The automotive natural gas vehicles market is expected to witness significant growth over the forecast period owing to the rise in prominence of low-cost compressed natural gas (CNG), and liquefied natural gas (LNG), supplemented by increasing petroleum prices. Availability of conversion kits in the market has significantly spurred the switch from conventional fuel vehicles to automotive natural gas vehicles as the latter help in reducing running and ownership costs. Initiatives undertaken by the governments of several countries focusing on reduction in vehicular emissions through low cost of conversion has resulted in penetration of alternative fuels in the market, thereby driving a the automotive natural gas vehicles market.
CNG and LNG are cleaner fuels as compared to gasoline and emit lesser pollutants. Additionally, they aid reduction in maintenance and the cost associated with their usage. Natural gas-driven engines are more fuel efficient and have superior performance as compared to conventional diesel engines. Automotive natural gas vehicles experience less knocking and no vapor locking and perform exceptionally well in hot as well as cold climatic conditions. CNG and LNG are cheaper than conventional fuels, which has led several governments to encourage and enforce their use. Development of adequate fuelling infrastructure is expected to pose a challenge to automotive natural gas vehicles industry growth.
Countries such as the U.S. and Russia are expected to constitute key regional markets owing to the presence of large natural gas reserves enabling them to achieve energy independence and domestically produce the required fuel. Asia Pacific is expected to exhibit significant market share in the CNG buses and trucks market, whereas North America is projected to witness high growth due to increasing adoption among fleet operators in the U.S.
Key players in the automotive natural gas vehicles market include Daimler AG, Dongfeng Motors Ltd, Volvo, Shaanxi Automobile Co. Ltd, CNH Industrial, and Beiqi Foton Motors Ltd.
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