The light and heavy duty natural gas vehicle market size has the potential to grow by 251.43 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (light-duty NGV and heavy-duty NGV) and geography (APAC, North America, Europe, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AB Volvo, CNH Industrial NV, Cummins Inc., Daimler AG, General Motors Co., MAN SE, Navistar International Corp., PACCAR Inc., Renault SA, and Volkswagen AG.
Market Overview
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Market Competitive Analysis
The market has a considerable number of natural gas vehicle manufacturers and is fragmented. Market players that have a wide product portfolio and an enhanced geographical presence currently dominate the market. AB Volvo, CNH Industrial NV, and Cummins Inc. are some of the major market participants. Although the increasing focus on emission reduction will offer immense growth opportunities, the high cost of heavy-duty NGVs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this light and heavy duty natural gas vehicle market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this light and heavy duty natural gas vehicle market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- AB Volvo
- CNH Industrial NV
- Cummins Inc.
- Daimler AG
- General Motors Co.
- MAN SE
- Navistar International Corp.
- PACCAR Inc.
- Renault SA
- Volkswagen AG
Light and Heavy Duty Natural Gas Vehicle Market: Segmentation by Geography
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APAC was the largest light and heavy duty natural gas vehicle market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rise in living standards and increasing disposable income in countries such as India, China, and South Korea, the growing need for logistics services, and the increasing demand for fuel-efficient vehicles from fleet operators to reduce operating costs will significantly drive light and heavy duty natural gas vehicle market growth in this region over the forecast period.
59% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for light and heavy duty natural gas vehicles in APAC. Market growth in this region will be slower than the growth of the market in South America.
Light and Heavy Duty Natural Gas Vehicle Market: Segmentation by Application
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During 2020, the light-duty NGV segment accounted for the major shares and dominated the natural gas vehicles market. The coming years will witness a significant rise in the demand for light commercial vehicles (LCV) that play a significant role in the delivery of time-critical goods, high-value goods, and support services. The focus of LCV fleet operators to reduce their maintenance, repair, and operational expenses will propel the growth of this segment in the light and heavy duty natural gas vehicles market due to the low fuel costs of NGVs.
However, the market growth in the light duty NGV segment will be slower than the growth of the market in the heavy-duty NGV segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the light and heavy duty natural gas vehicle market size.
Light and Heavy Duty Natural Gas Vehicle Market: Key Drivers and Trends
The light and heavy duty NGV market will register a CAGR of over 2% by 2024. The higher fuel efficiency of natural gas trucks is one of the primary growth factors for this market. It has been observed that fuel prices account for almost 30% of the total acquisition cost of commercial vehicles. Although this induces fleet owners to prefer commercial vehicles with a reasonable engine horsepower and better fuel efficiency, fluctuating fuel prices make it difficult for fleet owners to forecast operational costs. This will result in the increased adoption of natural gas vehicles since the low cost of natural gas reduces the cost per mile of NGVs.
The introduction of multi-fuel engines will be one of the major light and heavy duty natural gas vehicle market trends that will gain traction in the coming years. To overcome the shortcomings of a fuel type, original equipment manufacturers (OEMs) will increasingly focus on the development of engines that are compatible with multiple fuels. Niyato Industries has already developed a tri-fuel system for the Ford F-150 which can operate using multiple fuels such as gasoline, compressed natural gas (CNG), and propanone.
Light and Heavy Duty Natural Gas Vehicle Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive light and heavy duty natural gas vehicle market growth during the next five years
- Precise estimation of the light and heavy duty natural gas vehicle market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the light and heavy duty natural gas vehicle industry across APAC, North America, Europe, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of light and heavy duty natural gas vehicle market vendors
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