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According to this report the market was valued at US$ 17,100 million in 2019 and is projected to reach US$ 28,805.75 million by 2027; it is expected to grow at a CAGR of 6.9% from 2020 to 2027.
Europe led the global natural gas vehicle market with 8.1% revenue share in 2019, followed by Asia-Pacific (APAC)and North America. Europe comprises Germany, Italy, Russia, the UK, France, and the Rest of Europe. Automotive is one of the major manufacturing industries in European countries as it considerably contributes to the countries gross domestic product. Also, several premium automotive manufacturers are based in the region. The vehicles and fueling stations are constantly growing across Europe. LNG and CNG primarily consist of methane that is progressively generated from renewable sources in biomethane and synthetic natural gas. The rising production of commercial and passenger vehicles generates huge demand