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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, the Global The 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 during forecast period of 2019 to 2025.
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.
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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.
Industry Updates
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 Segments Analysis:
The global CNG vehicles market is segmented by product type, application, and region. Based on product type, the market is segmented into OEM and car modification. The car modification market segment held for the largest CNG vehicles market share in 2017 and is likely to retain the same during the forecast period. The car modifications segment is also expected to witness the highest growth during the forecast period.
On the basis of application, the CNG vehicles market is segmented into personal use and commercial use. Both personal and commercial segments are witnessing proliferated demand due to the extensive range of products in the CNG conversion kit for cars, trucks, as well as buses. The personal use segment is assessed to be the fastest to grow during the forecast period. Additionally, the personal use segment is also projected to hold the largest share in the CNG vehicles market. A rise in the affordability of CNG vehicles and an increasing number of refueling CNG stations are also contributing majorly to the augmentation of the personal use segment.
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.
China is projected to witness substantial growth during the assessment period and holds 18% of the global CNG vehicles market share. Also, Japan is anticipated to showcase potential growth opportunities for CNG vehicles owing to the presence of many prominent CNG automobile manufacturers such as Honda, Suzuki, Toyota, and Nissan.
Report Overview:
The report for Global CNG Vehicles Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
TABLE OF CONTENTS
1 EXECUTIVE SUMMARIES
2 MARKET INTRODUCTION
2.1 Definition 16
2.2 Scope Of The Study 16
2.3 List Of Assumptions 17
2.4 Market Structure 17
3 RESEARCH METHODOLOGY
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 MARKET DYNAMICS
4.1 Introduction 24
4.2 Drivers 24
4.2.1 Increase In Fuel Prices 24
4.2.2 Government Initiatives 25
4.2.3 Expansion Of Global Auto-Manufacturers Into New Emerging Markets 25
4.3 Restraints 26
4.3.1 Underdeveloped Aftermarket Services 26
4.3.2 Surge In Demand Of Electric Vehicles 26
4.3.3 Increased Penetration Of Major CNG Vehicles Manufacturers In Aftermarket 26
Continued…
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
Continued…
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Contact Info:
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Website: https://www.marketresearchfuture.com/reports/cng-vehicles-market-6497
Release ID: 513394
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