CNG vehicles refer to as vehicles powered by Compressed natural gas (CNG) that offer an alternative to traditional petrol or diesel-powered vehicles. The combustion of methane with oxygen and water vapor burns cleanly with lower carbon emissions, hence, CNG is considered as green fuel that has a lower impact on the environment.
The Natural Gas Vehicle market is accelerating witnessing increasing sales over the past couple of years majorly due to the ever-increasing price of crude oil due to its rapidly decreasing availability and growing concerns of environmental impact. Moreover, the growing population worldwide is escalating the market on furthered heights, resulting in the increasing the demand for automotive.
Acknowledging the growth of this fiercely ascending market, Market Research Future (MRFR) in its recently published study report asserts that the global CNG vehicles market will reach USD 1,85,422.3 MN by 2025, registering approximately 5.96 % CAGR during the forecast period (2018-2025). In 2017, the market value had touched to 1,09,783.6 MN USD.
Additional factors substantiating the market growth include shifting consumer preferences to CNG in an effort to avoid fuel hikes and the active government support to adopt clean fuel methods. Governments across the globe are going that extra mile to encourage the uptake of CNG vehicles among people rather than rending limited support. They are increasingly allotting significant funds and grants to encourage innovation and investment to accelerate the uptake of CNG vehicles.
Although CNG vehicles are proving effective in providing cost-competitive and less pollutant alternative, they are yet far from getting the prominence they deserve. Similarly, though the global CNG vehicles market is running successfully, it still has not tasted the success as expected.
Factors such as the growing popularity and demand for electric vehicles is impeding the market growth of CNG vehicles. Nevertheless, mounting pressure to increase aftermarket services is expected to support the market growth over the forecast period, yielding opportunities for the growth. Besides, the expansion of OEM activities to accommodate older vehicles will provide huge market opportunities.
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Key Players:
Some of the leaders of the market include Fiat Chrysler Automobiles, General Motors, Volkswagen Group, Ford Motor Company, Toyota Motor Corporation, Groupe PSA, Hyundai Motor Company, Volvo Group, Honda Motor Co. Ltd., Daimler AG, Suzuki Motor Corporation, and Renault.
Global CNG vehicles Market – Segmentation
The CNG vehicles market is segmented into three key dynamics for the convenience of the report;
By Product Type : OEM and Car Modification.
By Application : Personal use and Commercial use.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Global CNG vehicles Market – Regional Analysis
The Rest-of-the-World accounts for the largest as in over 46% of the market share in the global CNG vehicles market. Whereas, China, Iran, Pakistan, and GCC countries count for the key country-level markets, globally.
The CNG vehicle market in GCC countries is growing due to the growing air pollution concerns, encouraging the adoption of CNG vehicles to reduce carbon emissions. Moreover, reduced price of natural gas in GCC countries encourages the adoption of natural gas vehicles for america, offering an overall reduction in vehicle ownership and travel.
The CNG vehicle market in China accounts for over 18% of the market share owing to the increased tax waiver initiatives by the government to encourage the adoption of CNG vehicles. Moreover, high levels of air pollution in China have resulted in stringent government regulations, promoting reduced carbon emissions. Furthermore, factors such as the increasing environmental awareness have contributed significantly to Chinas leadership position in the global CNG vehicle market.
Japan heading with its comparable growth pattern of China’s follows China closely. The presence of several key CNG vehicle manufacturers in the country contributes to Japan’s position in the market.
India, with the recent launch of City Gas Projects by PM Narendra Modi, presages tremendous growth opportunities for CNG vehicles. City Gas Distribution (CGD) projects were recently awarded by the Petroleum and Natural Gas Regulatory Board (PNGRB), would cover 65 GAs to bring gas to around half of the country’s population in 26 states and Union Territories.
Global CNG vehicles Market – Competitive Analysis
The well-established CNG vehicles market appears competitive and fragmented owing to the presence of several key players having an international presence. The market is estimated to witness fierce competition over the forecast period.
Key players incorporate acquisition, collaboration, partnership, expansion, product launch in order to gain a competitive advantage and to maintain their positions in this market. These players emphasis upon the product innovation and new manufacturing processes which, in turn, is anticipated to fuel the already intensified competition during the years to come.
Industry/Innovations/Related News:
November 26, 2018 – SEAT (Spain), an auto manufacturer of comprehensive CNG vehicles and Snam (Spain), a European leader in gas infrastructure committed to developing new refueling stations have joined forces under a new agreement aiming to implement CNG and bio-CNG infrastructure and research and development projects.
SEAT and Snam share strategic markets such as Italy, France, and Austria, which will enable the creation of synergies to boost CNG and bio-CNG as a clean and competitive alternative to traditional fuels.
The partnership deed enables SEAT to take steps to democratize CNG while strengthening the development of natural gas and biomethane-powered sustainable mobility of Snam, both in Italy and across Europe, combining Snam’s innovative infrastructure development, and SEAT’s expertise in rolling out new sustainable models.
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