Global CNG Vehicles Market Size, Share, Growth, Trends, Future Scope By Product Type (OEM, Car Modification), By Application (Personal use, Commercial use), By Region Forecast to 2025
CNG Vehicles Market Overview
The global CNG vehicles market stood at USD 1, 09,783.6 Mn in 2017 and is expected to attain a valuation of approximately USD 1, 85,000 Mn by the end of the forecast period of 2018-2025, reveals Market Research Future (MRFR) in an exhaustive study. Fueled by renewed interest in the usage of natural gas as a vehicular fuel, the global CNG vehicle market has expanded significantly in the past decade. Crude oil reserves have started to show a decline of late which has raised the price for crude oil steeply and, in turn, induced demand for CNG vehicles. The demand is complemented by growing awareness towards sustainable use of fossil fuels has driven the market for CNG vehicle.
Moreover, a large pool of consumers has shifted preference towards alternative fuel options considering the rising prices for petrol and diesel. The governments in countries such as Singapore, Brazil, India, and Indonesia have taken initiatives to promote the usage of CNG vehicles in a bid to improve sustainability and reduce the carbon footprint on the environment. Various governments are encouraging manufacturers to set up CNG vehicles manufacturing capabilities. Moreover, the usage of CNG has been mandated in some cities, and CNG rollout process of CNG connections have been expedited which further encourages adoption of CNG vehicles. Stringent emission norms introduced across the world has also proven to be vital for the growth of the global CNG vehicle market. Leading automakers such as Nissan, Renault, General Motors and Ford are showing enthusiasm towards rolling out CNG vehicles. Leading automakers are planning to roll out CNG variants of leading car models to tap the middle-class consumers. Leading automobile manufacturers such as Volkswagen, BMW, Toyota, and Ford are venturing into emerging markets which will augment the growth of the global CNG vehicle market. However, comparatively low gas prices have not reduced the demand for electric vehicles among consumers.
The global CNG vehicles market is expected to capture a CAGR of 5.96% over the forecast period of 2018-2025.
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Global CNG Vehicles Market – Competitive Landscape
Toyota Motor Corporation, Honda Motor Co. Ltd., Daimler AG, Hyundai Motor Company, Fiat Chrysler Automobiles, Groupe PSA, General Motors, Volvo Group, Renault, Suzuki Motor Corporation, Ford Motor Company, and Volkswagen Group.
CNG Vehicles Market – Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the CNG Vehicles Market based on product type and application. By product type, the market has been segmented into OEM and car modification. The car modifications segment accounted for the largest share of the market in 2017 and is expected to be the largest as well as the fastest growing segment over the forecast period. The hike in fuel price and high demand for environment-friendly vehicles is likely to induce demand for car modifications in the aftermarket. The increase in product ranges of CNG conversion kit for cars, trucks, and buses will further boost the demand for car modification. By application, the market has been segmented into personal use and commercial use. The personal use segment is expected to be the largest as well as the fastest growing segment over the forecast period. The rise in affordability and growing refueling stations for CNG vehicles is expected to drive the growth for personal use of CNG vehicles over the forecast period.
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.
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