Energy & Power
Global Natural Gas Vehicles Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Natural Gas Vehicles Market, By Fuel Type (CNG, and LNG), Vehicle Body Type (Passenger Vehicles, Commercial Vehicles, Three-wheelers), Vehicle Type (Light-duty Vehicle, Heavy-duty Vehicle), Engine System (Dedicated Fuel, Bi-fuel, Dual Fuel), Intake System Type (LPG) (Converter-mixer System, Vapor Phase Injection (VPI), Liquid Phase Injection (LPI), Liquid Phase Direct Injection (LPDI)), Fitting (OEM/Factory-fitted, Aftermarket), Kit (Venturi, Sequential), Application (Public Transportation, Fleet Vehicles, Personal Transportation, Commercial Transportation), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global natural gas vehicles market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
Natural gas vehicles (NGVs) are vehicles that run on liquefied natural gas (LNG) or compressed natural gas (CNG), which is a more environmentally friendly fuel than conventional gasoline and diesel. They have a major positive impact on the environment and are essential in lowering greenhouse gas emissions and air pollution. The Natural Gas Vehicles Market includes the production, sale, and infrastructure for NGVs, such as fuelling stations and car manufacturing. This market is essential for improving energy security, diversifying energy sources, and reducing the negative environmental effects of transportation. Natural gas vehicles (NGVs) are adopted more widely around the world due to their ability to reduce carbon footprints in the transportation sector, reduced operating costs as compared to traditional fuels, and regulatory incentives.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Cost-effectiveness compared to conventional fuels.
- Environmental benefits and lower emissions.
RESTRAINTS
- Limited infrastructure for refueling compared to conventional fuels.
- Higher initial vehicle costs.
OPPORTUNITIES
- Expansion in emerging markets with supportive regulatory frameworks.
- Innovation in storage and distribution technologies.
CHALLENGES
- Competition from electric and hydrogen fuel cell vehicles.
- Regulatory uncertainties in some regions affecting market growth.
SEGMENTATION
- Fuel Type
- CNG
- LNG
- Vehicle Body Type
- Passenger Vehicles
- Commercial Vehicles
- Three-wheelers
- Vehicle Type
- Light-duty Vehicle
- Heavy-duty Vehicle
- Engine System
- Dedicated Fuel
- Bi-fuel
- Dual Fuel
- Intake System Type (LPG)
- Converter-mixer System
- Vapor Phase Injection (VPI)
- Liquid Phase Injection (LPI)
- Liquid Phase Direct Injection (LPDI)
- Fitting
- OEM/Factory-fitted
- Aftermarket
- Kit
- Venturi
- Sequential
- Application
- Public Transportation
- Fleet Vehicles
- Personal Transportation
- Commercial Transportation
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, and segments as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- Shaanxi Automobile Group Limited
- Maruti Suzuki
- Volkswagen
- Fiat
- Honda
- General Motors
- Renault
- Hyundai
- AB Volvo
- Beiqi Foton Motor Co. Ltd.
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Natural Gas Vehicles Market, by Fuel Type
- 3.2 Global Natural Gas Vehicles Market, by Vehicle Body Type
- 3.3 Global Natural Gas Vehicles Market, by Vehicle Type
- 3.4 Global Natural Gas Vehicles Market, by Engine System
- 3.5 Global Natural Gas Vehicles Market, by Intake System Type (LPG)
- 3.6 Global Natural Gas Vehicles Market, by Fitting
- 3.7 Global Natural Gas Vehicles Market, by Kit
- 3.8 Global Natural Gas Vehicles Market, by Application
- 3.9 Global Natural Gas Vehicles Market, by
- 3.10 Global Natural Gas Vehicles Market, by Geography
- 3.11 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Increasing focus on reducing carbon emissions.
- 5.1.2 Technological advancements in natural gas vehicle (NGV) engines.
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Cost-effectiveness compared to conventional fuels.
- 5.2.2 Environmental benefits and lower emissions.
