Natural Gas Vehicle Market Analysis By Type(Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG)), By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Sales Channel(OEM, Retrofitting) & Forecast 2024-2035
- PUBLISHED ON
- 9/22/2022
- NO OF PAGES
- 234
- CATEGORY
- Automotive & Transportation
The global natural gas vehicle market size was valued at US$ 12.7 billion in 2021, and anticipated to grow at a CAGR of 6.8% over the forecast period. Natural gas vehicles (NGVs) can offer comparable fuel range support for applications that stay within a region supported by reliable CNG fuelling, making them attractive choices for high-mileage, centrally fuelled fleets. Liquefied natural gas (LNG) delivers a higher energy density than compressed natural gas (CNG), resulting in a fuel range that is more comparable to regular fuel for vehicles that travel long distances. Natural gas has several benefits over conventional gasoline and diesel fuels, including domestic availability, vast distribution infrastructure, and lower greenhouse gas emissions.
In accordance with the Energy Policy Act of 1992, CNG and LNG are regarded as alternative fuels. NGVs have equal horsepower, acceleration, and cruise speeds as equivalent to conventionally fuelled vehicles. Beyond reducing greenhouse gas emissions, NGVs also improve air quality compared to conventional diesel and gasoline vehicles.
Government regulations regarding environment protection and greenhouse gas (GHG) emissions are becoming stricter on a global scale. As a result, natural gas is increasingly being used in a variety of applications across numerous industries. Governmental organisations and authorities all over the world are implementing several initiatives and programs to protect the environment. For instance, The European Green Vehicles Initiative (EGVI), National Green Tribunal (India), National Climate Change Plan of the UAE 2017–2050, Natural Gas STAR Program and Methane Challenge Program by the Environmental Protection Agency (U.S.), and the Sustainable and Livable Cities Initiative (SLCI) of China, India, and Brazil are all promoting the use of alternative fuels, such as compressed natural gas (CNG) and LNG, in the automotive industry.
The automobile and commercial vehicle markets have been impacted as a result of COVID-19 due to shattered supply chains, lower output as a result of logistical challenges, and a shift in consumer preference towards electric vehicles due to their low operating and maintenance costs. These are a few of the variables that could limit market expansion over the anticipated time frame.
Type Insights
By type, the global natural gas vehicle market is classified into CNG, and LPG. The CNG segment accounted for the largest share in 2021 and will further expand at a steady CAGR during the projected period. The rise in government measures aimed at lowering rising vehicle emissions and environment security is responsible driving the growth of CNG market. As CNG is nontoxic, lower environmental damage occurs. Additionally, CNG fuel systems are made to adhere to the Federal Motor Vehicle Safety Standards 303 and 304 (U.S.), which guarantee the specific needs for fuel system integrity while using CNG fuel systems in dedicated CNG and dual-fuel CNG vehicles.
Due to government policy support, the price differential between diesel and LNG, and the growing logistics sector supported by stronger economic growth, the LNG segment is anticipated to increase at a greater CAGR during the projected period. The main force behind the deployment of LNG is the road transportation sector. LNG has a higher energy density than CNG since it is kept as a liquid, allowing for more fuel to be stored onboard a vehicle. As a result, LNG is an excellent option for Class 7 and 8 trucks that need a longer range.
Vehicle Type Insights
In terms of vehicle type, the global natural gas vehicle market is segmented into passenger vehicles, and commercial. The passenger car segment dominated the market in 2021. Consumers are inclining to choose low-greenhouse gas producing fuels like CNG & LPG due to the declining air quality and environment. Since CNG is 50% more economical than gasoline and 40% more economical than diesel, CNG cars offer significant financial savings. These factors are fostering the expansion of this market segment.
Sales Channel Insights
In terms of sales channel, the market is segmented into OEM and Retrofitting. Both qualified system retrofitters and original equipment manufacturers sell medium- and heavy-duty NGVs. Many automobiles can be converted to run on natural gas in an affordable, secure, and reliable manner by qualified system retrofitters using aftermarket conversion systems.
