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Market Snapshot

CAGR:6.49

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	6.49

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Report Overview

Automotive Natural Gas Vehicle (NGV) Market Analysis Report 2023-2032:

The Automotive Natural Gas Vehicle (NGV) Market size is estimated to grow at a CAGR of 5.2% between 2022 and 2032. The market size is forecast to increase by USD 14,650.87 million. The growth of the market depends on several factors, including the rising interest in eco-friendly transportation, government incentives for clean energy solutions, and the growing awareness of reduced emissions. NGVs, which utilize natural gas as a fuel source, are gaining popularity as an eco-friendly alternative to traditional gasoline and diesel vehicles.

Automotive Natural Gas Vehicle (NGV) Market Overview

Drivers:

One of the key factors driving the NGV market growth is the increasing interest in eco-friendly transportation. As environmental concerns mount, consumers and businesses are looking for sustainable transportation solutions. NGVs, which produce lower emissions compared to traditional gasoline and diesel vehicles, are seen as a more environmentally friendly option. This heightened awareness of the environmental impact of transportation is expected to drive the adoption of NGVs.

Moreover, government incentives and regulations favoring clean energy solutions play a pivotal role in the growth of the NGV market. Many governments worldwide are offering tax incentives, rebates, and grants to encourage the adoption of NGVs. Additionally, stringent emissions standards and regulations are pushing vehicle manufacturers to invest in NGV technology.

Trends:

A key trend shaping the NGV market growth is the advancement in natural gas storage and refueling infrastructure. Innovations in natural gas storage technologies, such as high-pressure tanks and composite materials, are making NGVs more practical and convenient for consumers. These advancements are addressing one of the historical challenges of NGVs: limited refueling infrastructure. As refueling options become more accessible and convenient, the adoption of NGVs is expected to increase.

Additionally, the rise of biogas and renewable natural gas (RNG) as fuel sources for NGVs is contributing to market growth. These sustainable fuel options, often produced from organic waste, align with the green energy movement and can further reduce the carbon footprint of NGVs.

Restraints:

One of the key challenges hindering the NGV market growth is the limited availability of natural gas refueling stations. The infrastructure for natural gas refueling is not as extensive as that for gasoline and diesel, which can limit the practicality of NGVs, particularly in areas with sparse refueling options. Overcoming this infrastructure gap remains a critical challenge for market expansion.

Furthermore, the initial cost of NGVs can be higher than traditional vehicles, primarily due to the specialized natural gas storage equipment. While long-term cost savings in fuel expenses may offset this initial investment, the higher upfront cost can deter potential buyers.

Automotive Natural Gas Vehicle (NGV) Market Segmentation By Application

The commercial fleet segment is estimated to witness significant growth during the forecast period. Businesses operating fleets of vehicles, such as delivery services, public transportation, and logistics companies, are increasingly turning to NGVs to reduce operating costs and meet sustainability goals. NGVs offer a cost-effective and environmentally friendly solution for these businesses, making them a preferred choice.

The personal vehicle segment is also growing as environmentally conscious consumers opt for NGVs as a greener alternative for their daily transportation needs. Additionally, government incentives for personal NGV ownership are further fueling this segment's growth.

Automotive Natural Gas Vehicle (NGV) Market Segmentation By Type

Compressed Natural Gas (CNG) vehicles are witnessing substantial growth due to their practicality and widespread availability of CNG refueling stations. These vehicles use compressed natural gas stored in high-pressure tanks, making them suitable for various applications, including personal and commercial use.

Liquefied Natural Gas (LNG) vehicles are also gaining traction, primarily in the heavy-duty and long-haul trucking industry. LNG vehicles use supercooled natural gas stored in cryogenic tanks, offering extended driving ranges, making them ideal for long-distance transportation.

Geographical Overview

North America is estimated to contribute 35% to the global NGV market's growth during the forecast period. The United States and Canada are witnessing increased adoption of NGVs, with government incentives and a growing emphasis on reducing emissions driving market growth.

Europe is another significant market, with countries like the United Kingdom, Germany, and France actively promoting NGVs as part of their environmental initiatives. The European market is expected to see steady growth in NGV adoption.

APAC is a region with enormous growth potential in the NGV market. Countries like China and India are experiencing rapid urbanization and increased road transportation, which is driving the demand for cleaner and more efficient NGVs.

