Automotive Industry to drive the Global CNG Vehicle Market || Key Players: Landi Renzo, Impco, Venchurs, Westport, Tomasetoo Achile,
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CNG vehicle for Passenger vehicle type segment are Estimated to be the Most Lucrative Market in the CNG vehicle
The demand for CNG vehicle for passenger vehicle type segment is estimated to grow at a significant rate and is projected to reach more than thousand millions by 2027 end. The CNG vehicle for commercial vehicle segment is growing at a relatively slower pace as compared to other CNG vehicle segment. The slow growth in the commercial CNG vehicle in the market is due to the long product lifecycle and the availability in the market globally. Though the CNG vehicle for passenger vehicle segment has maximum work piece diameter, which is used in various light commercial vehicle. Therefore, it holds more than 60% share in terms of value in 2018.
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APEJ: Market Leader in the CNG vehicle
The CNG vehicle market has been evaluated across primary regions such as North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ) and Middle East and Africa (MEA). Among these, APEJ CNG vehicle market is expected to hold favorable growth in terms of CAGR over the forecast period. In terms of value, the APEJ market is anticipated to hold a prominent share of the market by 2027. The market for CNG vehicle is estimated to grow at a significant CAGR of more than 3.6% and will represent a total incremental opportunity of over thousand millions in terms of value during the forecast period.
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Key players operating in the global market for CNG vehicle, include Ford Motor Company, Fiat Chrysler Automobiles, General Motors, Honda Motor Company, Volkswagen, Hyundai Motor Group, Suzuki Motor Corporation, Great Wall Motors, Iran Khodro, and others. Some of the aftermarket players in the CNG Vehicle market are Landi Renzo, Impco, Venchurs, Westport, Tomasetoo Achile, and others. The competition among the existing market players is very high. Therefore, to survive & succeed in such a competitive environment, manufacturers must distinguish their product offering through innovative & unique products.
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