Automotive Natural Gas Vehicle Market & Global Industry Forecast Report, 2021-2028

 

Global Automotive Natural Gas Vehicle Market

The GMI Research anticipates an expansion in the size of Automotive Natural Gas Vehicle Market over the forecast period. This is because of the aggravating production of passenger cars and the enlargement in vehicle production industry.

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Automotive Natural Gas Vehicle Market Dynamics

The finite accessibility of fossil fuels and the growing agitation to reduce toxic waste in the environment are the prominent forces supplementing the growth of the global Automotive Natural Gas Vehicle Market. Further, the aggravating demand for environment friendly transportation will stimulate the growth of the market. Besides this, as per the Automotive Natural Gas Vehicle Market Size Report, the strategic initiatives by the government to introduce natural gas distribution infrastructure and the surging norms towards environment prevention and greenhouse gas discharge throughout the nation will encourage the espousal of NGV automobiles.

The accelerated adoption of NGV automotive because of less vehicular discharge, reduced costs and easy accessibility over traditional fuels, such as diesel and gasoline, will further add to the market growth. Several prominent nations, such as, China, U.K., Canada, and France are projected to inhibit all diesel-driven cars by the end of 2030. In accordance with the European Federation for Transport and Environment AISBL, the EU has declared to reduce its greenhouse gas (GHG) emissions by a minimum of 80-95% by 2050. Furthermore, as per the NGV Global, the overall number of NGV was 28,540,819 globally. This is anticipated to fuel the market share. However, the abbreviated driving space with the need of additional space for fuel storage in automotive will restrain the market growth. The widespread outburst of the coronavirus crisis has adversely influenced the sales and fabrication of vehicles, which will further curb the Automotive Natural Gas Vehicle Market Size.

Fuel Type Segment Drivers

On the basis of fuel type, the LGN segment is projected to propel at a faster rate over the forecast period. This is primarily because of its favourable advantages which include cache as liquid at a pressure of nearly ten bar, greater space; and less loss of energy than CNG vehicles.

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