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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