The global demand for vehicles equipped with natural gas is growing sharply, owing to their economical nature and high efficiency as compared to traditional fuels, such as gasoline and diesel. Natural gas vehicles work similar to petrol or diesel engines with CNG and LNG as fuel alternatives. The natural gas transfer high pressure gas from fuel tank to combustion chamber for ignition. Moreover, due to the availability of dual fuel option offered by natural gas, the aftermarket sales are skyrocketing. As compared to conventional vehicles, the running cost of vehicle is significantly low in natural gas vehicle. Additionally, natural gas vehicles are more affordable than electric cars. Furthermore, the rising adoption of natural gas in public transport vehicles is favoring the market growth.
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Key Market Players
- Ford motors
- Peugeot
- Volvo
- BMW
- Proton
- Opel
- Mercedes
- Volkswagen
- General motors
- Honda Motor Company Ltd.
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COVID-19 scenario analysis:
- The economic destruction caused by novel coronavirus in automotive sector would be a time taking process.
- The consumer buying preference is anticipated to shift towards private vehicle, which would increase the sales of new vehicle.
- However, the people would prefer buying inexpensive vehicle due to reduced purchasing power and fear of recession.
- Besides, the fossil fuel vehicle is expected to hamper significantly due to high prices associated with it. Further, the focus on natural gas vehicles would increase due to the pandemic.
- Moreover, the governments revival packages during the pandemic are focused toward the use of alternative fuels to petrol and diesel. This, in turn, would grow the market of natural gas vehicles.
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Key benefits of the report:
- This study presents the analytical depiction of the automotive natural gas vehicle industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed automotive natural gas vehicle market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the automotive natural gas vehicle market research report:
- What are the leading market players active in the automotive natural gas vehicle market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
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