According to the latest report by Reports and Data, the global NGV Market size was USD 19.08 Billion in 2022 and is anticipated to grow at a revenue CAGR of 6% during the forecast period.
NGVs are gaining popularity over conventional gasoline and diesel vehicles due to their various benefits such as reduced fuel expenses, lower emissions, and longer engine lifespan. The market for automotive NGVs is being driven by the increasing demand for green and sustainable transportation as governments worldwide encourage the adoption of NGVs to reduce greenhouse gas emissions and improve air quality.
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Furthermore, the market revenue growth is being fueled by the emphasis on energy security. Natural gas is considered a more secure and reliable energy source than imported oil since it is readily available and can be sourced locally. Several countries are investing in expanding their natural gas infrastructure and promoting the usage of NGVs.
Another factor contributing to the adoption of NGVs is their affordability. Since natural gas burns cleaner than gasoline and diesel, it is a cheaper fuel option, and NGVs require less maintenance. This allows fleet managers, governments, and individual customers to choose NGVs at a lower cost.
The market for automotive NGVs is being influenced by the development of unique NGV technology. CNG and LNG are increasingly used to fuel NGVs, with CNG being used more in light-duty vehicles and LNG in heavy-duty vehicles. Bi-fuel NGVs are also gaining popularity as they can run on both gasoline and natural gas, providing drivers with greater flexibility and range.
Some of The Driving Factors of the NGV Market
- Increased demand for green and sustainable transportation due to environmental concerns.
- Government initiatives and regulations promoting the adoption of NGVs to reduce greenhouse gas emissions and improve air quality.
- Emphasis on energy security, as natural gas is considered a more secure and reliable energy source than imported oil.
- Affordability of natural gas as a fuel, which burns cleaner and requires less maintenance compared to gasoline and diesel.
- Advancements in NGV technology, including the development of compressed natural gas (CNG) and liquefied natural gas (LNG) fuel systems.
- Growing popularity of bi-fuel NGVs, which can run on both gasoline and natural gas, providing drivers with greater flexibility and range.
- Increased adoption of NGVs in the commercial vehicle industry, particularly in heavy-duty vehicles like buses and trucks, due to their cost-effectiveness, improved fuel efficiency, and reduced emissions.
Some of the notable innovations in the NGV Market
Development of unique NGV technology: The market for automotive NGVs is being driven by the development of new and innovative technologies. The use of compressed natural gas (CNG) and liquefied natural gas (LNG) as fuels for NGVs has gained popularity, with CNG being more common in light-duty vehicles and LNG being more common in heavy-duty vehicles. Bi-fuel NGVs, which can run on both gasoline and natural gas, are also gaining traction.
Improvements in fuel storage: NGVs require fuel storage systems that can withstand high pressures and low temperatures. In recent years, there have been significant advancements in the design and materials used in fuel storage tanks, making them more efficient and durable.
Enhanced engine performance: NGVs require engines that can operate on natural gas, which is a different fuel type than gasoline or diesel. Recent innovations in engine design have resulted in NGV engines that are more efficient and powerful.
Integration of NGV technology with other technologies: NGV technology is being integrated with other technologies such as hybrid and electric powertrains to create more sustainable and efficient vehicles.
Increased use of NGVs in heavy-duty vehicles: NGVs are increasingly being used in heavy-duty vehicles like buses and trucks, particularly in developing nations where natural gas is abundant and affordable. This has led to the development of NGV engines and fuel systems that are specifically designed for heavy-duty applications.
Some of the major companies in the automotive natural gas vehicles market are
- Fiat Chrysler Automobiles N.V.
- Volkswagen AG
- General Motors
- Ford Motor Company
- Cummins Inc.
- Clean Energy Fuels Corp.
- Westport Fuel Systems Inc.
- IVECO
- Hyundai Motor Company
- Toyota Motor Corporation
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