The Global CNG Vehicles Market is Set to Achieve 5.96% CAGR by 2025| Market Size

Posted by Preeti on January 18th, 2021

As per Market Research Future (MRFR), the global CNG vehicles market is expected to register a compound annual growth rate of 5.96% between 2018 and 2025 (forecast period). The study discusses and investigates the effects of the outbreak of COVID-19 on the global CNG vehicles industry, including potential opportunities and challenges, drivers, and risks. The study explains the impacts of COVID-19 on the global CNG vehicles market and predicts market growth based on various scenarios.

A compressed natural gas vehicle is an alternative fuel vehicle that uses compressed natural gas instead of gasoline or diesel. CNG or compressed natural gas is stored at a high pressure of between 3,000 and 3,600 pounds per square inch (21 to 25 MPa). The tank required is larger and more expensive than the conventional fuel tank. The emissions of the CNG vehicle are cleaner, with lower carbon emissions and lower particulate emissions per equivalent distance traveled. Generally, there is less fuel wasted.

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Market Dynamics

CNG vehicles are a significant segment of the current categories of vehicles that promote the popular concept of clean technology adoption. Several car manufacturers have already recognized the market opportunities in CNG vehicles and are increasing investment in a specific class. Demand for cars with dual fuel systems (petrol and CNG) is on the rise. CNG vehicles are environmentally viable and fuel-efficient, which is a crucial marketing pitch for these vehicles in markets with a large number of price-sensitive buyers. Sales of CNG vehicles in Asia, LatAm, and Middle East & Africa (MEA) have increased due to increasing prices of conventional fuels. CNG is more affordable than petrol and diesel, which is mainly driving the demand for CNG vehicles.

Market Segmentation

The global CNG vehicles market has been segmented on the basis of product type and application. 

On the basis of product type, the global CNG vehicles market has been segmented into OEM and car modification.

On the basis of application, the global CNG vehicles market has been segmented into personal use and commercial use. 

Regional Analysis

Region-wise, the global CNG vehicles market has been segmented into North America, Europe, Asia Pacific (Japan, China, India, South Korea), and RoW (rest of the world). 

Asia Pacific is the most extensive market for CNG vehicles and is projected to grow at the highest growth rate over the evaluation period. 

Key Players

Notable players in the global CNG vehicles market are Volkswagen Group, General Motors, Ford Motor Company, Hyundai Motor Company, Daimler AG, Toyota Motor Corporation, Fiat Chrysler Automobiles, Groupe PSA, Volvo Group, Honda Motor Co. Ltd., Renault, and Suzuki Motor Corporation.

The global CNG vehicles market consists of a few well-established vendors. Key vendors in the market are currently enhancing their customer base and growing their investment in R&D activities. The market is expected to experience competition based on technological innovations and government regulations. Manufacturers are also expected to engage in long-term partnerships with vendors, as the quality of the products used and the design are critical factors in controlling costs that distinguish each vendor.

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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