Compressed natural gas (CNG) powered Vehicles offer an alternative to traditional petrol or diesel-powered Vehicles due to the combustion of methane with oxygen and water vapor which burns cleanly and has lower carbon emissions. The global CNG Vehicles market recorded revenue of USD 1,09,783.6 Mn in 2017 and is expected to appreciate to an approximate market value of USD 1,85,422.3 Mn. The global market is slated to witness growth at a CAGR of 5.96% during the forecast period from 2018 to 2025.
This MRFR market perspective presents an objective outlook towards the global market for CNG Vehicles. It also includes a seven-year (2018-2025) market forecast, until 2025. The research document includes a comprehensive discussion on the market dynamics as well as sub-markets of CNG Vehicles. The sub-markets comprise OME CNG Vehicles products and car modification CNG Vehicles products. In the report, revenue analysis based on major application areas for CNG Vehicles covers personal use and commercial use.
The prominent players in the CNG Vehicles Market are-
Volkswagen Group, General Motors, Ford Motor Company, Hyundai Motor Company, Daimler AG, Toyota Motor Corporation, Fiat Chrysler Automobiles, Groupe PSA, Volvo Group, Honda Motor Co. Ltd., Renault and Suzuki Motor Corporation.
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CNG Vehicles Market Segmentation:
The global CNG Vehicles Market is segmented, in the report on the basis of product type, application, and region.
OEM and car modification make up the main segments by product type. The car modifications segment captures over 60% of the total market share due to the increasing prices of crude oil which have influenced an increased demand for cheaper fuels. Additionally, this segment is poised to witness growth at the highest CAGR of 6.03% during the assessment period as Vehicles owners are increasingly choosing to power their Vehicles with CNG.
By application, the market is segmented into commercial use and personal use. The personal use segment accounts for the largest share of the market and is expected to grow at the highest CAGR of 6.14% during the review period. Although the automotive segment is growing rapidly due to the increased buying power of consumers, increasing fuel prices are daunting and have resulted in an increased preference for CNG Vehicles for private use.
The Rest of the World accounts for a market share of over 46% making it a key market for CNG Vehicles. Iran Pakistan and GCC countries are among the key country-level markets in the region. In GCC countries the CNG Vehicles market is witnessing growth as air pollution, and traffic congestion has encouraged emerging economies in the GCC to encourage adoption of CNG to reduce carbon emissions. Reduced price of natural gas which offers an overall reduction in Vehicles ownership and travel is highly attractive in the major countries of this region where CNG adoption is high. Government regulations in the region are additionally, encouraging CNG Vehicles adoption. These factors are expected to increase sales of CNG during the forecast period.
China is another significant country-level market which has a market share exceeding 18%. The Chinese government has increased tax waiver initiatives to encourage the adoption of CNG Vehicles. High levels of air pollution have resulted in stringent government regulations in an effort to reduce carbon emissions. Moreover, improvement of infrastructure and tax incentives, combined with increasing environmental awareness have contributed significantly to Chinas leadership position in the global CNG Vehicles market. Japan has a comparable growth pattern to China which also makes it a significant market. Moreover, several key CNG Vehicles manufacturers are present in the country, thus contributing to Japan’s position in the market.
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Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market.
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