The growing focus on reducing emissions is driving the demand for natural gas vehicles (NGVs). Furthermore, the global natural gas vehicles market will benefit from the favorable regulations imposed by governments around the world to regulate the release of greenhouse gas (GHG) emissions. The U.S. Environmental Protection Agency (EPA), for instance, requires all fuels and vehicles to meet the same thresholds for tailpipe emissions of air pollutants. Tailpipe emissions are created by the combustion of fuel in a vehicle’s engine. Natural gas vehicles provide substantial emission benefits, due to the cleaner combustion of natural gas than petrol or diesel.
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Rising Investment to Drive Global Natural Gas Vehicles Market
According to a study conducted by the Argonne National Laboratory, compressed natural gas (CNG) and liquefied natural gas (LNG) help decrease lifetime greenhouse gas emissions in both light- and heavy-duty vehicles as compared to gasoline- and diesel-based vehicles. The rising awareness about the benefits of natural gas vehicles will help the expansion of the global natural gas vehicles market.
The depleting reserves of crude oil have forced countries and investors to look for alternative fuel sources. In addition to this, the demand for clean and inexpensive fuels is rising. Natural gas vehicles are a good alternative to conventional vehicles not only in terms of GHG emissions but also in terms of economy. The rising investment by governments and private firms will drive the demand for natural gas vehicles and related services substantially.
Even though rising participation by industry players and stringent regulations will drive the global natural gas vehicles market, it will be suppressed by the high operational cost and capital cost associated with the manufacturing of natural gas vehicles. Nevertheless, increasing pollution levels will provide good growth opportunities for the global natural gas vehicles market.
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LNG Commercial Vehicles to Witness Strong Growth in Global Market
By fuel type, the global natural gas vehicles market is divided into compressed natural gas and liquefied natural gas. Presently, the global natural gas vehicles market is led by CNG commercial vehicles by a massive margin. Nevertheless, the LNG commercial vehicles segment will witness high growth in the coming few years.
Natural gas vehicles are costlier than petrol/diesel vehicles due to the high cost of high-pressure insulated fuel tank used to store LNG or CNG. Nevertheless, savings in fuel costs can largely compensate for the higher initial costs over the life of a vehicle depending on the fuel efficiency and the number of miles driven. Massive savings have been noticed in heavy-duty and high-mileage fleets. These vehicles burn a large quantity of fuel and owners can begin to accrue financial benefits in as little as 1 to 1.5 years. With the declining cost of fuel tanks, the cost of light-duty passenger vehicles will reduce and enjoy a shorter payback period.
Natural gas is a clean alternative fuel that is affordable and environment-friendly. Furthermore, it offers various other environmental and economic benefits. These factors will help the global natural gas vehicles market continue on its strong growth path. Some of the key players operating in the global natural gas vehicles market are General Motors Company, Suzuki Motor Corporation, Toyota Motor Corporation, Renault, Ford Motor Company, Volkswagen, AB Volvo, and Honda Motor Company.
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