The consistent rise in prices of conventional fuels is likely to create incremental opportunities for manufacturers of CNG vehicles over the forecast year. Also, the foremost manufacturers in the CNG vehicle market are expansively focusing on unique developments and improvements in their business models keeping the factor of paradigm shifts in end-user preferences towards CNG vehicle usages.
CNG vehicles signify an evolving segment of the existing vehicle categories that eminently promote the widespread and new clean technology. Several carmakers have adopted the concept of clean technology and largely ramping up investments into it to rise opportunities in CNG vehicles category. The CNG vehicle market is likely to witness subdued expansion from USD 1,09,783.6 Million in 2017 to the expected market value of USD 1,85,422.3 Million at a CAGR OF 5.96 percent approximately by 2025, as per a latest report published by Market Research Future.
The demand for CNG vehicles remains influenced by array of broad factors, ranging from environmental concerns to the thriving production of automobiles. The incremental rise in the demand for cars with dual fuel system such as petrol and CNG is influencing the CNG vehicles market on a positive note. The above factor is considered to be a key marketing pitch for CNG vehicles in markets among a high number of price-sensitive customers. Another concern on continuous swelling pollution levels are notably driving the demand for the CNG vehicle due to high fuel emissions from other vehicles.
In the current scenario in automobiles industry, the developing advancements in autonomous technologies and innovations are happening with concern to control fuel emissions, which, at the same time is gaining the center stage in the growth of CNG vehicle market. Due to these factors, CNG vehicle is proven to be highly environmentally friendly and hence, remains prominent sales influencer among the customers and car lovers.
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The notable market players in the global CNG vehicle market include General Motors, Fiat Chrysler Automobiles, Volkswagen Group, Toyota Motor Corporation, Ford Motor Company, Groupe PSA, Volvo Group, Hyundai Motor Company, Honda Motor Co. Ltd., Suzuki Motor Corporation, Daimler AG, and Renault. The market is highly competitive where the innovation of technology, mergers & acquisitions, and product extensions have been some of the prominent growth strategies employed by the aforesaid market players and thus making the global CNG vehicle market to achieve tremendous valuation in the forecasted period.
Market Research Future Report offers a comprehensive segmental analysis of the global market for CNG vehicles that are listed on the basis of product type, application type, and region type.
By product type, the market segment comprises of OEM and car modification. In this segment, car modifications account to capture over 60% of the total market share owing to the increasing prices of crude oil. This has influenced the demand for cheaper fuels. Further, the car modification segment is set to poise and witness growth at the highest CAGR of 6.03% during the estimated period. This increase has been claimed as a larger number of owners are increasingly preferring to buy CNG vehicles. Besides all, expansion of OEM activities to accommodate older vehicles is likely to provide ample market opportunities in the future timeframe.
By application type, the market comprises of commercial use and personal use, where personal use segment accounts for the significant share of the market, and it is expected to proliferate with highest CAGR of 6.14 percent by the year 2025. In the current scenario, there has been a significant rise in buying power of consumers for CNG vehicles for personal use, which is catering the market to multiply and grow substancially. The reason behind such preference is the mounting price of petrol that has shifted consumer’s interest towards buying CNG vehicle.
Region wise, the global CNG Vehicle Market has covered the major regions of North America, Europe, Asia Pacific (Japan, China, India, South Korea), and the rest of the world.
CNG Vehicle market is Expected to proliferate into a Progressive Market Globally
According to the reports published by Market Research Future, the rest of the world accounts a significant market share which is calculated to be over 46 percent. This share of the market is making critical developments in CNG vehicles. Countries namely Iran, Pakistan, and GCC, are some of the key listed regions that have contributed to the utmost in the market to rise in the years. Spotting on GCC countries, the CNG vehicle market is witnessing considerable growth due to factors of traffic congestion and air pollution. They have duly encouraged the adoption of CNG to reduce harmful carbon emissions. Also, low prices of natural gas have immensely opened ways for an overall reduction in vehicle ownership, which is eventually attracting more travelers and tourists to wander places easily and conveniently. Hence, in these countries, the adoption of CNG is high, and in the future as well it will proliferate owing to benefits behind CNGs coupled with essential government regulations in the region is also encouraging CNG vehicle adoption. These are some of the crucial factors that are expected to increase the sales of CNG during the forecast period.
Next comes China, where the market for CNG vehicle is bolstering as it shares the market value with 18 percent and more. The escalating reason is increased tax waiver initiatives by China government that has encourages the adoption of CNG vehicles broadly. The rising level of air pollution has also put efforts to bring on CNG vehicles priory to reduce carbon emissions. Moreover, improvement of infrastructure and tax incentives couples with spreading of environmental awareness have contributed significantly lead in the market of CNG vehicles. China has the leading position when it comes to the global CNG market likewise Japan, which is another significant market. Also, the presence of crucial CNG vehicle manufacturers in Japan is making the making more prominent and rise in the coming years.
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