North America 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 North America Automotive Natural Gas Vehicle Market would witness market growth of 5.1% CAGR during the forecast period (2022-2028).
CNG is stored at 210 to 250 bar pressure (3,000 to 3,600 psi). The needed tank is larger and more expensive than a standard fuel tank. With LNG plants, slow-fill (several hours) is considered to be cost-effective. The time needed to refill a CNG tank differs significantly between stations. Typical residential refuelers fill at a rate of 1 kg/h. At gas stations, since the pressure is significantly higher, a 25-kilogram tank can be refilled in up to 10 minutes.
Depending on gas composition and throughput, it may be possible to link commercial CNG fuelling stations to gas distribution networks or to enable direct residential CNG vehicle fueling with a gas compressor. Parallel to a power source, the CNG tank of a vehicle might function as a home power storage device, as well as the compressor could be operated when excess/free renewable electrical energy is available.
Natural gas is abundant in the United States, and the country is the lowest-cost producer in the world. Therefore, it presents a multitude of potential opportunities for the market for automotive natural gas vehicles. Moreover, the increased production of shale gas throughout the United States has increased the natural gas supply. This significant increase can be linked to the rapid expansion of alternate gas resources and shale since 2008, as well as the development of improved drilling techniques, such as fracking. As a result, natural gas costs have decreased for both residential and commercial consumers.
The US market dominated the North America Automotive Natural Gas Vehicle Market by Country in 2021; thereby, achieving a market value of $2,422.7 million by 2028. The Canada is experiencing a CAGR of 7.1% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 6.8% 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 U.S., Mexico, Canada, and Rest of North America.
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 North America
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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