Automotive Industry to drive the Global CNG vehicles Market during the forecast period, and anticipated to grow at more than 3.2% CAGR
CNG vehicles continues to witness lucrative opportunities across the countries on the backdrop of the increasing number of the NGVs (Natural Gas Vehicles) and increasing preference for CNG vehicles across the world. Moreover, the growth in the automotive industry has influenced the adoption of the CNG vehicles due to the depletion of crude oil resources owing to the increasing demand for high quality and reliable CNG vehicles from the consumer. For instance, there has been an increase in the fleet of CNG vehicles by 7.4% in 2014 to 18% in 2018 across the world. The trending convergence of government regulations on fuel emissions & natural gas powered vehicles production which have more adoption rate and is further anticipated to create remunerative growth opportunities for CNG vehicles market. Around the world, governments have issued stringent regulations regarding emissions and fuel efficiency. The global fossil fuel price has seen an increasing trend over the past five to ten years. Due to these reasons, there is a growing demand for cheap and environmentally friendly fuel alternative. Original equipment manufacturers of vehicles are promoting their products by showcasing fuel efficiency and emission-free features. This factor is fueling the demand for automotive CNG vehicles market.
A recent Fact study foretells the CNG vehicles market to record an expansion at 3.2% over the forecast period (2018 – 2027). CNG vehicles continues to witness increased demand from automotive industry. However promotional buyers demand has impressive growth in some of the regions.
CNG vehicles for Passenger vehicles type segment are Estimated to be the Most Lucrative Market in the CNG vehicles
The demand for CNG vehicles for passenger vehicles type segment is estimated to grow at a significant rate and is projected to reach more than thousand millions by 2027 end. The CNG vehicles for commercial vehicles segment is growing at a relatively slower pace as compared to other CNG vehicles segment. The slow growth in the commercial CNG vehicle in the market is due to the long product lifecycle and the availability in the market globally. Though the CNG vehicles for passenger vehicles segment has maximum work piece diameter, which is used in various light commercial vehicles. Therefore, it holds more than 60% share in terms of value in 2018.
Dedicated Fuel CNG vehicles are anticipated to be the most Favorable Product Type in CNG vehicles Market
Dedicated fuel CNG vehicles holds more than 45% share in CNG vehicles sales owing to have less complicated yet simple design. Although the bi-fuel and dual fuel CNG vehicles are also growing at a significant rate owing to the increasing demand for fuel efficient vehicles and optional fuel function. Also, the dedicated CNG vehicles is estimated to grow at a significant CAGR of more than 3.5% in terms of value, in the global CNG vehicles market over the forecast period.
APEJ: Market Leader in the CNG vehicles
The CNG vehicles market has been evaluated across primary regions such as North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ) and Middle East and Africa (MEA). Among these, APEJ CNG vehicles market is expected to hold favorable growth in terms of CAGR over the forecast period. In terms of value, the APEJ market is anticipated to hold a prominent share of the market by 2027. The market for CNG vehicles is estimated to grow at a significant CAGR of more than 3.6% and will represent a total incremental opportunity of over thousand millions in terms of value during the forecast period.
The competitive landscape section of the CNG vehicles market delivers the most insightful information regarding the key market players, their relative global position and business strategies. The market for the CNG vehicles is estimated to grow over the forecast period as the contenders in the global market are rising and competition with the existing players is estimated to grow in the next nine years. The manufacturers in CNG vehicles market to expand with strategic developments such as product launches, product innovation, expansion, collaborations and acquisitions in the CNG vehicles market.
Key players operating in the global market for CNG vehicles, include Ford Motor Company, Fiat Chrysler Automobiles, General Motors, Honda Motor Company, Volkswagen, Hyundai Motor Group, Suzuki Motor Corporation, Great Wall Motors, Iran Khodro, and others. Some of the aftermarket players in the CNG Vehicles market are Landi Renzo, Impco, Venchurs, Westport, Tomasetoo Achile, and others. The competition among the existing market players is very high. Therefore, to survive & succeed in such a competitive environment, manufacturers must distinguish their product offering through innovative & unique products.
About the Report
Fact.MR published an exclusive forecast report for the CNG vehicles market between 2018 and 2027. The foremost objective of this report on CNG vehicles market is to pitch spearhead insights on market scenario, demand generators and technological advancements in CNG vehicles market. Also, the study on CNG vehicle market addresses key dynamics are expected to diversify the sales and future prominence of CNG vehicles market.
