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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