The global automotive NGV market demand is projected to reach 31,000.1 thousand units by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 3.0% during the forecast period. The transportation sector across the world is adopting natural gas as a fuel for vehicles. Incumbents of the sector have realized that vehicles operating on conventional fuels, such as diesel and gasoline, are causing pollution and emitting greenhouse gases on a large scale. The adoption of advanced technologies in engines is turning out to be of paramount importance in order to reduce emissions. These technologies include use of alternative fuels, such as CNG, LNG, hydrogen, and electricity.
Need for alternative fuel technology in the transportation sector is prompting incumbents to adopt LNG vehicles for their operations. Subsequently, the automotive LNG vehicle segment is likely to witness strong growth in line with rising interest from the transportation sector, especially the trucking sector.
Rising emissions of greenhouse gases and particulate matter (PM) from diesel and gasoline vehicles are causing the air quality all around the globe to deteriorate, thus affecting people’s health. PM and greenhouse gases lead to smog that might cause lung diseases, such as asthma, chronic bronchitis, and emphysema, along with other health issues.
Deteriorating air quality in China is compelling the government to put in place stringent regulations and initiatives aimed at moving toward zero-emissions vehicles. Therefore, the demand for natural gas is rising in the country. According to the U.S. Energy Information Administration (EIA), China emerged as the world’s second-largest importer of LNG as of December 2017, mainly driven by spiraling adoption of LNG by the nation’s trucking industry.
Modern technologies have continuously emerged through dedicated collaborative R&D centers or manufacturers’ independent technology centers; where researchers focus on building optimal solutions for their NGV customers. Governments across the globe are taking initiatives and investing significant resources to improve natural gas technologies.
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Further key findings from the report suggest:
- Stringent regulations, laid down by governments of various nations, to reduce emissions of greenhouse gases and particulate matter are expected to positively influence market growth over the forecast period
- Refueling solutions such as home refueling and time-fill refueling prove to be economic along with providing convenience to customers
- There is an increase in the adoption of natural gas for different applications across various industries owing to stringent government regulations regarding greenhouse gas emissions and environmental protection
- Asia Pacific dominated the market in 2017 and is anticipated to progress at the highest CAGR over the forecast period
- Some of the key players in the market are AB Volvo; Cummins, Inc.; Beiqi Foton Motor Co., Ltd.; Navistar, Inc.; PACCAR, Inc.; and Westport Fuel Systems Inc.
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Grand View Research has segmented the global automotive NGV market on the basis of fuel type, vehicle type, and region:
Automotive NGV Fuel Type Outlook (Volume, Thousand Units, 2014–2025)
- CNG
- LNG
Automotive NGV Vehicle Type Outlook (Volume, Thousand Units, 2014–2025)
- Passenger vehicles
- Three-wheelers
- Light-duty & heavy-duty buses and trucks
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