Published Date: 31-Oct-2022
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According to a new report, published by KBV research, The Global Automotive Natural Gas Vehicle Market size is expected to reach $14.3 billion by 2028, rising at a market growth of 5.9% CAGR during the forecast period.
The Passenger Vehicles market is leading the segment in the Global Automotive Natural Gas Vehicle Market by Vehicle Type in 2021; thereby, achieving a market value of $9.2 billion by 2028. Global air quality is deteriorating due to the excessive release of pollutants and greenhouse gases from the combustion of fossil fuels including gasoline, coal, and diesel. In regions where the air and environment quality are deteriorating, people are motivated to use alternative fuel sources and related technologies.
The LNG market is showcasing a CAGR of 7.7% during (2022 - 2028). Government policy assistance, the diesel-LNG price disparity, and a burgeoning logistics industry fueled by stronger economic growth are the primary factors driving the segment's expansion. The road transportation sector is the largest contributor to the adoption of LNG.
The Asia Pacific market dominated the Global Automotive Natural Gas Vehicle Market by Region in 2021; thereby, achieving a market value of $7.0 billion by 2028. The Europe market is anticipated to grow at a CAGR of 5.3% during (2022 - 2028). Additionally, The North America market would witness a CAGR of 5.1% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Vehicle Type
By Fuel Type
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