Due to the depleting resource of crude oil reserves, a majority of developing nations are growing dependent on foreign countries for oil export. With governments looking to curb their export spending, the demand for clean, inexpensive, and abundantly available natural gas is on the rise. For instance, vehicles that run on natural gas are considered good for environment and the economy as a whole.
To encourage the use of natural gas, various incentives are offered by governments. This, combined with the unprecedentedly increasing investment by industries to obtain energy from renewable sources, is creating opportunities for the global natural vehicles market. Because natural gas is a cleaner alternative fuel, which is environment friendly and available for a low cost, it is preferred by an increasing number of vehicle owners.
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Compressed natural gas (CNG) and liquefied natural gas (LNG) are produced from natural gas and offer various economic and environmental benefits to consumers. Besides this, the key regional segments of the global natural gas vehicles market include Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
The report presents a 360 degree analysis of the global natural gas vehicles market. It presents insights into the growth drivers and restraints projected to influence the market between 2015 and 2023. The impact of the government policies on the market’s competitive landscape and the strategies adopted by key players are studied in the report as well.
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Global Gas Vehicles Market: Trends and Opportunities
Transparency Market Research projects favorable growth in the demand for natural gas vehicles in the coming years. While natural gas vehicles may cost comparatively higher than petrol or diesel vehicles, the fuel cost reduction they offer in the long-run leads to significant savings over the life of the vehicle, depending on miles driven and fuel efficiency. The high cost of natural vehicles is mainly due to the cost of high-pressure insulated fuel tank installed in the vehicles to enable fuel extraction from CNG or LPG.
Exhaust emissions from natural gas vehicles are generally lower than their diesel or gasoline counterparts. This considerably supports in reducing the emission of common urban pollutants such as non-methane organic gas, carbon dioxide, nitrogen gas, and carbon monoxide. Conversion of a vehicle into the one running on CNG or LPG provides immense opportunity for saving fuel cost, and thus helps the owner realize the cost of conversion over a certain period of time.
According to the analysis published by Argonne National Lab, using relevant figures from the U.S. EPA, natural gas insulated tanks once installed enable emission reduction in both new and operational diesel and gasoline driven vehicles. It is one of the cleaner alternative transportation fuels available abundantly in the market today and can considerably reduce greenhouse emission. The growing awareness regarding the benefits offered by them will drive demand for natural gas vehicles in the forthcoming years.
The market is also expected to gain from stringent government regulations and proactive participation of industries. On the flip side, high operational cost and capital investment in the manufacture of natural gas vehicles may inhibit the market’s growth. Nevertheless, with the increasing pollution level, a majority of economies will take significant steps encouraging the use of natural, thus creating growth opportunities for the global natural gas vehicles market.
Companies Mentioned in Report
To study the competitive landscape of the market, the report profiles companies such as Isuzu Motors Ltd, Honda Motor Company Ltd, Ford Motor Company, AB Volvo, Toyota Motor Corporation, Volkswagen AG, Caterpillar Inc, Renault SA, Suzuki Motor Corporation Ltd., and General Motors Company.
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