Natural gas vehicle | Global CNG vehicles Market 2019 Size, Share, Business Opportunities, Top Manufacture, Industry Growth, Regional Analysis and Global Forecast to 2025

Natural gas vehicle | Global CNG vehicles Market 2019 Size, Share, Business Opportunities, Top Manufacture, Industry Growth, Regional Analysis and Global Forecast to 2025

“CNG vehicles Market Analysis 2019 – 2025”
Global CNG vehicles Market is slated to witness growth at a CAGR of 5.96% & approximate market value of USD 1,85,422.3 Mn. during the forecast period from 2019 to 2025. Natural gas vehicle report categorizes the market based on manufacturers, regions, type.

CNG vehicles is set to witness a compound annual growth rate of 5.96% between 2018 and 2025. Sales of CNG vehicles in Asia, LatAm and the Middles East & Africa (MEA) have increased owing to rising price of conventional fuels. CNG is more affordable as compared to petrol and diesel, which is partly driving the demand for CNG vehicles.  

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Key Players Analysis in This Report:

Some of the prominent players in the CNG vehicle market include Toyota Motor Corporation, Honda Motor Co. Ltd., Daimler AG, Hyundai Motor Company, Fiat Chrysler Automobiles, Groupe PSA, General Motors, Volvo Group, Renault, Suzuki Motor Corporation, Ford Motor Company, and Volkswagen Group.

Market Snapshot:

lobal 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 by the end of the forecast period of 2018-2025, reveals Market Research Future (MRFR) in an exhaustive study. Fueled by renewed interest in the usage of natural gas as a vehicular fuel, the global CNG vehicle market has expanded significantly in the past decade. Crude oil reserves have started to show a decline of late which has raised the price for crude oil steeply and, in turn, induced demand for CNG vehicles. The demand is complemented by growing awareness towards sustainable use of fossil fuels has driven the market for CNG vehicle. Moreover, a large pool of consumers has shifted preference towards alternative fuel options considering the rising prices for petrol and diesel. The governments in countries such as Singapore, Brazil, India, and Indonesia have taken initiatives to promote the usage of CNG vehicles in a bid to improve sustainability and reduce the carbon footprint on the environment. Various governments are encouraging manufacturers to set up CNG vehicles manufacturing capabilities. Moreover, the usage of CNG has been mandated in some cities, and CNG rollout process of CNG connections have been expedited which further encourages adoption of CNG vehicles. Stringent emission norms introduced across the world has also proven to be vital for the growth of the global CNG vehicle market. Leading automakers such as Nissan, Renault, General Motors and Ford are showing enthusiasm towards rolling out CNG vehicles.

Segmentation Analysis:

MRFR’s report offers a detailed segmental analysis of the market based on product type and application. By product type, the market has been segmented into OEM and car modification. The car modifications segment accounted for the largest share of the market in 2017 and is expected to be the largest as well as the fastest growing segment over the forecast period. The hike in fuel price and high demand for environment-friendly vehicles is likely to induce demand for car modifications in the aftermarket. The increase in product ranges of CNG conversion kit for cars, trucks, and buses will further boost the demand for car modification. By application, the market has been segmented into personal use and commercial use. The personal use segment is expected to be the largest as well as the fastest growing segment over the forecast period. The rise in affordability and growing refueling stations for CNG vehicles is expected to drive the growth for personal use of CNG vehicles over the forecast period.

A rise in the affordability of CNG based vehicles and an increasing number of refueling stations for CNG vehicles are factors that are likely to induce market growth for the same.

