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.
It becomes imperative to deduce that indigenous capacity to produce natural gas vehicles has empowered large scale make over to gaseous fuel. The bus industry is gradually adapting and indigenizing the technology quickly. On the other hand, though car industry has been slow to respond, the industry has started to show interest in product diversification. This has been fueled largely by the rising consumer interest in CNG cars and augmentation in aftermarket conversion.
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In the interest of pollution abatement strategy and long term investments, manufacturers are vying to choose a technology approach that will be efficacious with respect to both PM and NOx reduction potential. Nevertheless, PM emissions benefits of CNG technology have already been proven for stoichiometric and lean burn, NOx emissions reduction capability of the two technology approaches can vary.
According to the study, CNG vehicles fleet rose to 18 per cent in 2018 across the globe. The growing support of governments on curbing fuel emissions and encouraging natural gas powered vehicle production are expected to further the growth of CNG Vehicles Market.
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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 Region Critical in the CNG vehicle Market
The APEJ region is estimated to account for more than 30% market share in the Global CNG vehicle market in 2018, and this share is expected to grow by a massive rate, causing the APEJ market to grab more than 40% market share by the end of 2027. This highly populous continent is spearheaded by the rapid economic growth and increase in the adoption of CNG vehicles on a large scale to fuel up the growth for CNG vehicle in Indian and Chinese countries, and customers in these countries will continue to demand the maximum CNG vehicle.
CNG vehicles Market: Competitive Landscape
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.
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CNG Vehicles Market: Europe and APEJ Regions to Account for More than 30% of the Revenue Share
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