iCrowdNewswire Feb 11, 2021 1:00 AM ET
The natural gas vehicle market was valued at US$ 17,100.00 million in 2019 and is expected to reach US$ 28,805.75 million by 2027; it is estimated to grow at a CAGR of 6.9% during 2020–2027.
As per the Climate Technology Centre & Network (CTCN), compressed natural gas (CNG) is broadly used as vehicle fuel in the world. CTCN stated that there are ~10 million natural gas-powered vehicles and ~15,000 CNG refueling stations in ~75 countries. In countries with substantial gas reserves and limited oil reserves, the use of natural gas in transport can lower the dependency on costly oil imports. The global natural gas vehicle market is currently a niche market as the current share of natural gas in road transportation is small in a few countries. The prominent countries using CNG in vehicles are Pakistan, Argentina, Iran, and Brazil.
Natural gas vehicle engines function similar to gasoline-powered vehicle engines that are typically spark-ignited internal combustion engines. Natural gas is stored in a cylinder or a fuel tank, usually embedded at the back of the vehicle. Batteries provide electricity for the functioning of the engine and power electronics in these vehicles. The electronic control module (ECM) controls the ignition timing, fuel mixture, and emissions system; it also observes the operation of the vehicle and detects the problems. Natural gas is eco-friendly fuel as it contributes less to pollution than petrol or diesel and its resources are extensively available worldwide. Moreover, the prospective benefits of using natural gas vehicles include low greenhouse gas emissions, cost reduction, noise reduction, and local air quality improvement.
Some of the key players in this market include AB Volvo, Agility Fuel Solutions LLC, America Honda Motor Company, CNH Industrial N.V., Cummins Westport, General Motors, Navistar Inc., Paccar Inc., The Ford Motor Company, Volkswagen AG
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This is a professional and in-depth study on the current state of the Natural Gas Vehicle Market with a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Strategic Insights and Development plans are also discussed and manufacturing processes and cost structures analyzed. Natural Gas Vehicle Market import/export consumption, supply and demand figures and cost price and production value gross margins are also provided.
The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of technology offered by the leading participants in the industry in order to understand widely used market specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.
The Insight Partners Natural Gas Vehicle Market Research Report Scenario include:-
- The report provides qualitative and quantitative trends of global Natural Gas Vehicle Market across type, type of products, service, and geography.
- The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Natural Gas Vehicle Market.
- Chapter Threeprovides the research methodology of the study.
- Chapter Fourfurther provides PEST analysis for each region.
- Chapter Fivehighlights the key industry dynamics in the Natural Gas Vehicle Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
- Chapter Sixdiscusses the global Natural Gas Vehicle Market scenario, in terms of historical market revenues, and forecast till the year 2027.
- Chapter Sevento ten discuss Natural Gas Vehicle Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
- Chapter Elevendescribes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
- Chapter Twelveprovides the detailed profiles of the key companies operating in the global Natural Gas Vehicle Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
- Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.
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The report also covers a detailed chapter of the analysis on COVID-19 impact on this market at global and regional level in our final reports.
This research provides detailed information regarding the major factors influencing the growth of the Natural Gas Vehicle Market in Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
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Keywords: AB Volvo, Agility Fuel Solutions LLC, America Honda Motor Company, CNH Industrial N.V., Cummins Westport, General Motors, Navistar Inc., Paccar Inc., The Ford Motor Company, Volkswagen AG