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 Limited infrastructure for refueling compared to conventional fuels.
- 5.3.2 Higher initial vehicle costs.
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Expansion in emerging markets with supportive regulatory frameworks.
- 5.4.2 Innovation in storage and distribution technologies.
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Competition from electric and hydrogen fuel cell vehicles.
- 5.5.2 Regulatory uncertainties in some regions affecting market growth.
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL NATURAL GAS VEHICLES MARKET, BY FUEL TYPE
- 6.1 Fuel Type Summary
- 6.2 Market Attractive Index
- 6.3 Global Natural Gas Vehicles Market, by Fuel Type (2019-2032)
- SECTION 7 - GLOBAL NATURAL GAS VEHICLES MARKET, BY VEHICLE BODY TYPE
- 7.1 Vehicle Body Type Summary
- 7.2 Market Attractive Index
- 7.3 Global Natural Gas Vehicles Market, by Vehicle Body Type (2019-2032)
- SECTION 8 - GLOBAL NATURAL GAS VEHICLES MARKET, BY VEHICLE TYPE
- 8.1 Vehicle Type Summary
- 8.2 Market Attractive Index
- 8.3 Global Natural Gas Vehicles Market, by Vehicle Type (2019-2032)
- SECTION 9 - GLOBAL NATURAL GAS VEHICLES MARKET, BY ENGINE SYSTEM
- 9.1 Engine System Summary
- 9.2 Market Attractive Index
- 9.3 Global Natural Gas Vehicles Market, by Engine System (2019-2032)
- SECTION 10 - GLOBAL NATURAL GAS VEHICLES MARKET, BY INTAKE SYSTEM TYPE (LPG)
- 10.1 Intake System Type (LPG) Summary
- 10.2 Market Attractive Index
- 10.3 Global Natural Gas Vehicles Market, by Intake System Type (LPG) (2019-2032)
- SECTION 11 - GLOBAL NATURAL GAS VEHICLES MARKET, BY FITTING
- 11.1 Fitting Summary
- 11.2 Market Attractive Index
- 11.3 Global Natural Gas Vehicles Market, by Fitting (2019-2032)
- SECTION 12 - GLOBAL NATURAL GAS VEHICLES MARKET, BY KIT
- 12.1 Kit Summary
- 12.2 Market Attractive Index
- 12.3 Global Natural Gas Vehicles Market, by Kit (2019-2032)
- SECTION 13 - GLOBAL NATURAL GAS VEHICLES MARKET, BY APPLICATION
- 13.1 Application Summary
- 13.2 Market Attractive Index
- 13.3 Global Natural Gas Vehicles Market, by Application (2019-2032)
- SECTION 14 - GLOBAL NATURAL GAS VEHICLES MARKET, BY GEOGRAPHY
- 14.1 Regional Summary
- 14.2 Market Attractive Index
- 14.3 Global Natural Gas Vehicles Market, by Geography (2019-2032)
- SECTION 15 - NORTH AMERICA NATURAL GAS VEHICLES MARKET
- 15.1 North America Summary
- 15.2 Market Attractive Index
- 15.3 North America Natural Gas Vehicles Market, by Fuel Type (2019-2032)
- 15.4 North America Natural Gas Vehicles Market, by Vehicle Body Type (2019-2032)
- 15.5 North America Natural Gas Vehicles Market, by Vehicle Type (2019-2032)
- 15.6 North America Natural Gas Vehicles Market, by Engine System (2019-2032)
- 15.7 North America Natural Gas Vehicles Market, by Intake System Type (LPG) (2019-2032)
- 15.8 North America Natural Gas Vehicles Market, by Fitting (2019-2032)
- 15.9 North America Natural Gas Vehicles Market, by Kit (2019-2032)
- 15.10 North America Natural Gas Vehicles Market, by Application (2019-2032)
- 15.11 North America Natural Gas Vehicles Market, by Country (2019-2032)
- 15.11.1 U.S.
