Automotive Natural Gas Vehicle Market
Automotive Natural Gas Vehicle Market was valued at 2.40 billion in 2016, exhibiting a CAGR of 10.45% during 2016-2024
The Automotive Natural Gas Vehicle Market uses compressed natural gas (CNG) or liquefied natural gas (LNG) as a substitute to the diesel or petrol. Natural gas is extensively used in lift trucks, buses, light and heavy-duty trucks, motorcycles, cars, vans, and locomotives.
A natural gas provides an economical and environmentally friendly option over diesel or petrol. Currently, the penetration of Automotive Natural Gas Vehicle Market is less globally, but due to its operational advantages, in future, the penetration is expected to increase. High purchase cost and low consciousness in many countries are some of the factors that are hindering the growth of Automotive Natural Gas Vehicle Market.
Asia-Pacific (APAC) countries including China, India, Thailand, and South Korea has new infrastructure developments and industrialization activities that have opened up new opportunities, and Automotive Natural Gas Vehicle Market for automobile manufacturers. The demand for passenger cars is growing in these regions, further caused by the overall growth in per capita income and demand for luxury. Infrastructural developments, as well as industrial investments, have also improved growth of personal vehicles. These factors, in turn, have a positive impact on the the3 growth of CNG and LPG vehicles in the region, which would likely drive the progress of Automotive Natural Gas Vehicle Market.
The Automotive Natural Gas Vehicle Market uses compressed natural gas (CNG) or liquefied natural gas (LNG) as a substitute to the diesel or petrol. Natural gas is extensively used in lift trucks, buses, light and heavy-duty trucks, motorcycles, cars, vans, and locomotives.
A natural gas provides an economical and environmentally friendly option over diesel or petrol. Currently, the penetration of Automotive Natural Gas Vehicle Market is less globally, but due to its operational advantages, in future, the penetration is expected to increase. High purchase cost and low consciousness in many countries are some of the factors that are hindering the growth of Automotive Natural Gas Vehicle Market.
Asia-Pacific (APAC) countries including China, India, Thailand, and South Korea has new infrastructure developments and industrialization activities that have opened up new opportunities, and Automotive Natural Gas Vehicle Market for automobile manufacturers. The demand for passenger cars is growing in these regions, further caused by the overall growth in per capita income and demand for luxury. Infrastructural developments, as well as industrial investments, have also improved growth of personal vehicles. These factors, in turn, have a positive impact on the the3 growth of CNG and LPG vehicles in the region, which would likely drive the progress of Automotive Natural Gas Vehicle Market.
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