In 2020, during the COVID-19 pandemic, the global NGV market, like many industries, experienced a temporary slowdown. However, as economies began to recover in 2021, the focus on clean energy solutions and reduced emissions has reignited the growth of the NGV market.

Automotive Natural Gas Vehicle (NGV) Market Customer Landscape

The NGV market report includes a comprehensive analysis of customer adoption patterns, ranging from early adopters to late adopters. It delves into regional adoption rates and the factors influencing customers' decisions, such as cost savings and environmental concerns.

Major Automotive Natural Gas Vehicle (NGV) Market Companies: Companies in the NGV market are actively pursuing various strategies to expand their market presence. These strategies include forming strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and launching new NGV products and services.

The research report also provides in-depth analysis of the competitive landscape, featuring information about major NGV market companies, including:

Cummins Inc.
Landi Renzo
Agility Fuel Solutions
Nikola Corporation
Worthington Industries
IVECO
Cenergy Solutions
Gasum Oy
Hexagon Composites ASA
Chesapeake Utilities Corporation
PACCAR Inc.
Royal Dutch Shell Plc
Clean Energy Fuels
Westport Fuel Systems
Chart Industries
Quantum Fuel Systems
CNH Industrial N.V.
Applied Natural Gas Fuels, Inc.
Trillium CNG
NG Advantage

These companies are actively shaping the NGV market landscape with innovative solutions and products that cater to the growing demand for clean and sustainable transportation.

Segment Overview The NGV market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032)

Commercial Fleet
Personal Vehicles
Public Transportation
Others

Type Outlook (USD Million, 2019 - 2032)

Compressed Natural Gas (CNG) Vehicles
Liquefied Natural Gas (LNG) Vehicles
Others

Geography Outlook (USD Million, 2019 - 2032)