- 15.11.2 Canada
- 15.11.3 Mexico
- 15.11.4 Rest of North America
- SECTION 16 - EUROPE NATURAL GAS VEHICLES MARKET
- 16.1 Europe Summary
- 16.2 Market Attractive Index
- 16.3 Europe Natural Gas Vehicles Market, by Fuel Type (2019-2032)
- 16.4 Europe Natural Gas Vehicles Market, by Vehicle Body Type (2019-2032)
- 16.5 Europe Natural Gas Vehicles Market, by Vehicle Type (2019-2032)
- 16.6 Europe Natural Gas Vehicles Market, by Engine System (2019-2032)
- 16.7 Europe Natural Gas Vehicles Market, by Intake System Type (LPG) (2019-2032)
- 16.8 Europe Natural Gas Vehicles Market, by Fitting (2019-2032)
- 16.9 Europe Natural Gas Vehicles Market, by Kit (2019-2032)
- 16.10 Europe Natural Gas Vehicles Market, by Application (2019-2032)
- 16.11 Europe Natural Gas Vehicles Market, by Country (2019-2032)
- 16.11.1 Germany
- 16.11.2 U.K.
- 16.11.3 France
- 16.11.4 Italy
- 16.11.5 Spain
- 16.11.6 Russia
- 16.11.7 The Netherlands
- 16.11.8 Belgium
- 16.11.9 Turkey
- 16.11.10 Rest of Europe
- SECTION 17 - ASIA-PACIFIC NATURAL GAS VEHICLES MARKET
- 17.1 Asia-Pacific Summary
- 17.2 Market Attractive Index
- 17.3 Asia-Pacific Natural Gas Vehicles Market, by Fuel Type (2019-2032)
- 17.4 Asia-Pacific Natural Gas Vehicles Market, by Vehicle Body Type (2019-2032)
- 17.5 Asia-Pacific Natural Gas Vehicles Market, by Vehicle Type (2019-2032)
- 17.6 Asia-Pacific Natural Gas Vehicles Market, by Engine System (2019-2032)
- 17.7 Asia-Pacific Natural Gas Vehicles Market, by Intake System Type (LPG) (2019-2032)
- 17.8 Asia-Pacific Natural Gas Vehicles Market, by Fitting (2019-2032)
- 17.9 Asia-Pacific Natural Gas Vehicles Market, by Kit (2019-2032)
- 17.10 Asia-Pacific Natural Gas Vehicles Market, by Application (2019-2032)
- 17.11 Asia-Pacific Natural Gas Vehicles Market, by Country (2019-2032)
- 17.11.1 China
- 17.11.2 India
- 17.11.3 Japan
- 17.11.4 South Korea
- 17.11.5 Singapore
- 17.11.6 Malaysia
- 17.11.7 Australia
- 17.11.8 Thailand
- 17.11.9 Philippines
- 17.11.10 Rest of Asia-Pacific
- SECTION 18 - SOUTH AMERICA NATURAL GAS VEHICLES MARKET
- 18.1 South America Summary
- 18.2 Market Attractive Index
- 18.3 South America Natural Gas Vehicles Market, by Fuel Type (2019-2032)
- 18.4 South America Natural Gas Vehicles Market, by Vehicle Body Type (2019-2032)
- 18.5 South America Natural Gas Vehicles Market, by Vehicle Type (2019-2032)
- 18.6 South America Natural Gas Vehicles Market, by Engine System (2019-2032)
- 18.7 South America Natural Gas Vehicles Market, by Intake System Type (LPG) (2019-2032)
- 18.8 South America Natural Gas Vehicles Market, by Fitting (2019-2032)
- 18.9 South America Natural Gas Vehicles Market, by Kit (2019-2032)
- 18.10 South America Natural Gas Vehicles Market, by Application (2019-2032)
- 18.12 South America Natural Gas Vehicles Market, by Country (2019-2032)
- 18.12.1 Brazil
- 18.12.2 Argentina
- 18.12.3 Chile
