The NGV market was valued at USD 19.08 billion in 2022 and is projected to experience a revenue growth with a compound annual growth rate (CAGR) of 6% during the forecast period. The market's revenue growth is primarily driven by the cost-effectiveness and environmental friendliness of NGVs.
NGVs offer numerous advantages compared to conventional gasoline and diesel-powered vehicles. One of the key benefits is the lower fuel costs associated with natural gas. Natural gas is generally cheaper than gasoline or diesel, allowing NGV owners to save on fuel expenses. Additionally, NGVs produce lower levels of pollutants, contributing to reduced air pollution and a cleaner environment. The use of natural gas as a fuel also promotes longer engine life, as it burns cleaner and produces less wear and tear on the engine components. These factors, along with the increasing focus on sustainable transportation solutions, are driving the demand for NGVs and supporting the market's revenue growth.
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The commercial vehicle industry is witnessing an increase in the popularity of NGVs, with fleet operators favoring them due to their cost-effectiveness, improved fuel efficiency, and reduced emissions. NGVs are increasingly being used in heavy-duty vehicles like buses and trucks, particularly in developing countries where natural gas is abundant and affordable.
The CNG segment is expected to generate the most revenue throughout the forecast period, as CNG-powered cars are becoming more popular due to their low cost and environmental benefits. Passenger automobiles also had the highest revenue share in 2022 due to the rising demand for sustainable mobility alternatives and increased awareness of the environmental benefits of NGVs.
Driving factors of NGV Market
Environmental Benefits: NGVs emit fewer pollutants than traditional gasoline and diesel vehicles, making them a more sustainable and environmentally friendly transportation option.
Cost-effectiveness: Natural gas is a cheaper fuel than gasoline and diesel, which makes NGVs a more cost-effective choice for fleet managers, governments, and individual customers.
Energy Security: Natural gas is a domestic and reliable energy source, making NGVs an attractive alternative to imported oil. Several countries are investing in natural gas infrastructure and promoting the usage of NGVs to increase energy security.
Government Initiatives: Governments all over the world are encouraging the adoption of NGVs to reduce greenhouse gas emissions and improve air quality. They are offering subsidies and incentives to promote the usage of NGVs.
Technological Advancements: NGV technology is evolving rapidly, with the development of unique NGV technology such as compressed natural gas (CNG) and liquefied natural gas (LNG) (LNG). Bi-fuel NGVs, which can run on both gasoline and natural gas, are also gaining popularity.
Commercial Vehicle Industry: NGVs are increasingly being used in heavy-duty vehicles like buses and trucks, particularly in developing nations where natural gas is abundant and affordable. Fleet operators are also favoring NGVs due to their cost-effectiveness, improved fuel efficiency, and reduced emissions.
Increasing Demand for Sustainable Transportation: The rising need for green and sustainable transportation is driving revenue growth in the market for automotive NGVs. Consumers are becoming more environmentally conscious and are seeking sustainable transportation options.
Notable Innovation of NGV Market
- One of the notable innovations in the NGV market is the development of unique NGV technology. More and more NGVs are fueled by compressed natural gas (CNG) and liquefied natural gas (LNG). CNG-powered NGVs are more common in light-duty vehicles, whereas LNG is more common in heavy-duty vehicles.
- Another market development is the advent of bi-fuel NGVs. Since they can run on both gasoline and natural gas, bi-fuel NGVs provide drivers with greater flexibility and range. Bi-fuel cars are becoming increasingly widespread, especially in locations with limited natural gas infrastructure.
Some leading companies operating in the global NGV Market
Fiat Chrysler Automobiles N.V., Volkswagen AG, General Motors, Ford Motor Company, Cummins Inc., Clean Energy Fuels Corp., Westport Fuel Systems Inc., IVECO, Hyundai Motor Company, and Toyota Motor Corporation.
Fuel Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Compressed Natural Gas (CNG)
- Liquefied Natural Gas (LNG)
- Bi-fuel
Vehicle Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA
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