In order to dissert the market scenario prevailing across the CNG vehicles market sector, FactMR has evenly presented a comprehensive alternative fuel vehicles market analysis to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the CNG vehicles market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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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.
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CNG Vehicles Market Expected to Achieve a Sustainable Growth Over 2027
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