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Pulished Date February, 2020
ID: 8676
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Automotive Natural Gas Vehicle Market Analysis for Commercial Vehicles by Vehicle Type (Medium Duty & Heavy Duty), by Fuel Type (CNG & LNG) & Region - Industry Trends & Forecast to 2024

Pulished: February, 2020
ID: 8676
Pages: 175

Market Overview:

A natural gas vehicle (NGV) is a vehicle that uses alternative fuels, such as Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG). In a vehicle running on natural gas, energy is generated by the combustion of methane (CH4) and oxygen (O2) carbon dioxide (CO2) and water (H2O). Natural gas is generally used in buses, trucks, cars, and bicycles. The cost of driving a natural gas vehicle is higher than that of gasoline and diesel because it requires a special tank for storage. Due to rising prices and the depletion of crude oil resources, many countries have begun to increase production and use natural gas in commercial transport. The cost of natural gas is lower than that of gasoline and diesel and is also available in abundance. Natural gas vehicles are good for the environment because they emit less carbon dioxide and nitrogen. Governments in many countries have taken the initiative to raise awareness about natural gas vehicles and their benefits.

Market value and expected growth:

The natural gas vehicle has significant advantages over gasoline and diesel-powered vehicles, such as long-term price stability, a very narrow flammability range, a high auto-ignition temperature, a relatively economical and simplified feeding system. These fuel characteristics make natural gas favorable for use in heavy commercial vehicles. Recently, natural gas production has increased thanks to advances in natural gas extraction technology. This leads to a reduction in commodity prices for natural gas. The fluctuation in the price of natural gas is minimal compared to the price of crude oil. Rising crude oil prices and greenhouse gas emissions will allow fleets to adopt a natural gas vehicle. The global market for natural gas vehicles by volume is expected to expand to a CAGR of approximately 5.7% over the forecast period.

Market Drivers and restrictions:

In the current scenario, the penetration of the natural gas vehicle on the market is lower because the average price of NGV is higher than that of gasoline and diesel vehicle. Due to the future scarcity of fossil fuel resources, market penetration of natural gas vehicles is expected to increase worldwide. Demand for vehicles is increasing every day as the population's per capita income rises, but gasoline and diesel sources are depleted, which is also an important reason for the continued rise in fuel prices. Gasoline and diesel. From the last 8-10 years. This gives the opportunity for natural gas vehicles. Original Equipment Manufacturers (OEMs) generally promote their products to increase demand for natural gas vehicles by demonstrating their energy efficiency and environmental performance.

Inadequate fuel infrastructure requires a high cost to store these gases and custom storage tanks because it is high-pressure gas. The global market for natural gas vehicles is expected to show significant growth over the forecast period.

Market Taxonomy:

By Vehicle Type:

  • Medium duty commercial vehicles
  • Heavy-duty commercial vehicles

By Fuel Type:

  • CNG
  • LNG

The Asia Pacific has stringent carbon emission regulations, increasing car production. Demand for natural gas is very important for the commercial vehicle segment in Asia-Pacific. India and China are among the top 10 countries in automobile production. These countries also have very good fuel infrastructure. The number of NGVs has also increased in Asia-Pacific. Europe has a strong demand for natural gas from the truck and bus segments. Government policies, subsidies, rising prices for gasoline and diesel, and stringent pollution regulations are increasing the demand for natural gas motor vehicles in Europe. North America has seen decent GNV growth. The United States is one of the top 5 car-producing nations in the world and has the largest participation in North America in NGV sales.

Key participants:

The global CNG & LNG trucks and buses market is dominated by OEMs, such as Daimler AG (Germany), AB Volvo (Sweden), Shaanxi Automobile Group Company Limited (China), Beiqi Foton Motor Co. Ltd. (China), Dongfeng Motor Group Company Limited (China), and CNH Industrial NV (The Netherlands) and suppliers, such as Landi Renzo(Italy) and Westport(Canada).

Highlights of the research report:

  • The study provides a detailed analysis of the market for surgical navigation systems, using current trends and future estimates to illustrate the next investment pockets.
  • Provides a quantitative analysis from 2019 to 2024 to allow interested parties to take advantage of prevailing market opportunities.
  • Complete market analysis helps to understand different trends and opportunities.
  • To identify key opportunities in these areas, a complete geographic analysis will be provided.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferences                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Automotive Natural Gas Vehicle Market, By Vehicle Type                     

                                6.1.1 Medium Duty Commercial Vehicles             

                                6.1.2 Heavy-Duty Commercial Vehicles 

                                6.1.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.4 Y-o-Y Growth Rate Analysis             

                                6.1.5 Market Attractiveness Index          

                6.2 Automotive Natural Gas Vehicle Market, By Fuel Type                           

                                6.2.1 CNG           

                                6.2.2 LPG            

                                6.2.3 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.4 Y-o-Y Growth Rate Analysis             

                                6.2.5 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                  

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              



                                7.2.2 By Vehicle Type    

                                7.2.3 By Fuel Type           

                7.3 Europe                         

                                7.3.1 By Country              






                                       Rest of Europe

                                7.3.2 By Vehicle Type    

                                7.3.3 By Fuel Type           

                7.4 Asia Pacific                  

                                7.4.1 By Country              




                                       South Korea

                                       South East Asia

                                       Australia & NZ

                                       Rest of Asia-Pacific

                                7.4.2 By Vehicle Type    

                                7.4.3 By Fuel Type           

                7.5 Latin America                             

                                7.5.1 By Country              




                                       Rest of Latin America

                                7.5.2 By Vehicle Type    

                                7.5.3 By Fuel Type           

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                       Middle East


                                7.6.2 By Vehicle Type    

                                7.6.3 By Fuel Type           

8. Key Player Analysis                                    

                8.1 Daimler AG                 

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 AB Volvo                      

                8.3 Shaanxi Automobile Group Company Limited                             

                8.4 Beiqi Foton Motor Co. Ltd.                   

                8.5 Dongfeng Motor Group Company Limited                    

                8.6 CNH Industrial NV                    

                8.7 Landi Renzo                

                8.8 Westport                     

9. Market Outlook & Investment Opportunities                                


                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of by Commercial Vehicles, by Vehicle Type, Fuel Type, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Automotive Natural Gas Vehicle Market By Region, From 2019-2024 ( USD Million )
  2. Global Automotive Natural Gas Vehicle Market By Vehicle Type, From 2019-2024 ( USD Million )
  3. Global Medium Duty Market By Region, From 2019-2024 ( USD Million )
  4. Global Heavy Duty Market By Region, From 2019-2024 ( USD Million )
  5. Global Automotive Natural Gas Vehicle Market By Fuel Type, From 2019-2024 ( USD Million )
  6. Global CNG Market By Region, From 2019-2024 ( USD Million )
  7. Global LPG Market By Region, From 2019-2024 ( USD Million )

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