Global CNG vehicle market stood at USD 1, 09,783.6 Mn in 2017 and is expected to attain a valuation of approximately USD 1, 85,000 Mn. According to the latest report CNG vehicles Market Research Report Categories By Product Type (OEM, Car Modification), By Application (Personal use, Commercial use) and by Regions with Forecast To 2025, published by Market Research Future
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CNG Vehicles Market Key Players:
The noteworthy players in the CNG vehicle market as profiled by MRFR include Daimler AG, General Motors, Honda Motor Co. Ltd., Renault, Ford Motor Company, Fiat Chrysler Automobiles, Toyota Motor Corporation, Hyundai Motor Company, Groupe PSA, Volvo Group, Suzuki Motor Corporation, and Volkswagen Group.
CNG Vehicles Market Drivers and Restraints:
The CNG vehicles market is likely to witness propulsion in growth owing to the rising awareness towards the hazardous effects of the use of conventional energy sources to the environment. This is fueling the demand for clean energy-based vehicles for environment-friendly transit options, driving exponential growth to the CNG vehicles market. The global CNG vehicles market is anticipated to expand at a 5.96% CAGR during the review period, as stated in the latest MRFR report. Further, rising prices of conventional fuels such as petrol and diesel are pivoting the consumers to adopt CNG vehicles. Additionally, supportive government initiatives are pushing the general public to opt for CNG-based vehicles, instead of vehicles operating on petrol or diesel. Tough regulations laid out by the government towards the emission of pollutants from automobiles is also expected to drive the CNG vehicles market as CNG-based vehicles have the lowest carbon emissions among all types of vehicles.
On the basis of product type, the market has been segmented into OEM and car modification. Among the types of products in CNG vehicles, the segment of car modifications has accounted for the largest market share in 2017 and is expected to witness the same during the forecast period. The market for car modifications is expected to note the fastest growth rate during the forecast period. Hike in the prices of conventional fuels and rising demand for environment-friendly automobiles are some of the factors responsible for the surge in demand for CNG vehicles in the market.
Based on application, the CNG vehicles market has been segmented into personal use and commercial use. The widespread range of products within the CNG conversion kit for cars, trucks, and buses will boost demand in both, the personal use segment as well as the commercial use segment. The segment of personal use is expected to grow at the fastest pace during the forecast period. In addition, the personal use segment is also projected to capture the largest market share for CNG vehicles.
By Product Type
Asia Pacific (Japan, China, India, South Korea)
RoW (rest of the world)
February 27, 2019: Kwik Trip is likely to be a primary dispenser of renewable natural gas (RNG) which was produced at the Wisconsin county’s landfill biogas project once it is completed during 2019.
February 12, 2019: ECO-GATE introduced the ECO-G brand, which is designed to rename the natural gas used for CNG vehicles. ECO-GATE is a European consortium led by NEDGIA (Naturgy group’s gas distributor) and co-financed by the European Union.
Global CNG Vehicles Market Regional Analysis:
Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW) are the regional segments based on which the MRFR report has been prepared. Rest of the World (RoW) is anticipated to account for 46% of the global CNG vehicles market. The government authorities of many economies comprised in the RoW have introduced policies such as tax reduction, affordable pricing, subsidies, and stringent emission regulations, hence, promoting growth in the CNG vehicles market. South Africa, Thailand, Egypt, Iraq, Columbia, Brazil, Iran, Pakistan, and Argentina are significant contributors in the CNG market in the RoW. Iran has made a dual fuel capacity in all cars compulsory, promoting the usage of CNG vehicles over conventional vehicles. Whereas, Dubai and Saudi Arabia are also witnessing numerous activities creating awareness of the advantages of CNG vehicles, hence, propelling the growth in the CNG vehicles market.
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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