The Asia Pacific Automotive Natural Gas Vehicle Market would witness market growth of 6.1% CAGR during the forecast period (2022-2028).
Gasoline and diesel's volatile and destabilizing pricing structure is one of the primary factors driving the development of NGVs. Various reasons, such as the fluctuating value of the U.S. dollar, shifting supply/demand of oil, as well as the expansion of energy-intensive industries such as transportation, power, and manufacturing, are causing economic instability in the oil and gas business. These variables cause crude oil price volatility. Most governments have taken a hint from this and have already begun to expedite the manufacturing of NGVs.
As a result of urbanization and increased industrial activity, it is anticipated that the consumption of automobiles in emerging economies would surge in the coming years. Due to the growing demand for automobiles, manufacturers are progressively constructing production facilities in emerging countries. The manufacture of automobiles has increased in developing nations as a result of favorable government policies, rising GDP, and expanding consumer expenditure.
China accounted for roughly half of passenger vehicle sales in Asia-Pacific. Due to the expansion of natural gas facilities in nations like India, China, and Pakistan, this area is acknowledged as the biggest adopter of NGVs. CNG and LNG usage will undoubtedly increase in China as a result of massive infrastructure development, and natural gas would help operators reduce operating expenses. Numerous government incentives granted to encourage the usage of natural gas serves as the key market growth drivers. These factors expedite the growth of the automotive natural gas vehicle market in the region
The China market dominated the Asia Pacific Automotive Natural Gas Vehicle Market by Country in 2021; thereby, achieving a market value of $1,996.5 million by 2028. The Japan market is registering a CAGR of 5.5% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 6.8% during (2022 - 2028).
Based on Vehicle Type, the market is segmented into Passenger Vehicles, Light-duty & Heavy-duty Buses & Trucks and Three-wheelers. Based on Fuel Type, the market is segmented into CNG and LNG. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Natural Gas Vehicle Market is Projected to reach USD 14.3 Billion by 2028, at a CAGR of 5.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Volvo Group, CNH Industrial N.V., Cummins, Inc., Hexagon Agility, Inc. (Hexagon AB), Beijing Foton International Trade Co., Ltd., Clean Energy Fuels Corp., PACCAR, Inc., Navistar, Inc., Quantum Fuel Systems LLC and Westport Fuel Systems, Inc.
By Vehicle Type
By Fuel Type
By Country
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