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.
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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.
An Adaptive Approach to Modern-day Research Needs
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.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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