CNG vehicle 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 vehicle 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.
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The trending convergence of government regulations on fuel emissions & natural gas powered vehicle production which have more adoption rate and is further anticipated to create remunerative growth opportunities for CNG vehicle 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 vehicle market.
A recent Fact study foretells the CNG vehicle market to record an expansion at 3.2% over the forecast period (2018 – 2027). CNG vehicle continues to witness increased demand from automotive industry. However promotional buyers demand has impressive growth in some of the regions.
CNG vehicle for Passenger vehicle type segment are Estimated to be the Most Lucrative Market in the CNG vehicle
The demand for CNG vehicle for passenger vehicle type segment is estimated to grow at a significant rate and is projected to reach more than thousand millions by 2027 end. The CNG vehicle for commercial vehicle segment is growing at a relatively slower pace as compared to other CNG vehicle 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 vehicle for passenger vehicle segment has maximum work piece diameter, which is used in various light commercial vehicle. Therefore, it holds more than 60% share in terms of value in 2018.
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Dedicated Fuel CNG vehicle are anticipated to be the most Favorable Product Type in CNG vehicle Market
Dedicated fuel CNG vehicle holds more than 45% share in CNG vehicle 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 vehicle is estimated to grow at a significant CAGR of more than 3.5% in terms of value, in the global CNG vehicle market over the forecast period.
APEJ: Market Leader in the CNG vehicle
The CNG vehicle 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 vehicle 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 vehicle 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 vehicle market delivers the most insightful information regarding the key market players, their relative global position and business strategies. The market for the CNG vehicle 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 vehicle market to expand with strategic developments such as product launches, product innovation, expansion, collaborations and acquisitions in the CNG vehicle market.
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Global CNG Vehicles Market Scenario Highlighting Major Drivers & Trends, 2018-2027
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