PORTLAND, OREGAON, UNITED STATES, April 24, 2024 /EINPresswire.com/ -- Allied Market Research published a report on automotive natural gas vehicle market size that provides a detailed insight into the factors influencing the market development, segmentation, arising futuristic trends, and regional analysis. The report states that the market is projected to generate revenue of $20.4 billion by 2031 at a CAGR of 6.4% during the forecast period.
Automotive natural gas vehicles (NGVs) are alternative fuel vehicles that use compressed natural gas (CNG) or liquified natural gas (LNG) as a substitute for petrol or diesel. Their functioning is, however, similar to the engines powered by gasoline. A variety of automotives are operated through natural gas, including vans, buses, trucks, and cars. These vehicles are gaining significant traction recently as they have cleaner emissions and less to no harmful effect on the environment.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ : https://www.alliedmarketresearch.com/request-sample/9497
๐ ๐ฎ๐ญ๐ฎ๐ซ๐ข๐ฌ๐ญ๐ข๐ ๐๐ซ๐๐ง๐๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ฅ ๐๐๐ฌ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ
Three-way Catalytic Converters :
Earlier limited to conventional engines, these converters are now being incorporated into the exhaust systems of NGVs to enhance their emission reductions. Moreover, the catalytic converters are being deployed with onboard diagnostics (OBD) features & nanotechnology, which detect malfunctions at an early stage and extend the efficiency of the vehicles and their engines. The basic principle of the working of three-way catalytic converters is that they oxidize the pollutants of the exhaust gas.
Renewable Natural Gas (RNG) :
It is biomethane gas captured from the decomposed organic waste from landfills, livestock manure, or wastewater treatment facilities. RNG is a "drop-in" fuel that is used interchangeably with conventional natural gas systems. It is considered as the fuel of the future owing to its low-to-negative carbon intensity.
High-pressure Direct Injection (HPDI) :
This technology is gaining traction in natural gas vehicles due to the advantage of compression engine, similar to that of gasoline, while using natural gas as the primary fuel. A small quantity of diesel fuel is required to ignite the natural gas in a compression-ignition cycle. HPDI is now being used for heavy duty vehicles, thereby reducing their carbon emissions and enhancing their effectiveness in the long run.
๐๐๐ซ๐ค๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
A variety of growth factors, restraints, and opportunities are responsible for the overall growth of the market. The factors driving the growth of the market include rise in environmental awareness among people, disruptive pricing structure of gasoline, and favorable government initiatives to promote the adoption of natural gas.
However, increase in popularity of electric vehicles (EVs) owing to their low operation and maintenance costs is posing notable challenges for the market. In addition, the refueling stations available for natural gas are significantly low, thus hampering the growth of the market. On the contrary, surge in demand for natural gas vehicles from several emerging countries is presenting new opportunities for the market. This is attributed to the high initial investment of purchasing an EV, which inclines consumers toward a cheaper and sustainable alternative.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/automotive-natural-gas-vehicle-market/purchase-options
๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ :
Mercedes-Benz Group AG
BMW Group
Toyota Motor Corporation
Ford Motor Company
AB Volvo, Navistar, Inc.
Nissan Motor Co., Ltd.
Tata Motors
Cummins, Inc.
Honda Motor Co., Ltd.
Volkswagen AG
CNH Industrial
๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
The report reviews the segments of the automotive natural gas vehicle market based on vehicle type and fuel type. As per vehicle type, the market is bifurcated into commercial vehicles and passenger cars. By fuel type, the classification is LNG and CNG.
๐๐๐ฃ๐จ๐ซ ๐๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐๐๐๐ซ๐๐ฌ๐ฌ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ฉ๐จ๐ซ๐ญ
What is the projected industry size of the automotive natural gas vehicle market?
Which are the top companies garnering the market share in the market?
What is the leading application of the automotive natural gas vehicle market?
Which region is expected to grow with the highest CAGR?
What are the upcoming trends in the market globally?
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/9497
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
In the report, the automotive natural gas vehicle market is assessed across North America, Asia-Pacific, Europe, and LAMEA. North America is expected to grow with the highest CAGR in the future. In North America, the market is analyzed across Canada, Mexico, and the U.S. The countries of Asia-Pacific where the market is studied are South Korea, Japan, China, and India. Similarly, in Europe the countries analyzed include Germany, Netherlands, France, and the UK. The market is assessed in Africa, Latin America, and the Middle East in LAMEA.
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David Correa
Allied Market Research
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