North America

The U.S.
Canada

Europe

U.K.
Germany
France
Rest of Europe

APAC

China
India

South America

Brazil
Argentina

Middle East & Africa

Saudi Arabia
South Africa
Rest of the Middle East & Africa

TABLE OF CONTENTS: GLOBAL Automotive Natural Gas Vehicle (NGV) MARKET
Chapter 1. MARKET SYNOPSIS
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. EXECUTIVE SUMMARY
2.1. Summary Snapshot, 2016 - 2027
Chapter 3. INDICATIVE METRICS
3.1. Macro Indicators
Chapter 4. Automotive Natural Gas Vehicle (NGV) MARKET SEGMENTATION & IMPACT ANALYSIS
4.1. Automotive Natural Gas Vehicle (NGV) Segmentation Analysis
4.2. Industrial Outlook
4.3. Price Trend Analysis
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.5.1. Power Of Suppliers
4.5.2. Power Of Buyers
4.5.3. Threat Of Substitutes
4.5.4. Threat Of New Entrants
4.5.5. Competitive Rivalry
Chapter 5. Automotive Natural Gas Vehicle (NGV) MARKET BY TYPE INSIGHTS & TRENDS
5.1. Segment 1 Dynamics & Market Share, 2019 & 2027
5.2. Type 1
5.2.1. Market Estimates And Forecast, 2016 - 2027 (USD Million)
5.2.2. Market Estimates And Forecast, By Region, 2016 - 2027 (USD Million)
5.3. Type 2
5.3.1. Market Estimates And Forecast, 2016 - 2027 (USD Million)
5.3.2. Market Estimates And Forecast, By Region, 2016 - 2027 (USD Million)
Chapter 6. Automotive Natural Gas Vehicle (NGV) MARKET BY APPLICATION INSIGHTS & TRENDS
6.1. Segment 2 Dynamics & Market Share, 2019 & 2027
6.2. Application 1
6.2.1. Market Estimates And Forecast, 2016 - 2027 (USD Million)
6.2.2. Market Estimates And Forecast, By Region, 2016 - 2027 (USD Million)
6.3. Application 2
6.3.1. Market Estimates And Forecast, 2016 - 2027 (USD Million)
6.3.2. Market Estimates And Forecast, By Region, 2016 - 2027 (USD Million)
6.4. Application 3
6.4.1. Market Estimates And Forecast, 2016 - 2027 (USD Million)
6.4.2. Market Estimates And Forecast, By Region, 2016 - 2027 (USD Million)
6.5. Application 4
6.5.1. Market Estimates And Forecast, 2016 - 2027 (USD Million)
6.5.2. Market Estimates And Forecast, By Region, 2016 - 2027 (USD Million)
Chapter 7. Automotive Natural Gas Vehicle (NGV) MARKET REGIONAL OUTLOOK
7.1. Automotive Natural Gas Vehicle (NGV) Market Share By Region, 2019 & 2027
7.2. NORTH AMERICA
7.2.1. North America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.2.2. North America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.2.3. North America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.2.4. North America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.2.5. U.S.
7.2.5.1. U.S. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.2.5.2. U.S. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.2.5.3. U.S. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.2.5.4. U.S. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.2.6. CANADA
7.2.6.1. Canada Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.2.6.2. Canada Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.2.6.3. Canada Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.2.6.4. Canada Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.3. EUROPE
7.3.1. Europe Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.3.2. Europe Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.3.3. Europe Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.3.4. Europe Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.3.5. GERMANY
7.3.5.1. Germany Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.3.5.2. Germany Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.3.5.3. Germany Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.3.5.4. Germany Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.3.6. FRANCE
7.3.6.1. France Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.3.6.2. France Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.3.6.3. France Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.3.6.4. France Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.3.7. U.K.
7.3.7.1. U.K. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.3.7.2. U.K. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.3.7.3. U.K. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.3.7.4. U.K. Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.4. ASIA-PACIFIC
7.4.1. Asia Pacific Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.4.2. Asia Pacific Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.4.3. Asia Pacific Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.4.4. Asia Pacific Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.4.5. CHINA
7.4.5.1. China Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.4.5.2. China Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.4.5.3. China Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.4.5.4. China Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.4.6. INDIA
7.4.6.1. India Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.4.6.2. India Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.4.6.3. India Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.4.6.4. India Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.4.7. JAPAN
7.4.7.1. Japan Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.4.7.2. Japan Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.4.7.3. Japan Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.4.7.4. Japan Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.4.8. AUSTRALIA
7.4.8.1. Australia Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.4.8.2. Australia Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.4.8.3. Australia Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.4.8.4. Australia Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.5. MIDDLE EAST AND AFRICA (MEA)
7.5.1. Mea Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.5.2. Mea Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.5.3. Mea Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.5.4. Mea Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
7.6. LATIN AMERICA
7.6.1. Latin America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast, 2016 - 2027, (USD Million)
7.6.2. Latin America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 1, 2016 -2027, (USD Million)
7.6.3. Latin America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 2, 2016 -2027, (USD Million)
7.6.4. Latin America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Production Process, 2016 -2027, (USD Million)
7.6.5. Latin America Automotive Natural Gas Vehicle (NGV) Market Estimates And Forecast By Segment 3, 2016 -2027, (USD Million)
Chapter 8. COMPETITIVE LANDSCAPE
8.1. Market Share By Manufacturers
8.2. Strategic Benchmarking
8.2.1. New Product Launches
8.2.2. Investment & Expansion
8.2.3. Acquisitions
8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures
8.3. Vendor Landscape
8.3.1. North American Suppliers
8.3.2. European Suppliers
8.3.3. Asia-Pacific Suppliers
8.3.4. Rest Of The World Suppliers
Chapter 9. COMPANY PROFILES
9.1. Company 1
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Insights
9.1.4. Strategic Initiatives
9.2. Company 2
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Insights
9.2.4. Strategic Initiatives
9.3. Company 3
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Insights
9.3.4. Strategic Initiatives
9.4. Company 4
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Insights
9.4.4. Strategic Initiatives
9.5. Company 5
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Insights
9.5.4. Strategic Initiatives
9.6. Company 6
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Insights
9.6.4. Strategic Initiatives
9.7. Company 7
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Insights
9.7.4. Strategic Initiatives
9.8. Company 8
9.8.1. Company Overview
9.8.2. Financial Performance
9.8.3. Product Insights
9.8.4. Strategic Initiatives
9.9. Company 9
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Insights
9.9.4. Strategic Initiatives
9.10. Company 10
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Insights
9.10.4. Strategic Initiatives

List of Tables and Figures

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Automotive Natural Gas Vehicle Ngv Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032