Regional Insights
In terms of region, Asia Pacific region accounted for the largest share in 2021 and is anticipated to continue to lead the global market over the forecast period. Increased manufacture and sales of passenger cars in the region can be attributed for this expansion. The growth of the natural gas infrastructure in nations like India, China, and Pakistan has made the region the greatest adopter of NGVs. Further, rising awareness among customers, stringent emission norms implemented by governing bodies, and increasing fuel prices are driving the demand for alternative fuel-powered vehicles. For instance, In India CNG vehicles recorded sales of 1,63,696 units in 2021, up from 41,572 units in 2020.
Furthermore, North America is expected to grow at a steady CAGR during the forecast period. The growth in the region can be attributed due to the exponential surge in the adoption of NGV by fleet operators. For instance, in September 2021, a group of 21 state attorney’s general, the District of Columbia, and numerous large U.S. cities encouraged the United States government to implement strict auto emission laws.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: AB Volvo, Beiqi Foton Motor Co. Ltd., CNH Industrial NV, Daimler AG, Westport Innovations Inc., Dongfeng Motor Group Company Limited, Clean Energy Fuels Corp., Clean Air Power Ltd., Agility Fuel Systems Inc., Landi Renzo SPA, and Others. Major players operating in the ecosystem experiences strong competition owing to the presence of large number of players on global and regional scale. Further, the various strategies are adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.
In 2021, To strengthen its standing among companies offering natural gas and renewable natural gas mobility solutions, Agility Fuel Systems announced a merger with Hexagon Mobile Pipeline.
Segments
By Type
· Compressed Natural Gas (CNG)
· Liquefied Petroleum Gas (LPG)
By Vehicle Type
· Passenger Vehicles
· Commercial Vehicles
By Sales Channel
· OEM
· Retrofitting
By Geography
· North America
o U.S.
o Canada
o Mexico
· Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
· Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
· Latin America
o Brazil
o Argentina
o Colombia
· MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
Frequently Asked Questions
• What is the market size and growth projections?
• What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
• What are the top performing segments, and countries / regions of each of the markets?
• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
Historic Year: 2016-2022
Forecast: 2024-2035
1 Natural Gas Vehicles Market Definition and Overview
1.1 Objectives of the Study
1.2 Overview of Natural Gas Vehicles
1.3 Natural Gas Vehicles Market Scope and Market Size Estimation
1.4 Market Segmentation
1.4.1 Types of Natural Gas Vehicles
1.4.2 Applications of Natural Gas Vehicles
1.5 Market Exchange Rate
2 Research Method and Logic
2.1 Methodology
2.2 Research Data Source
3 Market Competition Analysis
3.1 Westport Fuel Systems Inc. Market Performance Analysis
3.1.1 Westport Fuel Systems Inc. Basic Information
3.1.2 Product and Service Analysis
3.1.3 Strategies for Company to Deal with the Impact of COVID-19
3.1.4 Westport Fuel Systems Inc. Sales, Value, Price, Gross Margin 2016-2021
3.2 Clean Energy Fuels Market Performance Analysis
3.2.1 Clean Energy Fuels Basic Information
3.2.2 Product and Service Analysis
3.2.3 Strategies for Company to Deal with the Impact of COVID-19
