CNG Vehicles Market 2019 Size, Share, Trends, Key Players Analysis of Volkswagen, General Motors, Ford, Hyundai, Daimler AG, Toyota, Fiat, Volvo, Suzuki
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.
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CNG vehicles represent a major segment of the existing categories of vehicles that promote the popular notion of clean technology adoption. Several carmakers have already recognized the market opportunity in CNG vehicles and are ramping up investments in the particular class. Demand for cars with dual fuel system (petrol and CNG) is on the rise.
CNG vehicles are not only environmentally viable but also fuel efficient, which is a key marketing pitch for these vehicles in markets with high number of price-sensitive customers. MRFR reports that the global market for CNG vehicles is set to witness a compound annual growth rate of 5.96% between 2018 and 2025. Sales of CNG vehicles in Asia, LatAm and the Middles East & Africa (MEA) have increased owing to rising price of conventional fuels. CNG is more affordable as compared to petrol and diesel, which is partly driving the demand for CNG vehicles.
CNG Vehicles Market Segmentation:
The global CNG vehicle market is segmented, in the report on the basis of product type, application, and region.
OEM and car modification make up the main segments by product type. The car modifications segment captures over 60% of the total market share due to the increasing prices of crude oil which have influenced an increased demand for cheaper fuels.
Additionally, this segment is poised to witness growth at the highest CAGR of 6.03% during the assessment period as vehicle owners are increasingly choosing to power their vehicles with CNG.
By application, the market is segmented into commercial use and personal use. The personal use segment accounts for the largest share of the market and is expected to grow at the highest CAGR of 6.14% during the review period.
Although the automotive segment is growing rapidly due to the increased buying power of consumers, increasing fuel prices are daunting and have resulted in an increased preference for CNG vehicles for private use.
The Rest of the World accounts for a market share of over 46% making it a key market for CNG vehicles. Iran Pakistan and GCC countries are among the key country-level markets in the region. In GCC countries the CNG vehicle market is witnessing growth as air pollution, and traffic congestion has encouraged emerging economies in the GCC to encourage adoption of CNG to reduce carbon emissions.
Reduced price of natural gas which offers an overall reduction in vehicle ownership and travel is highly attractive in the major countries of this region where CNG adoption is high. Government regulations in the region are additionally, encouraging CNG vehicle adoption. These factors are expected to increase sales of CNG during the forecast period.
China is another significant country-level market which has a market share exceeding 18%. The Chinese government has increased tax waiver initiatives to encourage the adoption of CNG vehicles. High levels of air pollution have resulted in stringent government regulations in an effort to reduce carbon emissions.
Moreover, improvement of infrastructure and tax incentives, combined with increasing environmental awareness have contributed significantly to Chinas leadership position in the global CNG vehicle market. Japan has a comparable growth pattern to China which also makes it a significant market. Moreover, several key CNG vehicle manufacturers are present in the country, thus contributing to Japan’s position in the market.
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Notable market players in the global CNG vehicle market include General Motors, Fiat Chrysler Automobiles, Volkswagen Group, Toyota Motor Corporation, Ford Motor Company, Groupe PSA, Volvo Group, Hyundai Motor Company, Honda Motor Co. Ltd., Suzuki Motor Corporation, Daimler AG, and Renault. The market is highly competitive, and innovation of technology, mergers & acquisitions, and product extensions have been observed to be prominent growth strategies employed by the aforementioned market players.
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