Europe Automotive Natural Gas Vehicle Market Size, Share & Industry Trends Analysis Report By Vehicle Type (Passenger Vehicles, Light-duty & Heavy-duty Buses & Trucks and Three-wheelers), By Fuel Type, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Europe Automotive Natural Gas Vehicle Market would witness market growth of 5.3% CAGR during the forecast period (2022-2028).
LNG is chilled to the point where it becomes a cryogenic liquid. It remains over twice as viscous as CNG in liquid form. At LNG fueling stations, LNG would either be dispensed via bulk storage tanks or produced locally from utility pipes. Due to its cryogenic character, it is kept in insulated tanks that have been particularly developed. In comparison to CNG, these tanks typically operate at relatively low pressures. In the fuel line, a vaporizer is installed to convert the LNG into gas.
When compared to a corporate LNG station to other gases, capital cost, utility infrastructure, and electricity greatly favor LNG. However, piped gas is more prevalent than tanker-delivered LNG. Existing LCNG plants (CNG and LNG) store fuel as LNG, which is then converted to CNG on demand. LCNG stations require less initial investment than fast-fill CNG stations, but more than LNG stations. Due to the fact that both CNG and LNG are types of natural gas, the engines of NG vehicles may run on either fuel without modification, with the exception of fuel tanks, fuel meters, and computer modules.
Nowadays, there are more than a million NGVs on European roads. A wide European network of CNG and LNG fuelling stations supports these vehicles. In Europe, the number of stations and the fleet of vehicles is both continually growing. The fundamental component of CNG and LNG is methane, which is increasingly generated from renewable sources like synthetic natural gas and biomethane. Methane from renewable and natural sources can be combined at any ratio, enabling a gradual and adaptable transition to carbon neutrality. The region altogether wishes to achieve net-zero emissions and has made significant strides in the development of NGVs. Increasing the network of CNG/LNG refueling stations, granting permissions for the manufacture of NGVs, and laying out government-backed regulations propel the expansion of the automotive natural gas vehicle market in the region.
The Germany market dominated the Europe Automotive Natural Gas Vehicle Market by Country in 2021; thereby, achieving a market value of $682.8 million by 2028. The UK market is exhibiting a CAGR of 4.4% during (2022 - 2028). Additionally, The France market would experience a CAGR of 6.1% during (2022 - 2028).
Based on Vehicle Type, the market is segmented into Passenger Vehicles, Light-duty & Heavy-duty Buses & Trucks and Three-wheelers. Based on Fuel Type, the market is segmented into CNG and LNG. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Volvo Group, CNH Industrial N.V., Cummins, Inc., Hexagon Agility, Inc. (Hexagon AB), Beijing Foton International Trade Co., Ltd., Clean Energy Fuels Corp., PACCAR, Inc., Navistar, Inc., Quantum Fuel Systems LLC and Westport Fuel Systems, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Vehicle Type
- Passenger Vehicles
- Light-duty & Heavy-duty Buses & Trucks
By Fuel Type
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Volvo Group
- CNH Industrial N.V.
- Cummins, Inc.
- Hexagon Agility, Inc. (Hexagon AB)
- Beijing Foton International Trade Co., Ltd.
- Clean Energy Fuels Corp.
- PACCAR, Inc.
- Navistar, Inc.
- Quantum Fuel Systems LLC
- Westport Fuel Systems, Inc.
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