3.2.4 Clean Energy Fuels Sales, Value, Price, Gross Margin 2016-2021
3.3 Navistar, Inc. Market Performance Analysis
3.3.1 Navistar, Inc. Basic Information
3.3.2 Product and Service Analysis
3.3.3 Strategies for Company to Deal with the Impact of COVID-19
3.3.4 Navistar, Inc. Sales, Value, Price, Gross Margin 2016-2021
3.4 Beiqi Foton Motor Co., Ltd. Market Performance Analysis
3.4.1 Beiqi Foton Motor Co., Ltd. Basic Information
3.4.2 Product and Service Analysis
3.4.3 Strategies for Company to Deal with the Impact of COVID-19
3.4.4 Beiqi Foton Motor Co., Ltd. Sales, Value, Price, Gross Margin 2016-2021
3.5 Quantum Fuel Systems LLC Market Performance Analysis
3.5.1 Quantum Fuel Systems LLC Basic Information
3.5.2 Product and Service Analysis
3.5.3 Strategies for Company to Deal with the Impact of COVID-19
3.5.4 Quantum Fuel Systems LLC Sales, Value, Price, Gross Margin 2016-2021
3.6 AB Volvo Market Performance Analysis
3.6.1 AB Volvo Basic Information
3.6.2 Product and Service Analysis
3.6.3 Strategies for Company to Deal with the Impact of COVID-19
3.6.4 AB Volvo Sales, Value, Price, Gross Margin 2016-2021
3.7 Cummins, Inc. Market Performance Analysis
3.7.1 Cummins, Inc. Basic Information
3.7.2 Product and Service Analysis
3.7.3 Strategies for Company to Deal with the Impact of COVID-19
3.7.4 Cummins, Inc. Sales, Value, Price, Gross Margin 2016-2021
3.8 Agility Fuel Solutions Market Performance Analysis
3.8.1 Agility Fuel Solutions Basic Information
3.8.2 Product and Service Analysis
3.8.3 Strategies for Company to Deal with the Impact of COVID-19
3.8.4 Agility Fuel Solutions Sales, Value, Price, Gross Margin 2016-2021
3.9 PACCAR, Inc. Market Performance Analysis
3.9.1 PACCAR, Inc. Basic Information
3.9.2 Product and Service Analysis
3.9.3 Strategies for Company to Deal with the Impact of COVID-19
3.9.4 PACCAR, Inc. Sales, Value, Price, Gross Margin 2016-2021
3.10 CNH Industrial N.V. Market Performance Analysis
3.10.1 CNH Industrial N.V. Basic Information
3.10.2 Product and Service Analysis
3.10.3 Strategies for Company to Deal with the Impact of COVID-19
3.10.4 CNH Industrial N.V. Sales, Value, Price, Gross Margin 2016-2021
4 Market Segment by Type, Historical Data and Market Forecasts
4.1 Global Natural Gas Vehicles Production and Value by Type
4.1.1 Global Natural Gas Vehicles Production by Type 2016-2021
4.1.2 Global Natural Gas Vehicles Market Value by Type 2016-2021
4.2 Global Natural Gas Vehicles Market Production, Value and Growth Rate by Type 2016-2021
4.2.1 CNG Market Production, Value and Growth Rate
4.2.2 LNG Market Production, Value and Growth Rate
4.3 Global Natural Gas Vehicles Production and Value Forecast by Type
4.3.1 Global Natural Gas Vehicles Production Forecast by Type 2021-2026
4.3.2 Global Natural Gas Vehicles Market Value Forecast by Type 2021-2026
4.4 Global Natural Gas Vehicles Market Production, Value and Growth Rate by Type Forecast 2021-2026
4.4.1 CNG Market Production, Value and Growth Rate Forecast
4.4.2 LNG Market Production, Value and Growth Rate Forecast
5 Market Segment by Application, Historical Data and Market Forecasts
5.1 Global Natural Gas Vehicles Consumption and Value by Application
5.1.1 Global Natural Gas Vehicles Consumption by Application 2016-2021
5.1.2 Global Natural Gas Vehicles Market Value by Application 2016-2021
5.2 Global Natural Gas Vehicles Market Consumption, Value and Growth Rate by Application 2016-2021
5.2.1 Passenger Vehicles Market Consumption, Value and Growth Rate
