CNG Vehicles Market is Set to Achieve 5.96% CAGR by 2025 | Know COVID-19 Analysis | Top Companies- Volkswagen Group, General Motors, Ford Motor Company
As per Market Research Future (MRFR), the global CNG vehicles market is expected to register a compound annual growth rate of 5.96% between 2018 and 2025 (forecast period). The study discusses and investigates the effects of the outbreak of COVID-19 on the global CNG vehicles industry, including potential opportunities and challenges, drivers, and risks. The study explains the impacts of COVID-19 on the global CNG vehicles market and predicts market growth based on various scenarios.
A compressed natural gas vehicle is an alternative fuel vehicle that uses compressed natural gas instead of gasoline or diesel. CNG or compressed natural gas is stored at a high pressure of between 3,000 and 3,600 pounds per square inch (21 to 25 MPa). The tank required is larger and more expensive than the conventional fuel tank. The emissions of the CNG vehicle are cleaner, with lower carbon emissions and lower particulate emissions per equivalent distance traveled. Generally, there is less fuel wasted.
Market Dynamics
CNG vehicles are a significant segment of the current categories of vehicles that promote the popular concept of clean technology adoption. Several car manufacturers have already recognized the market opportunities in CNG vehicles and are increasing investment in a specific class. Demand for cars with dual fuel a system (petrol and CNG) is on the rise. CNG vehicles are environmentally viable and fuel-efficient, which is a crucial marketing pitch for these vehicles in markets with a large number of price-sensitive buyers. Sales of CNG vehicles in Asia, LatAm, and Middle East & Africa (MEA) have increased due to increasing prices of conventional fuels. CNG is more affordable than petrol and diesel, which is mainly driving the demand for CNG vehicles.
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Key Players
Notable players in the global CNG vehicles market are Volkswagen Group, General Motors, Ford Motor Company, Hyundai Motor Company, Daimler AG, Toyota Motor Corporation, Fiat Chrysler Automobiles, Groupe PSA, Volvo Group, Honda Motor Co. Ltd., Renault, and Suzuki Motor Corporation.
The global CNG vehicles market consists of a few well-established vendors. Key vendors in the market are currently enhancing their customer base and growing their investment in R&D activities. The market is expected to experience competition based on technological innovations and government regulations. Manufacturers are also expected to engage in long-term partnerships with vendors, as the quality of the products used and the design are critical factors in controlling costs that distinguish each vendor.
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Market Segmentation
The global CNG vehicles market has been segmented on the basis of product type and application.
On the basis of product type, the global CNG vehicles market has been segmented into OEM and car modification.
On the basis of application, the global CNG vehicles market has been segmented into personal use and commercial use.
Regional Analysis
Region-wise, the global CNG vehicles market has been segmented into North America, Europe, Asia Pacific (Japan, China, India, South Korea), and RoW (rest of the world).
Asia Pacific is the most extensive market for CNG vehicles and is projected to grow at the highest growth rate over the evaluation period.
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TABLE OF CONTENTS:
1. Market Introduction
2. Research Methodology
3. Market Dynamics
4. Executive Summary
5. Market Factor Analysis
6. CNG vehicles Market, By Segments
7. Competitive Analysis
Continued…
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