LAMEA 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 Latin America, Middle East and Africa Automotive Natural Gas Vehicle Market would witness market growth of 8.7% CAGR during the forecast period (2022-2028).
Emerging enterprises and leading companies in a variety of industries in emerging nations, including the food industry, e-commerce, and others, have increased demand for transportation and delivery solutions, hence increasing the manufacturing of heavy-duty commercial vehicles. Moreover, as the demand for automobiles rises, so does the desire for natural gas-powered vehicles, such as CNG and LNG-powered vehicles. As a result, policymakers in numerous nations in the region are supporting the use of these fuels over conventional ones.
Due to this, the popularity of natural gas vehicles has increased, which is likely to increase demand for NGVs during the forecast period. Globally, greenhouse gas emissions and environmental protection rules are getting increasingly strict. An NGV engine makes 90% less noise than a diesel engine since its sound pressure level is lower. This offers NGVs as an excellent option for cars that work at night or in heavily populated regions. Additionally, using natural gas for refilling rather than gasoline or diesel lowers evaporative and odorant emissions. Moreover, groundwater contamination does not take place with the use of natural gas.
The Government of Argentina cut the importation taxes for trucks fuelled by CNG, LNG, and biogas/biomethane, as well as associated components, to 2-5%. The government believes that by making it easier to import these commercial cars, more engagement in the natural gas transportation field will eventually result in the growth of a national commercial automobile manufacturing industry. The government also acknowledges the development toward the use of alternative energies in the propulsion of automobiles, noting that natural gas has established itself as one of the most environmentally friendly options, as well as being less expensive than current diesel and utilizing cleaner energy. Similar efforts across the region have augmented the expansion and development of the automotive natural gas vehicle market in the region.
The Brazil market dominated the LAMEA Automotive Natural Gas Vehicle Market by Country in 2021; thereby, achieving a market value of $393.7 million by 2028. The Argentina market is showcasing a CAGR of 9.2% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 7.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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
- Saudi Arabia
- South Africa
- Rest of LAMEA
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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