5.2.2 Light-duty & Heavy-duty Buses and Trucks Market Consumption, Value and Growth Rate
5.2.3 Three-wheelers Market Consumption, Value and Growth Rate
5.3 Global Natural Gas Vehicles Consumption and Value Forecast by Application
5.3.1 Global Natural Gas Vehicles Consumption Forecast by Application 2021-2026
5.3.2 Global Natural Gas Vehicles Market Value Forecast by Application 2021-2026
5.4 Global Natural Gas Vehicles Market Consumption, Value and Growth Rate by Application Forecast 2021-2026
5.4.1 Passenger Vehicles Market Consumption, Value and Growth Rate Forecast
5.4.2 Light-duty & Heavy-duty Buses and Trucks Market Consumption, Value and Growth Rate Forecast
5.4.3 Three-wheelers Market Consumption, Value and Growth Rate Forecast
6 Global Natural Gas Vehicles by Region, Historical Data and Market Forecasts
6.1 Global Natural Gas Vehicles Sales by Region 2016-2021
6.2 Global Natural Gas Vehicles Market Value by Region 2016-2021
6.3 Global Natural Gas Vehicles Market Sales, Value and Growth Rate by Region 2016-2021
6.3.1 North America
6.3.2 Europe
6.3.3 Asia Pacific
6.3.4 South America
6.3.5 Middle East and Africa
6.4 Global Natural Gas Vehicles Sales Forecast by Region 2021-2026
6.5 Global Natural Gas Vehicles Market Value Forecast by Region 2021-2026
6.6 Global Natural Gas Vehicles Market Sales, Value and Growth Rate Forecast by Region 2021-2026
6.6.1 North America
6.6.2 Europe
6.6.3 Asia Pacific
6.6.4 South America
6.6.5 Middle East and Africa
7 United State Market Size Analysis 2016-2026
7.1 United State Natural Gas Vehicles Value and Market Growth 2016-2021
7.2 United State Natural Gas Vehicles Sales and Market Growth 2016-2021
7.3 United State Natural Gas Vehicles Market Value Forecast 2021-2026
8 Canada Market Size Analysis 2016-2026
8.1 Canada Natural Gas Vehicles Value and Market Growth 2016-2021
8.2 Canada Natural Gas Vehicles Sales and Market Growth 2016-2021
8.3 Canada Natural Gas Vehicles Market Value Forecast 2021-2026
9 Germany Market Size Analysis 2016-2026
9.1 Germany Natural Gas Vehicles Value and Market Growth 2016-2021
9.2 Germany Natural Gas Vehicles Sales and Market Growth 2016-2021
9.3 Germany Natural Gas Vehicles Market Value Forecast 2021-2026
10 UK Market Size Analysis 2016-2026
10.1 UK Natural Gas Vehicles Value and Market Growth 2016-2021
10.2 UK Natural Gas Vehicles Sales and Market Growth 2016-2021
10.3 UK Natural Gas Vehicles Market Value Forecast 2021-2026
11 France Market Size Analysis 2016-2026
11.1 France Natural Gas Vehicles Value and Market Growth 2016-2021
11.2 France Natural Gas Vehicles Sales and Market Growth 2016-2021
11.3 France Natural Gas Vehicles Market Value Forecast 2021-2026
12 Italy Market Size Analysis 2016-2026
12.1 Italy Natural Gas Vehicles Value and Market Growth 2016-2021
12.2 Italy Natural Gas Vehicles Sales and Market Growth 2016-2021
12.3 Italy Natural Gas Vehicles Market Value Forecast 2021-2026
13 Spain Market Size Analysis 2016-2026
13.1 Spain Natural Gas Vehicles Value and Market Growth 2016-2021
13.2 Spain Natural Gas Vehicles Sales and Market Growth 2016-2021
13.3 Spain Natural Gas Vehicles Market Value Forecast 2021-2026
14 Russia Market Size Analysis 2016-2026
14.1 Russia Natural Gas Vehicles Value and Market Growth 2016-2021
14.2 Russia Natural Gas Vehicles Sales and Market Growth 2016-2021
14.3 Russia Natural Gas Vehicles Market Value Forecast 2021-2026
15 China Market Size Analysis 2016-2026
15.1 China Natural Gas Vehicles Value and Market Growth 2016-2021
