Latin America Automotive Natural Gas Vehicle Market Size & Outlook
Latin America automotive natural gas vehicle market, 2016-2028 (Thousand Units)
Related Markets
Latin America automotive natural gas vehicle market highlights
- The Latin America automotive natural gas vehicle market generated a revenue of Thousand 6,334.3 units in 2021.
- The market is expected to grow at a CAGR of 2.9% from 2022 to 2028.
- In terms of segment, cng was the largest revenue generating fuel type in 2021.
- LNG is the most lucrative fuel type segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2022 to 2028.
Latin America data book summary
| Market revenue in 2021 | Thousand 6,334.3 units |
| Market revenue in 2028 | Thousand 7,729.7 units |
| Growth rate | 2.9% (CAGR from 2021 to 2028) |
| Largest segment | Cng |
| Fastest growing segment | LNG |
| Historical data covered | 2016 - 2020 |
| Base year for estimation | 2021 |
| Forecast period covered | 2022 - 2028 |
| Quantitative units | Revenue in Thousand units |
| Market segmentation | CNG, LNG |
| Key market players worldwide | Agility, Volvo AB ADR, CNH Industrial NV, Cummins Inc, Clean Energy Fuels Corp, Navistar, PACCAR Inc, Westport Fuel Systems Inc |
Other key industry trends
- In terms of revenue, Latin America region accounted for 20.4% of the global automotive natural gas vehicle market in 2021.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2028.
- Europe is the fastest growing regional market and is projected to reach Thousand 2,677.2 units by 2028.
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Automotive Natural Gas Vehicle Market Scope
Automotive Natural Gas Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America automotive natural gas vehicle market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to automotive natural gas vehicle market will help companies and investors design strategic landscapes.
Cng was the largest segment with a revenue share of 95.89% in 2021. Horizon Databook has segmented the Latin America automotive natural gas vehicle market based on cng, lng covering the revenue growth of each sub-segment from 2016 to 2028.
Ministry of Development, Industry and Foreign Trade of Brazil is expected to launch a fleet renewal program for heavy-duty diesel trucks. The said organization will provide scrappage schemes and promote natural gas heavy-duty transportation vehicles which will comply with the upcoming P8 emission standards.
The natural gas company Metro GAS S.A. (Argentina) has launched a campaign named Pasalo a Gas (Switch to CNG) in 2018. The campaign focuses on encouraging drivers for adoption of natural gas vehicles throughout the regions.
The low cost of conversions in Argentina and the low natural gas prices fixed by the government has led to a massive switch from traditional fueled vehicles to natural gas vehicles in the last decade. ENARSA, an energy company based in Argentina started constructing the Northeast Argentina Gas Pipeline.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America automotive natural gas vehicle market, including forecasts for subscribers. This continent databook contains high-level insights into Latin America automotive natural gas vehicle market from 2016 to 2028, including revenue numbers, major trends, and company profiles.
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Latin America automotive natural gas vehicle market
Latin America Automotive Natural Gas Vehicle Market Share, 2021 & 2028 (Thousand Units)
Latin America automotive natural gas vehicle market
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