A natural gas vehicle (NGV) is a vehicle that runs on alternative fuels, like compressed natural gas (CNG) and liquefied natural gas (LNG). In natural gas powered vehicle, power is being generated by combustion of methane (CH4) and oxygen (O2) into carbon di oxide (CO2) and water (H2O). Natural gas are generally used in buses, trucks, cars and bikes. The handling cost of natural gas vehicle is higher than that of petrol and diesel because it requires special tank for storage.
Due to the increase in prices and depletion of crude oil resources, many countries have started initiating to increase the production and use of natural gases in commercial transportation. Cost of natural gases is lesser than that of petrol and diesel and it is also available abundantly. Natural gas vehicles are good for environment as they emits less carbon di oxide and nitrogen gas. Governments of many countries has taken initiative to educate people about the natural gas vehicles and its benefits.
Automotive Natural Gas Vehicle Market - Drivers and Restraints
In the present scenario the market penetration of the natural gas vehicle is less, because the average price of NGV is higher than that of petrol diesel vehicle. Due to the scarcity of fossil fuel resources in future it is expected that the market penetration of the natural gas vehicles will increase globally. Demand of vehicles is increasing day by day as per capita income of people is increasing, but the petrol and diesel sources are depleting with it, this is also a major reason for continuous increase in prices of petrol and diesel from past 8-10 years. It gives opportunity for the natural gas vehicles. Original equipment manufacturers (OEM’S) are generally promoting their products to increase the demand of the NGV by displaying their high fuel efficiency and ecofriendly behavior.
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Improper fueling infrastructure, requires high cost for storing these gases and customized storage tanks as they are highly pressurized gases. Global automotive natural gas vehicle market is expected to show significant growth during the forecast period.
Automotive Natural Gas Vehicle Market - Segmentation
Automotive natural gas vehicles market is segmented based upon fuel type, vehicle type and region. According to the fuel type automotive natural gas vehicle market is bifurcated into compressed natural gas (CNG) and liquefied natural gas (LNG). CNG is easier to produce and can be created at individual fueling stations to be easily dispensed to fleet vehicles that can use either modified gasoline or diesel engines or CNG-specific engines. LNG is an excellent way to transport large volumes of natural gas. On the Basis of Vehicle type NGV is bifurcated on Passenger vehicles and commercial vehicles. Passenger vehicles are further divided into Hatchback, sedan and SUV/MUV, passenger vehicles is having major market share in NGV’s as the demand of passenger vehicles are high.
Asia pacific is having stringent rules for carbon emissions, growing automobile production. Demand for natural gas is very significant for commercial vehicle segment in Asia pacific. India and china are among the top 10 countries in automobile production. These countries are also having very good fuel infrastructure, the number has also increased in NGV’S in Asia pacific by from 2016-2018. Europe is having high demand for natural gas that arises from trucks and bus segments.
The government policies, subsidies, increasing petrol and diesel prices, stringent pollution rules are the boost in demand for automotive natural gas vehicle in Europe. North America has seen a decent growth in the numbers for NGV’S. U.S.A is among the top 5 automobile production counties in the world it has the most share in North American region for the sales of NGV’S.
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Automotive Natural Gas Vehicle Market - Key Players
Key players for automotive natural gas vehicle market are Ford motors, Peugeot, Volvo, BMW, Proton, Opel, Mercedes, Volkswagen and general motors etc. Volvo FH LNG runs on liquefied natural gas – LNG. As a result it emits 20% less CO2 than a regular Volvo FH. It can reduce carbon di oxide (CO2) emission by 100%.Mercedes b 200 natural gas drive has ability of emitting 16% er CO2 than that of petrol and diesel version, and fuel costs which are some 50 percent below those of a comparable petrol-powered car.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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