CNG vehicles Market is expected to capture a CAGR of 5.96% over the forecast period of 2019-2025. Infrastructural Push from Government to Drive CNG Vehicles Market. Stringent Emission Regulations to Cause Lucrative Market Growth. 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 by the end of the forecast period of 2019-2025
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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.
CNG Vehicles Market Overview:
With rising awareness for use of clean energy and increased demand for environment-friendly transit options, the CNG vehicles market is expected to witness healthy growth. CNG vehicles run on Current Natural Gas (CNG), instead of conventional fuels such as petrol and diesel. The CNG vehicles market is estimated to witness a 5.96% CAGR during the assessment period, according to the latest report published by Market Research Future.
Moreover, the key market players are inclined towards focusing on electric vehicles than on CNG vehicles. Major manufacturers are aggressively pushing new products into the market which is expected to be a hindrance to the growth of the global CNG vehicle market. In addition, even though CNG vehicles have evolved over the years, the aftermarket services of CNG vehicles have not been able to keep pace with the OEMs. Lack of established aftermarket infrastructure coupled with lack of marketing is expected to act as an impediment to the growth of the global CNG vehicles market. However, due to the high demand for CNG vehicles, the OEMs are foraying into the CNG vehicles aftermarket to capitalize on the increased demand for automotive CNG vehicles and other components. The global CNG vehicles market is expected to capture a CAGR of 5.96% over the forecast period of 2019-2025.
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.
Detailed Regional Analysis:
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.
Japan too is a potential market for CNG vehicles. Presence of major CNG vehicle manufacturers such as Nissan, Toyota, Honda, and Suzuki can be attributed to the growth of the market in Japan.
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).
Table of Contents
2.Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3.1. Porter’s Five Forces Analysis
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
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