Exploring the Growing Market for Natural Gas Vehicles in the Automotive Industry
Market Research Future Insights According to MRFR analysis, the global Automotive Natural Gas Vehicle Market is expected to register a CAGR of ~ 6% from 2022 to 2030 and hold a value of over USD 15.3 billion by 2030. A natural gas-powered vehicle (NGV) is powered by substitute fuels like LPG (Liquified petrol gas) and CNG (Compressed natural gas). The combustion of oxygen (O2) and methane (CH4) into water (H2O) and carbon dioxide (CO2) powers the engine of NGVs. NGVs are being encouraged as low-cost alternative fuel vehicles later they produce fewer greenhouse gases than conventional fossil fuel-based vehicles.The market of Natural gas-powered vehicles is steadily rising and is projected to grow further. This can be attributed to the prices of CNG and LPG, which are moderately less than diesel. Also, owing to stunted emissions, natural gas will emerge as the leading player in the substitute fuel market worldwide. The growing demand for alternative fuel in the transportation sect...