Global CNG Vehicles Market Research Report Segmented By Product Type (OEM, Car Modification), By Application (Personal use, Commercial use), By Region Forecast to 2025
CNG Vehicles Market Overview:
Compressed natural gas (CNG) powered Vehicles offer an alternative to traditional petrol or diesel-powered Vehicles due to the combustion of methane with oxygen and water vapor which burns cleanly and has lower carbon emissions. The global CNG Vehicles market recorded revenue of USD 1,09,783.6 Mn in 2017 and is expected to appreciate to an approximate market value of USD 1,85,422.3 Mn. The global market is slated to witness growth at a CAGR of 5.96% during the forecast period from 2019 to 2025.
Get Sample Report @ https://www.marketresearchfuture.com/sample_request/6497
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 2019 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.
The prominent players in the 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.
CNG Vehicles Market Segmentation:
The global CNG Vehicles 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 Vehicles 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.
Regional Analysis:
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.
Browse Full Report @ https://www.marketresearchfuture.com/reports/cng-Vehicles-market-6497
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.
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/cng-vehicles-market-6497