ID: MRFR/AM/5035-CR | 188 Pages | Published By Swapnil Palwe on October 2018
CNG Vehicles Market is projected to be worth USD 310.32 billion by 2030, registering a CAGR of 14.72% during the forecast period 2022 to 2030
2022 - 2030
CNG Vehicles Market is projected to be worth USD 310.32 billion by 2030, registering a CAGR of 14.72% during the forecast period (2022 to 2030).
The global CNG vehicles market has faced the brunt of the COVID-19 outbreak with some form of social, economic, and political disruptions in major industries. In the United States, for instance the automotive sector announced a complete shutdown of three Detroit vehicle manufacturing operations. China, on the other hand, faced a drop in auto sales by 80%. Moreover, large events like Geneva Motor Show had been canceled for fear of the spread of the virus. Lockdowns and social distancing trends have led to a shutdown in industries, a fall in demand for cars, and a gap between demand and supply that may have a negative impact on the global CNG vehicles market size.
The global CNG vehicles market is highly fragmented and competitive in nature with the presence of several market players. These market players have encompassed several strategies to stay ahead in the competition as well as cater to the surging needs of the consumers, such as acquisitions and mergers, partnerships, new product launches, alliances, extensive research and development activities, geographical expansion, and many others. Besides, manufacturers are getting involved in long-term collaborations with vendors as the design and quality of materials utilized are key factors to manage cost, which differentiate every vendor.
Volkswagen Group, Ford Motor Company, Suzuki Motor Corporation, Renault, Volvo Group, General Motors, Groupe PSA, Fiat Chrysler Automobiles, Hyundai Motor Company, Daimler AG, Honda Motor Co. Ltd., and Toyota Motor Corporation, among others.
The growing need for alternative fuel in the auto industry for emission control, fuel efficiency, and cost-effectiveness is likely to bolster market growth over the forecast period.
Additional factors adding to the global CNG vehicles market value include growing demand for cars having dual fuel systems like CNG and petrol, concerns on constant swelling pollution, government regulations and policies of different countries to reduce vehicle air pollution are boosting the use of eco-friendly LPG and CNG cars, growing interest from transportation and trucking industry, the unstable and disruptive pricing structure related to gasoline and diesel, and the increase in the extraction of shale gas across the US. Besides, the growing need for automobiles, growing concerns about the environment, and burgeoning middle-class population are also adding market growth
The increasing inclination towards advanced automotive vehicles is likely to offer robust opportunities to market players in the upcoming days.
The high cost of CNG cars may act as a market restraint over the forecast period.
The demand for petrol and diesel vehicles owing to the low infrastructure of alternative fuel may act as a major market challenge for vendors in the upcoming days.
Global CNG Vehicles Industry has been segmented based on Application and Product Type.
By product type, the CNG vehicles market is segmented into car modification and OEM. Of these, the car modifications segment will lead the market over the forecast period for the growing demand for eco-friendly cars and a hike in fuel price. Besides, the rise in product ranges of CNG conversion kits for buses, trucks, and cars is also adding to the segmental growth.
By application, the global CNG vehicles market is segmented into commercial use and personal use. Of these, the personal use segment will dominate the market over the forecast period. Growing refueling stations for CNG cars coupled with an increase in affordability are adding to the growth of the segment.
Geographically, the global CNG vehicles market has been segmented into Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. Booming automotive industry, strict government policies on vehicle emissions, high potential consumer base, affluent automotive centers on Japan, China, and India amalgamated with natural gas resources, government interventions like enforcement for adoption and investments, favorable government initiatives such as Clean Vehicles Action to prevent vehicular air pollution, and targets set in China for alternative fuel application including CNG in taxi fleets and bus, along with provisions for buyers in the likes of subsidies are adding to the global CNG vehicles market growth in the region. Besides, China’s efforts to develop natural gas infrastructure like West to East Gas Pipeline Projects, growing advances in the creation of CNG vehicles, financial support for CNG vehicle owners by NEPO and PTT Public Company Limited like low rates of interest for tax conversions and loans with long-term repayment, grants offered to BMTA to buy automotive natural gas vehicles, expansion of the auto industry, the presence of key CNG vehicle manufacturers, growing economies India and China, and key automotive companies likely to enter in automotive CNG vehicles market are also adding to the CNG vehicles market share.
Although owing to the ongoing outbreak, the demand for automotive LPG and CNG kits in the region has declined by 30%, but this region will continue to command the largest share chiefly on account of larger vehicle fleet, higher vehicle sales, and higher population.
The global CNG vehicles market is predicted to hold the second-largest share over the forecast period. Presence of top market players such as Mitsubishi Motors Corporation, The Volvo Group, Mercedes-Benz, and Volkswagen Group, technological advancements in the auto industry, growing concerns about carbon emissions, strict environmental regulations that have impelled auto manufacturers to focus on alternative fuel vehicles, unprecedented sale, and growth of passenger cars and three-wheelers, are also adding to the global CNG vehicles market growth in the region. Besides, the strict government regulations to curb pollution, and growing demand in Germany and the UK are also adding to the market growth.
Global CNG Vehicles Market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
|Market Size||2030: USD 310.32 billion|
|CAGR||14.72% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Volkswagen Group, Ford Motor Company, Suzuki Motor Corporation, Renault, Volvo Group, General Motors, Groupe PSA, Fiat Chrysler Automobiles, Hyundai Motor Company, Daimler AG, Honda Motor Co. Ltd., and Toyota Motor Corporation|
|Key Market Opportunities||
|Key Market Drivers||
The CNG vehicles market is expected to augment at 14.72% CAGR.
CNG Vehicles Market is projected to be worth USD 310.32 billion by 2030
The participants of the CNG vehicles market are General Motors, Volkswagen Group, Fiat Chrysler Automobiles, Toyota Motor Corporation, Groupe PSA, Daimler AG, Ford Motor Company, Volvo Group, Honda Motor Co. Ltd., Hyundai Motor Company, Suzuki Motor Corporation, and Renault.
The segments of the CNG vehicles market on the basis of application are personal use and commercial use.
The personal use segment is projected to hold the largest market share.
The CNG vehicles market is likely to thrive on account of rising implementation of environment protection regulations.
OEM and car modification are the two segments of the CNG vehicles market based on product type.