CNG Vehicles Market 2019 Global Size, Business Opportunities, Trends, Industry Analysis By Top Leaders|Toyota, Honda, Daimler, Hyundai, Fiat and More

Summary

Global CNG Vehicles Market Size, Share, Growth, Trends, Future Scope By Product Type (OEM, Car Modification), By Application (Personal use, Commercial use), By Region Forecast to 2025

CNG Vehicles Market Overview

The global CNG vehicles 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 2018-2025, reveals Market Research Future (MRFR) in an exhaustive study. Fueled by renewed interest in the usage of natural gas as a vehicular fuel, the global CNG vehicle market has expanded significantly in the past decade. Crude oil reserves have started to show a decline of late which has raised the price for crude oil steeply and, in turn, induced demand for CNG vehicles. The demand is complemented by growing awareness towards sustainable use of fossil fuels has driven the market for CNG vehicle. Moreover, a large pool of consumers has shifted preference towards alternative fuel options considering the rising prices for petrol and diesel. The governments in countries such as Singapore, Brazil, India, and Indonesia have taken initiatives to promote the usage of CNG vehicles in a bid to improve sustainability and reduce the carbon footprint on the environment. Various governments are encouraging manufacturers to set up CNG vehicles manufacturing capabilities. Moreover, the usage of CNG has been mandated in some cities, and CNG rollout process of CNG connections have been expedited which further encourages adoption of CNG vehicles. Stringent emission norms introduced across the world has also proven to be vital for 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. The global CNG vehicles market is expected to capture a CAGR of 5.96% over the forecast period of 2018-2025.

Request Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/6497

Global CNG Vehicles Market - Competitive Landscape

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

Volkswagen Group

CNG Vehicles Market – Segmental Analysis

MRFR’s report offers a detailed segmental analysis of the CNG Vehicles 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.

Regional Outlook

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.

Access Full Report With Complete TOC @ https://www.marketresearchfuture.com/reports/cng-vehicles-market-6497

1 Executive Summary
2 Market Introduction
2.1 Definition

2.2 Scope Of The Study

2.3 List Of Assumptions

2.4 Market Structure

3 Research Methodology
3.1 Research Process

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

3.5 Forecast Model

Continues......

List Of Figures

FIGURE 1 GLOBAL CNG VEHICLE MARKET: MARKET STRUCTURE

FIGURE 2 RESEARCH PROCESS OF MRFR

FIGURE 3 TOP DOWN & BOTTOM UP APPROACH

FIGURE 4 DRO: GLOBAL CNG VEHICLE MARKET

FIGURE 5 DRIVERS: IMPACT ANALYSIS

FIGURE 6 RESTRAINTS: IMPACT ANALYSIS

Continues......

About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact

Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com

This release was published on openPR.