The report on CNG vehicle market initiates with an executive overview in which a product definition is provided. The report further proceeds with taxonomy of CNG vehicles market elaborate on the key segments. Also, the report outlines visionary insights on dynamics of CNG vehicles market including drivers, restraints, opportunities and trends and pricing analysis along with the key buying factors for CNG vehicles. Supply chain analysis and pricing analysis of CNG vehicles market along with the difference between passenger CNG vehicles and commercial CNG vehicles have also been included in the report to help the readers clearly understand the product framework map in CNG vehicles market.
CNG Vehicles market: Global Industry Analysis and Opportunity Assessment 2018-2027
Fact.MR offers a 9-year forecast for the CNG Vehicles market between 2018 and 2027. Regarding value, the market is predicted to witness a CAGR of 3.2% during the forecast period (2018–2027). The primary objective of the report is to offer insights on the progressions in the global CNG Vehicles market. The study caters market dynamics that are assumed to influence the current environment and future status of the CNG Vehicles market over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts and opportunities for manufacturers working in the CNG Vehicles market. A section of the report discusses how the overall competition in the market is steadily increasing. It examines various factors that are shaping internal as well as external competition in the market. The CNG Vehicles market is expected to grow at a stable pace shortly. Moreover, positive outlook of the automobile industry and steady growth in NGVs (Natural Gas Vehicles) across developing economies are projected to build robust growth opportunities in the CNG Vehicles market.
The report caters detailed market share analysis of the CNG Vehicles market by prominent manufacturers. A section of the report highlights the overall country-wise CNG Vehicles market. It offers a market outlook for 2018–2027 and sets the forecast within the context of the report. The report emits light on critical developments and activities executed by the prominent manufacturers operating in the CNG Vehicles market.
Key Segments Covered in CNG Vehicles market Report:
On the basis of vehicles type, the CNG Vehicles market can be segmented into:
On the basis of product type, the CNG Vehicles market can be segmented into:
- Dedicated Fuel
- Dual Fuel
On the basis of region, the CNG Vehicles market can be segmented into:
- North America
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa (MEA)
A detailed analysis has been provided for every segment, regarding market size (volume and value) analysis for CNG Vehicles market.
The report starts with the market overview and provides market definition and analysis of drivers, restraints, opportunities, supply chain analysis and critical trends in the CNG Vehicles market. The next section includes global CNG Vehicles market analysis, analysis by vehicles type, product type, and by region level analysis. All the above sections evaluate the CNG Vehicles market by various factors affecting the market and cover present scenario and prospects. For CNG Vehicles market data analysis, the report considers 2017 as the base year, with CNG Vehicles market numbers estimated for 2018 and forecast made for 2018–2027.
Another critical feature of the CNG Vehicles market report is the analysis of all key segments regarding the absolute dollar. This factor is usually overlooked while forecasting the market. However, perfect dollar opportunity is critical in assessing the level of possibility that a provider can look to achieve, as well as in identifying potential resources, from a sales and delivery perspective in the CNG Vehicles market.
Research Methodology of CNG Vehicles market
The report titled “CNG Vehicles market” focuses on providing information regarding the volume (Units) and value (US$ Mn) of the market from a global perspective. The research on the said market was initiated thorough secondary research on the product, using both top-down and bottom-up approaches, right down to the country and segmental level. Market trends and growth projections were taken into consideration to arrive at the total CNG Vehicles market. In addition to the above secondary research, yearly revenue generated by the various product types of the CNG Vehicles market was estimated.
Furthermore, the yearly revenue generated from CNG Vehicles market manufacturing companies from each product type were obtained from both primary and secondary sources and then benchmarked at the regional level. Fluctuations in annual prices over the forecast period is based on the historic CNG Vehicles market trends and expected percentage change in the upcoming years by the investment is done on the patent market and the related industry. Any decline or increase in price in the forthcoming years is kept linear for all the regions.
The CNG Vehicles market value, thus, deduced was once again cross verified and validated from the supply side. Fact.MR’s proprietary regression analysis forecast model has been adapted to generate the market estimation for the forecast years and takes into account the effects of macroeconomic factors impacting the overall CNG Vehicles market and was further validated by the primary respondents belonging to different levels across the entire value chain of CNG Vehicles market, such as manufacturers and independent service providers.
CNG Vehicles market Participants
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. Detailed profiles of CNG Vehicles market manufacturers have also been included within the scope of the report to assess their long- and short-term strategies, key offerings and recent developments in the CNG Vehicles market. Key players operating in the global market for CNG Vehicles market include Ford Motor Company, Fiat Chrysler Automobiles, General Motors, Honda Motor Company, Volkswagen, Hyundai Motor Group, Suzuki Motor Corporation, Great Wall Motors, Iran Khodro, and others. Some of the aftermarket players in the CNG Vehicles market are Landi Renzo, Impco, Venchurs, Westport, Tomasetoo Achile, and others.
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