Automotive Natural Gas Vehicle Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2032

According to the report published by Zion Market Research, the global Automotive Natural Gas Vehicle Market size was valued at USD 13.72 Billion in 2023 and is predicted to reach USD 23.13 Billion by the end of 2032. The market is expected to grow with a CAGR of 5.98% during the forecast period. The report analyzes the global Automotive Natural Gas Vehicle Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Automotive Natural Gas Vehicle Market industry.

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Global Automotive Natural Gas Vehicle Market: Overview

An alternative fuel vehicle that utilizes liquefied natural gas or natural gas as a cleaner alternative to other fossil fuels is known as a natural gas vehicle. Vehicles powered by propane possess fundamentally different composition and are different from natural gas vehicles. As crude oil reserves are rapidly depleting, many developing nations extensively depend on foreign countries for oil export. Owing to this, governments are focusing on controlling their export spending, which results in high demand for abundantly and inexpensively available natural gas. Natural gas is considered environment-friendly and leads to the economic growth of the country.

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Global Automotive Natural Gas Vehicle Market: Growth Factors

Various initiatives are taken by the governments to encourage the use of natural gas; this is anticipated to contribute to the global automotive natural gas vehicle market growth in the near future. In addition, companies are highly investing in the renewable sources such as natural gas as the cleaner alternative for fuel, which has created ample opportunities for the global market. Vehicle owners are focusing on the acceptance of the environment-friendly and cleaner source of fuel at low cost leading to the enormous increase in the demand for automotive natural gas vehicle globally. Natural gas also offers various advantages whereas liquefied natural gas and compressed natural gas are produced from it providing many environmental benefits to consumers. This is expected to fuel the global market growth in future.

Global Automotive Natural Gas Vehicle Market: Segmentation

The global  Automotive Natural Gas Vehicle Market can be segmented based on vehicle type and fuel type.

Based on vehicle type, the global automotive natural gas vehicle market is categorized as commercial and passenger.

On the basis of fuel type, the global market is classified as liquefied natural gas and compressed natural gas.

Based on geography, the automotive natural gas vehicle market is segregated as Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Automotive Natural Gas Vehicle Market : Report Scope

Global Automotive Natural Gas Vehicle Market: Regional Analysis

Asia Pacific is the dominating region for automotive natural gas vehicle market as it accounted for the largest market share. Latin America comes second in the global ranking, as almost all vehicles in this region have bio-fuel engines that allow vehicles to run on either gasoline or CNG. Use of natural gas vehicles provides fuel efficiency and significant savings over the life of the vehicle boosting the global market growth in North America. The automotive natural gas vehicle is costly due to the cost of installation high-pressure insulated fuel tank, which facilitates fuel extraction from CNG or LPG. The emission from of the automotive natural gas vehicle is comparatively lower than diesel and gasoline counterparts. This will help in reduction of dangerous pollutants such as nitrogen gas, non-methane organic gas, carbon monoxide, and carbon dioxide and result in rising demand for automotive natural gas vehicle in the Middle East and Africa.

Global Automotive Natural Gas Vehicle Market: Competitive Players

Major players in the global automotive natural gas vehicle market are :

• Volkswagen AG
• Isuzu Motors Ltd.
• Suzuki Motor Corporation Ltd.
• Caterpillar Inc.
• Honda Motor Company Ltd.

Other players include

• AB Volvo
• Ford Motor Company
• General Motors Company
• Toyota Motor Corporation
• Renault SA.

The Global Automotive Natural Gas Vehicle Market is segmented as follows:

By vehicle type 

• commercial 
• passenger 

By fuel type 

• liquefied natural gas
• compressed natural gas 

Global Automotive Natural Gas Vehicle Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.