐ฌ :
Apart from environmental advantages, NGVs offer compelling economic benefits for both individual consumers and fleet operators.
ยท ๐๐จ๐ฌ๐ญ ๐๐๐๐ข๐๐ข๐๐ง๐๐ฒ : Natural gas is often more affordable than gasoline or diesel, making NGVs a cost-effective choice for consumers. Additionally, the global abundance of natural gas contributes to price stability.
ยท ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐ข๐ง๐๐๐ง๐ญ๐ข๐ฏ๐๐ฌ : The governments of many nations provide incentives for the adoption of NGVs through tax credits, and other financial perks, encouraging a swifter transition to cleaner transportation.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/automotive-natural-gas-vehicle-market/purchase-options
๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐๐ฅ ๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ :
With continuous technological advancements, natural gas vehicles are adopting innovations that can address previous limitations and enhance overall performance.
ยท ๐๐ฑ๐ญ๐๐ง๐๐๐ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ซ๐๐ง๐ ๐ : Improvements in natural gas storage and engine efficiency have led to increased driving ranges, addressing concerns about limited refueling infrastructure.
ยท ๐๐ง๐ง๐จ๐ฏ๐๐ญ๐ข๐ฏ๐ ๐๐ง๐ ๐ข๐ง๐ ๐๐๐ฌ๐ข๐ ๐ง๐ฌ : Modern natural gas engines are designed to deliver comparable performance to traditional vehicles, dispelling the notion that eco-friendly alternatives compromise on power and speed.
While NGVs offer numerous advantages, challenges remain in achieving widespread adoption. The major challenges include the need for an expanded refueling infrastructure, addressing vehicle range limitations, and increasing awareness among consumers about the benefits of natural gas as a sustainable automotive fuel.
๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐ :
By fuel type, the LNG segment is anticipated to exhibit significant 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.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/9497
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ :
Automotive Electric Power Steering Market : https://www.alliedmarketresearch.com/automotive-electric-power-steering-market-A07236
Automotive Voice Recognition System Market : https://www.alliedmarketresearch.com/automotive-voice-recognition-system-market-A07279
Automotive Wheel Speed Sensor Market : https://www.alliedmarketresearch.com/automotive-wheel-speed-sensor-market
Automotive Power Electronics Market : https://www.alliedmarketresearch.com/automotive-power-electronics-market
China, India, Southeast Asia Automotive OEM Telematics Market : https://www.alliedmarketresearch.com/china-india-and-southeast-asia-automotive-oem-telematics-market
The global automotive natural gas vehicle market was valued at $11.1 billion in 2021, and is projected to reach $20.4 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.
With the rising consciousness toward growing environmental issues, the automotive industry has been actively exploring alternative fuels and propulsion systems. Natural gas vehicles have gained popularity these days, owing to their potential to reduce emissions and enhance sustainability in the transportation sector.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/9497
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ :
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,
Volkswagen AG.
๐๐ง๐ฏ๐ข๐ซ๐จ๐ง๐ฆ๐๐ง๐ญ๐๐ฅ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐จ๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐ง๐๐ญ๐ฎ๐ซ๐๐ฅ ๐ ๐๐ฌ ๐ฏ๐๐ก๐ข๐๐ฅ๐๐ฌ :
ยท ๐๐๐๐ฎ๐๐๐ ๐๐ฆ๐ข๐ฌ๐ฌ๐ข๐จ๐ง๐ฌ : Natural gas vehicles produce significantly fewer harmful emissions, such as nitrogen oxides, and particulate matter, contributing to improved air quality and reduced environmental impact.
ยท ๐๐จ๐ฐ๐๐ซ ๐๐๐ซ๐๐จ๐ง ๐๐จ๐จ๐ญ๐ฉ๐ซ๐ข๐ง๐ญ : Natural gas combustion emits fewer greenhouse gases compared to traditional fuels, greenhouse gases compared to traditional fuels, aligning with global effects to combat climate change.
ยท ๐๐๐ง๐๐ฐ๐๐๐ฅ๐ ๐ง๐๐ญ๐ฎ๐ซ๐๐ฅ ๐ ๐๐ฌ : Natural gas combustion emits fewer greenhouse gases compared to traditional fuels, aligning with global efforts to combat climate change.
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐จ๐ง๐ฌ๐ข๐๐๐ซ๐๐ญ๐ข๐จ๐ง๐ฌ :
Apart from environmental advantages, NGVs offer compelling economic benefits for both individual consumers and fleet operators.
ยท ๐๐จ๐ฌ๐ญ ๐๐๐๐ข๐๐ข๐๐ง๐๐ฒ : Natural gas is often more affordable than gasoline or diesel, making NGVs a cost-effective choice for consumers. Additionally, the global abundance of natural gas contributes to price stability.
ยท ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐ข๐ง๐๐๐ง๐ญ๐ข๐ฏ๐๐ฌ : The governments of many nations provide incentives for the adoption of NGVs through tax credits, and other financial perks, encouraging a swifter transition to cleaner transportation.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/automotive-natural-gas-vehicle-market/purchase-options
๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐๐ฅ ๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ :
With continuous technological advancements, natural gas vehicles are adopting innovations that can address previous limitations and enhance overall performance.
ยท ๐๐ฑ๐ญ๐๐ง๐๐๐ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ซ๐๐ง๐ ๐ : Improvements in natural gas storage and engine efficiency have led to increased driving ranges, addressing concerns about limited refueling infrastructure.
ยท ๐๐ง๐ง๐จ๐ฏ๐๐ญ๐ข๐ฏ๐ ๐๐ง๐ ๐ข๐ง๐ ๐๐๐ฌ๐ข๐ ๐ง๐ฌ : Modern natural gas engines are designed to deliver comparable performance to traditional vehicles, dispelling the notion that eco-friendly alternatives compromise on power and speed.
While NGVs offer numerous advantages, challenges remain in achieving widespread adoption. The major challenges include the need for an expanded refueling infrastructure, addressing vehicle range limitations, and increasing awareness among consumers about the benefits of natural gas as a sustainable automotive fuel.
๐๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐ :
By fuel type, the LNG segment is anticipated to exhibit significant 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.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/9497
๐๐๐๐ ๐๐จ๐ซ๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ :
Automotive Electric Power Steering Market : https://www.alliedmarketresearch.com/automotive-electric-power-steering-market-A07236
Automotive Voice Recognition System Market : https://www.alliedmarketresearch.com/automotive-voice-recognition-system-market-A07279
Automotive Wheel Speed Sensor Market : https://www.alliedmarketresearch.com/automotive-wheel-speed-sensor-market
Automotive Power Electronics Market : https://www.alliedmarketresearch.com/automotive-power-electronics-market
China, India, Southeast Asia Automotive OEM Telematics Market : https://www.alliedmarketresearch.com/china-india-and-southeast-asia-automotive-oem-telematics-market
David Correa
Allied Market Research
+1 800-792-5285
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