15.2 China Natural Gas Vehicles Sales and Market Growth 2016-2021
15.3 China Natural Gas Vehicles Market Value Forecast 2021-2026
16 Japan Market Size Analysis 2016-2026
16.1 Japan Natural Gas Vehicles Value and Market Growth 2016-2021
16.2 Japan Natural Gas Vehicles Sales and Market Growth 2016-2021
16.3 Japan Natural Gas Vehicles Market Value Forecast 2021-2026
17 South Korea Market Size Analysis 2016-2026
17.1 South Korea Natural Gas Vehicles Value and Market Growth 2016-2021
17.2 South Korea Natural Gas Vehicles Sales and Market Growth 2016-2021
17.3 South Korea Natural Gas Vehicles Market Value Forecast 2021-2026
18 Australia Market Size Analysis 2016-2026
18.1 Australia Natural Gas Vehicles Value and Market Growth 2016-2021
18.2 Australia Natural Gas Vehicles Sales and Market Growth 2016-2021
18.3 Australia Natural Gas Vehicles Market Value Forecast 2021-2026
19 Thailand Market Size Analysis 2016-2026
19.1 Thailand Natural Gas Vehicles Value and Market Growth 2016-2021
19.2 Thailand Natural Gas Vehicles Sales and Market Growth 2016-2021
19.3 Thailand Natural Gas Vehicles Market Value Forecast 2021-2026
20 Brazil Market Size Analysis 2016-2026
20.1 Brazil Natural Gas Vehicles Value and Market Growth 2016-2021
20.2 Brazil Natural Gas Vehicles Sales and Market Growth 2016-2021
20.3 Brazil Natural Gas Vehicles Market Value Forecast 2021-2026
21 Argentina Market Size Analysis 2016-2026
21.1 Argentina Natural Gas Vehicles Value and Market Growth 2016-2021
21.2 Argentina Natural Gas Vehicles Sales and Market Growth 2016-2021
21.3 Argentina Natural Gas Vehicles Market Value Forecast 2021-2026
22 Chile Market Size Analysis 2016-2026
22.1 Chile Natural Gas Vehicles Value and Market Growth 2016-2021
22.2 Chile Natural Gas Vehicles Sales and Market Growth 2016-2021
22.3 Chile Natural Gas Vehicles Market Value Forecast 2021-2026
23 South Africa Market Size Analysis 2016-2026
23.1 South Africa Natural Gas Vehicles Value and Market Growth 2016-2021
23.2 South Africa Natural Gas Vehicles Sales and Market Growth 2016-2021
23.3 South Africa Natural Gas Vehicles Market Value Forecast 2021-2026
24 Egypt Market Size Analysis 2016-2026
24.1 Egypt Natural Gas Vehicles Value and Market Growth 2016-2021
24.2 Egypt Natural Gas Vehicles Sales and Market Growth 2016-2021
24.3 Egypt Natural Gas Vehicles Market Value Forecast 2021-2026
25 UAE Market Size Analysis 2016-2026
25.1 UAE Natural Gas Vehicles Value and Market Growth 2016-2021
25.2 UAE Natural Gas Vehicles Sales and Market Growth 2016-2021
25.3 UAE Natural Gas Vehicles Market Value Forecast 2021-2026
26 Saudi Arabia Market Size Analysis 2016-2026
26.1 Saudi Arabia Natural Gas Vehicles Value and Market Growth 2016-2021
26.2 Saudi Arabia Natural Gas Vehicles Sales and Market Growth 2016-2021
26.3 Saudi Arabia Natural Gas Vehicles Market Value Forecast 2021-2026
27 Market Dynamic Analysis and Development Suggestions
27.1 Market Drivers
27.2 Market Development Constraints
27.3 PEST Analysis
27.3.1 Political Factors
27.3.2 Economic Factors
27.3.3 Social Factors
27.3.4 Technological Factors
27.4 Industry Trends Under COVID-19
27.4.1 Risk Assessment on COVID-19
27.4.2 Assessment of the Overall Impact of COVID-19 on the Industry
27.4.3 Pre COVID-19 and Post COVID-19 Market Scenario
27.5 Market Entry Strategy Analysis
27.5.1 Market Definition
27.5.2 Client
27.5.3 Distribution Model
27.5.4 Product Messaging and Positioning
27.5.5 Price
27.6 Advice on Entering the Market
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