Regional Outlook:

The Rest of the world is one of the key markets of the CNG vehicles market and accounts for a majority of 46% share of the global CNG vehicles market. Iran, Pakistan, Brazil, Argentina, Thailand, South Africa, Egypt, Iraq, Columbia, and others are the major contributors to the Rest of the World market. The governments in these economies have initiated various moves to such as tax reduction for CNG vehicles, subsidiary initiatives, affordable pricing and stringent emission norms which has created a conducive environment for the growth of the global CNG vehicles market. Iran has been a front-runner in promoting the use of CNG vehicles. Iran has mandated all new cars to have dual fuel capacity which makes Iran one of the major countries selling CNG vehicles worldwide. Pakistan is another significant country in the Rest of the World market driven by a hike in gasoline prices and government regulations on environmental pollution. Countries in the GCC belt such as Dubai and Saudi Arabia are also encouraging awareness about the benefits of CNG vehicles and developing fuel filling infrastructure which is contributing to the growth of the market.

China is a significant growth pocket and accounts for approximately 18% share of the global market. Increase in tax wavier initiatives, stringent regulations pertaining to vehicular emissions and low natural gas prices support the growth of the market in China.

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Industry Updates:

February 27, 2019: Kwik Trip is expected to be a primary dispenser of renewable natural gas (RNG) produced at the Wisconsin county’s landfill biogas project when it reaches completion later this year.

February 12, 2019: ECO-GATE has introduced the ECO-G brand, designed to rename natural gas for CNG based vehicles. ECO-GATE is a European consortium co-financed by the European Union and led by NEDGIA (Naturgy group’s gas distributor).

List Of Tables:

TABLE 1 MARKET SYNOPSIS 14

TABLE 2 LIST OF ASSUMPTIONS 17

TABLE 3 MANUFACTURING COST STRUCTURE OF CNG VEHICLES 33

TABLE 4 LABOR COST STRUCTURE: CNG VEHICLES 33

TABLE 5 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2013-2017 (USD MILLION) 37

TABLE 6 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2018-2025 (USD MILLION) 37

TABLE 7 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2013-2017 (MILLION UNITS) 37

TABLE 8 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2018-2025 (MILLION UNITS) 37

TABLE 9 GLOBAL CNG VEHICLE MARKET, BY APPLICATION, 2013-2017 (USD MILLION) 40

TABLE 10 GLOBAL CNG VEHICLE MARKET, BY APPLICATION, 2018-2025 (USD MILLION) 40

TABLE 11 GLOBAL CNG VEHICLE MARKET, BY APPLICATION, 2013-2017 (MILLION UNITS) 40

TABLE 12 GLOBAL CNG VEHICLE MARKET, BY APPLICATION, 2018-2025 (MILLION UNITS) 40

TABLE 13 NORTH AMERICA: GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2013-2017 (USD MILLION) 42

TABLE 14 NORTH AMERICA: GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2018-2025 (USD MILLION) 42

Continued…

List Of Figures:

FIGURE 1 GLOBAL CNG VEHICLE MARKET: MARKET STRUCTURE 17

FIGURE 2 RESEARCH PROCESS OF MRFR 19

FIGURE 3 TOP DOWN & BOTTOM UP APPROACH 22

FIGURE 4 DRO: GLOBAL CNG VEHICLE MARKET 24

FIGURE 5 DRIVERS: IMPACT ANALYSIS 25

FIGURE 6 RESTRAINTS: IMPACT ANALYSIS 27

FIGURE 7 PORTER’S FIVE FORCES ANALYSIS: CNG VEHICLE 29

FIGURE 8 SUPPLY CHAIN: CNG VEHICLES MARKET 31

FIGURE 9 GLOBAL CNG VEHICLE MARKET SHARE, BY PRODUCT TYPE, 2017 (%) 36

FIGURE 10 GLOBAL CNG VEHICLE MARKET SHARE, BY APPLICATION, 2017 (%) 39

FIGURE 11 COMPETITIVE BENCHMARKING 58

FIGURE 12 GENERAL MOTORS: SALES REVENUE (USD MILLION), 2015-2017 60

FIGURE 13 GENERAL MOTORS: SEGMENTAL REVENUE SHARE (%), 2017 61

FIGURE 14 GENERAL MOTORS: REGIONAL REVENUE SHARE (%), 2017 61

Continued…

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

 MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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