- 18.12.4 Colombia
- 18.12.5 Rest of South America
- SECTION 19 - MIDDLE EAST AND AFRICA NATURAL GAS VEHICLES MARKET
- 19.1 Middle East and Africa Summary
- 19.2 Market Attractive Index
- 19.3 Middle East and Africa Natural Gas Vehicles Market, by Fuel Type (2019-2032)
- 19.4 Middle East and Africa Natural Gas Vehicles Market, by Vehicle Body Type (2019-2032)
- 19.5 Middle East and Africa Natural Gas Vehicles Market, by Vehicle Type (2019-2032)
- 19.6 Middle East and Africa Natural Gas Vehicles Market, by Engine System (2019-2032)
- 19.7 Middle East and Africa Natural Gas Vehicles Market, by Intake System Type (LPG) (2019-2032)
- 19.8 Middle East and Africa Natural Gas Vehicles Market, by Fitting (2019-2032)
- 19.9 Middle East and Africa Natural Gas Vehicles Market, by Kit (2019-2032)
- 19.10 Middle East and Africa Natural Gas Vehicles Market, by Application (2019-2032)
- 19.12 Middle East and Africa Natural Gas Vehicles Market, by Country (2019-2032)
- 19.12.1 Kingdom of Saudi Arabia
- 19.12.2 South Africa
- 19.12.3 U.A.E.
- 19.12.4 Egypt
- 19.12.5 Rest of Middle East and Africa
- SECTION 20 - COMPANY SHARE ANALYSIS
- 20.1 Global Natural Gas Vehicles Market, Company Share Analysis
- 20.2 North America Natural Gas Vehicles Market, Company Share Analysis
- 20.3 Europe Natural Gas Vehicles Market, Company Share Analysis
- 20.4 Asia-Pacific Natural Gas Vehicles Market, Company Share Analysis
- SECTION 21 - COMPANY PROFILES
- 21.1 Shaanxi Automobile Group Limited
- 21.1.1 Company Snapshot
- 21.1.2 Financial Overview
- 21.1.3 Product Portfolio
- 21.1.4 Recent Developments
- 21.2 Maruti Suzuki
- 21.2.1 Company Snapshot
- 21.2.2 Financial Overview
- 21.2.3 Product Portfolio
- 21.2.4 Recent Developments
- 21.3 Volkswagen
- 21.3.1 Company Snapshot
- 21.3.2 Financial Overview
- 21.3.3 Product Portfolio
- 21.3.4 Recent Developments
- 21.4 Fiat
- 21.4.1 Company Snapshot
- 21.4.2 Financial Overview
- 21.4.3 Product Portfolio
- 21.4.4 Recent Developments
- 21.5 Honda
- 21.5.1 Company Snapshot
- 21.5.2 Financial Overview
- 21.5.3 Product Portfolio
- 21.5.4 Recent Developments
- 21.6 General Motors
- 21.6.1 Company Snapshot
- 21.6.2 Financial Overview
- 21.6.3 Product Portfolio
- 21.6.4 Recent Developments
- 21.7 Renault
- 21.7.1 Company Snapshot
- 21.7.2 Financial Overview
- 21.7.3 Product Portfolio
- 21.7.4 Recent Developments
- 21.8 Hyundai
- 21.8.1 Company Snapshot
- 21.8.2 Financial Overview
- 21.8.3 Product Portfolio
- 21.8.4 Recent Developments
- 21.9 AB Volvo
- 21.9.1 Company Snapshot
- 21.9.2 Financial Overview
- 21.9.3 Product Portfolio
- 21.9.4 Recent Developments
- 21.10 Beiqi Foton Motor Co. Ltd.
- 21.10.1 Company Snapshot
- 21.10.2 Financial Overview
- 21.10.3 Product Portfolio
- 21.10.4 Recent Developments
- SECTION 22 - RELATED REPORTS
- SECTION 23 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.