An automotive Natural Gas Vehicle (NGV) is a cleaner and cheaper gasoline and diesel alternative. As fuel prices are constantly fluctuating, the demand for alternative fuel and energy resources is witnessing a steady spike. This demand for alternative energy resources may facilitate the industry in the coming years. Furthermore, governments globally create regulations and implement strategies to encourage the adoption of automotive natural gas vehicles. Additionally, fluctuating crude oil prices act as a driver for adopting automotive natural gas vehicles. As per Business Insights Research, the market for automotive natural gas vehicle will be valued at USD 14,200 million by 2026.
Post-COVID Outlook: Increased Traveling and Rising Pollution Concerns Indicate Progress Globally
Economic instabilities and policies among nations have resulted in fluctuating prices for petrol, diesel, and other oils. This factor may propel the adoption of natural gas-powered vehicles globally. After the resumption of travel and transport activities, issues regarding pollution may boost the adoption of vehicles powered by natural gas. Vehicle manufacturers push forth advanced technologies that reduce the environmental impact, thereby increasing the production of vehicles powered by natural gas.
Business Insights Research highlights the top 10 companies in the automotive natural gas vehicle industry.
1. Maruti Suzuki (New Delhi, India)
Maruti Suzuki is an Indian company that was founded in 1981. The company offers natural gas vehicles named S-CNG vehicles. They are equipped with innovative features such as an intelligent injection system. It offers a re-tuned braking system, chassis, and suspension.
2. Fiat (Turin, Italy)
Fiat is an automotive manufacturing company headquartered in Turin, Italy, founded in 1989. Fiat Panda natural gas powered vehicle offers low emission rates and enhanced performance to drivers.
3. General Motors (Detroit, Michigan, U.S.)
General Motors is an American automobile manufacturer headquartered in Detroit, Michigan, U.S., founded in 1908. The company expanded its alternative fuel line-up range with Chevrolet to offer the CNG versions of its Low Cab Forward commercial truck in 2015.
4. Hyundai (Seoul, South Korea)
Hyundai is headquartered in South Korea and was founded in 1967. The company offers its Aura, Grand i10 Nios and Santro CNG variants at discounted prices, urging consumers to opt for its natural gas variant vehicles.
5. Ford (Dearborn, Michigan, U.S.)
Ford is an American company that was founded in 1903. The company’s CNG vehicle Aspire Trend Plus offers excellent performance and matches the low-emission standards. Additionally, Ford Figo is an excellent choice for people who travel on highways.
6. Volvo Group (Gothenburg, Switzerland)
Volvo Group is headquartered in Gothenburg, Switzerland and was founded in 1927. The company offers CNG trucks with excellent performance, low emission rates, and a great driving experience.
7. Iran Khodro (Tehran, Iran)
Iran Khodro is headquartered in Tehran, Iran and was founded in 1962. The company offers CNG sedans and provides nearly 1.46 million vehicles to the country’s public transportation fleet.
8. PSA Automobile (Paris, France)
PSA automobile is headquartered in Paris, France and was founded in 1976. The company offers consumers a high-performance car that reduces global greenhouse gas emissions.
9. Tata Motors (Mumbai, India)
Tata Motors is an Indian automaker that was founded in 1945. The Tiago range offers excellent performance, keeps emission levels under control, and offers intelligent features. In August 2020, the company launched its Tiago NRG, a facelift version of the Tiago.
10. C&C Truck (New Jersey, U.S.)
C&C Truck is an automobile manufacturer headquartered in Edison, New Jersey, U.S., founded in 1977. The company offers CNG dumpers for the local steel, electric, and other industries. It is well received by consumers and offers reliable performance.
Increasing Initiatives for the Development of Alternative Fuel Services Enhance the Adoption of Automotive Natural Gas Vehicles
Automotive natural gas vehicles are gaining popularity due to their performance and low emission rates. The development of CNG fuel infrastructure is likely to help this industry grow. Further, as fuel prices fluctuate globally, the demand for efficient services is expected to increase rapidly. Moreover, rising pollution levels may encourage automobile manufacturers to create better CNG-powered vehicles.