Yahoo Finance Automotive Natural Gas Vehicle Market Global Market Report 2022: Ukraine-Russia War Impact
Major players in the automotive natural gas vehicle market are Agility Fuel Solutions, Aktiebolaget Volvo, Beiqi Foton Motor Co. Ltd. , CNH Industrial N. V. , Clean Energy Fuels, Cummins Inc. , Paccar Inc, Navistar Inc.
New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Natural Gas Vehicle Market Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06370314/?utm_source=GNW
, Quantum Fuel Systems LLC, Westport Fuel Systems Inc., General Motors Company, Maruti Suzuki India Ltd, Ford Motor Company, Hondo Motor Company, Volkswagenwerk GmbH, HyundaiMotor Corp, Iran Khodro, Volvo Group, C&C Truck, Tata Engineering and Locomotive Company Ltd., Fabbrica Italiana Automobili Torino, Régie Nationale Des Usines Renault, Caterpillar Inc., Shaanxi Automobile Group Limited, Mercedes-Benz Group AG, CNH Industrial NV, Landi Renzo, and Toyota Motor Corporation.
The global automotive natural gas vehicle market is expected to grow from $ 9.86 billion in 2021 to $ 10.86 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The automotive natural gas vehicl market is expected to grow to $ 14.24 billion in 2026 at a CAGR of 7%.
The automotive natural gas vehicle market consists of sales of automotive natural gas vehicles by entities (organizations, sole traders, and partnerships) that provide high mileage and comfort with low emissions.An automotive natural gas vehicle refers to an alternative fuel vehicle that operates with natural gas as the fuel rather than gasoline or diesel.
These are lower-cost vehicles than gasoline and diesel and provide a long-lasting and secure fuel supply.
The main types of vehicles in automotive natural gas vehicles are light-duty vehicles, medium-duty vehicles, and high-duty vehicles.The light-duty vehicle carries people and has no more than eight seats in total.
Light-duty vehicles are autos with at least four wheels that are used to transport cargo. The different fuel types include CNG and LNG that are used in several applications, such as commercial vehicles and passenger cars.
Asia Pacific was the largest region in the automotive natural gas vehicle market in 2021. The regions covered in the automotive natural gas vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Stringent regulations for controlling air pollution are significantly contributing to the growth of the automotive natural gas vehicle market going forward.Air pollution refers to the contamination of air by any physical, chemical, or biological pollutants that are harmful to animals as well as humans.
The governments are concerned about the adverse effects of air pollution and have started implementing various regulations to control pollution.This has increased the demand for automotive natural gas vehicles as they possess low emission properties due to the lower carbon content in the fuel.
For instance, in September 2021, the World Health Organization’s Global Air Quality Guidelines aim to save lives and improve air quality from air pollution.These guidelines also highlight good practices to manage certain types of particulate matter such as elemental carbon, particles originating from sand, ultrafine particles, and dust storms to set air quality guideline levels.
Therefore, the stringent regulations for controlling air pollution are driving the automotive natural gas vehicle market.
Product innovations have emerged as the key trend gaining popularity in the automotive natural gas vehicle market.Major market players are concentrating their efforts on creating innovative technologies to reduce greenhouse gas emissions.
For instance, in October 2021, Scania, a Sweden-based commercial vehicle manufacturer, launched an LNG tractor unit for its biogas-fueled long-distance haulage.The inclusion of the LNG tractor unit covers both LNG (liquefied natural gas) and CNG (compressed natural gas) solutions in both two-axle variants.
The Scania vehicle can operate on 100% biogas, which will offer up to a 90% carbon dioxide reduction.
In January 2022, Cummins, a US-based manufacturer of engines, filtration, and power generation products, formed a joint venture with Rush Enterprises by acquiring a 50% stake in Momentum Fuel Technologies from Rush Enterprises.The joint venture between the two businesses will aim to improve the manufacture of almost emission-free natural gas powertrains in North America.
This partnership will also expand and improve the service and support for Compressed Natural Gas (CNG) and Renewable Natural Gas (RNG) customers of Cummins. Rush Enterprises is a US-based retailer of commercial vehicles, primarily new and used trucks.
The countries covered in the automotive natural gas vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive natural gas vehicle market research report is one of a series of new reports that provides automotive natural gas vehicle market statistics, including automotive natural gas vehicle industry global market size, regional shares, competitors with automotive natural gas vehicle market share, detailed automotive natural gas vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive natural gas vehicle industry. This automotive natural gas vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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