Global CNG vehicles Market 2020 | Business Trends, Global Segments, Business Opportunities, Industry Profit Growth and Forecast to 2025

Market Overview

The latest report published by Market Research Future (MRFR), asserts that the global CNG vehicles market is slated to generate substantial revenue from USD 109.7 billion in 2017 to USD 185.4 billion at a moderate CAGR of 5.96% over the review period (2018 to 2025).

Drivers and Restraints

One of the significant factors contributing to the growth of the CNG vehicles market across the globe is the growing price of crude oil, owing to its rapidly depleting availability. The rising global population is leading to an augmented demand for automotive vehicles, thus driving the need for fuel. On the other hand, consumer awareness regarding environmental issues such as harmful vehicle emissions and avoidance of fuel price hikes is encouraging the shift towards renewable and alternative fuels, consequently driving the demand for CNG vehicles.

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On the other hand, various leading market players have successfully begun rolling out a wide variety of electric-powered vehicles, including hatchbacks, sedans, family cars, and vans, among others. The rising adoption and demand for electric vehicles are expected to hinder market growth over the review period.

Segmental Analysis

For the sake of the report, the global CNG vehicles market is segmented on the basis of product type and application.

The product segment consists of OEM and car modification. The car modification segment acquires around 60% of the overall market share, owing to the growing price of crude oil, which encourages the demand for reasonable fuels. The segment is expected to retain its leading market share at a CAGR of 6.03% over the assessment period.

The applications of CNG vehicles are majorly for commercial use and personal use. The adoption of CNG vehicles is mostly for personal use, owing to the increasing purchasing power of consumers. Thus, the segment accounts for the largest market share. The segment is expected to continue to dominate the market at a CAGR of 6.14% over the review period.

Regional Analysis

The geographical analysis of the global CNG vehicles market has been conducted in four major regions, specifically the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).

The Asia Pacific region accounts for the leading regional market for CNG vehicles owing to the established lucrative automotive industry in the region. China and India have the most significant automotive sales base across the globe, owing to the improving economic dynamics, growing industrialization, and enhanced purchasing power of consumers. Moreover, both countries are major manufacturing hubs for the automotive industry. The population overgrowth, stringent government regulations regarding the increasing pollution, and attractive foreign investments are the major factors driving the CNG vehicles market in the Asia Pacific region over the review period.

North America and Europe follow closely behind the Asia Pacific, owing to the increasing environmental awareness and government policies to reduce vehicle emissions, which is expected to drive the adoption of CNG vehicles over the assessment period.

Competitive Analysis

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

Industry News

January 2020: The European Bank for Reconstruction & Development signed the first loan under its Green Cities program, providing USD 781 million to enable Novi Sad’s (Serbia) city transport manager to purchase CNG-fuelled buses.

December 2019: The increasing petrol prices encouraged Egyptian consumers to convert to dual-fuel vehicles, with about 32000 vehicles converted in the financial year of July 2018 to June 2019. The government authorities also supported consumers to switch to CNG by providing subsidies on vehicle conversion.

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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 by?
• 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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