Dublin, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The "Natural Gas Vehicle Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Fuel Type (CNG and LNG), Application (On Road and Off Road), and Vehicle Type (Passenger Vehicles, Light and Commercial Vehicles, and Heavy Commercial Vehicles)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US$ 17,100 million in 2019 and is projected to reach US$ 28,805.75 million by 2027; it is expected to grow at a CAGR of 6.9% from 2020 to 2027.
Europe led the global natural gas vehicle market with 8.1% revenue share in 2019, followed by Asia-Pacific (APAC)and North America. Europe comprises Germany, Italy, Russia, the UK, France, and the Rest of Europe. Automotive is one of the major manufacturing industries in European countries as it considerably contributes to the countries' gross domestic product. Also, several premium automotive manufacturers are based in the region. The vehicles and fueling stations are constantly growing across Europe. LNG and CNG primarily consist of methane that is progressively generated from renewable sources in biomethane and synthetic natural gas. The rising production of commercial and passenger vehicles generates huge demand for natural gas vehicles. Moreover, growing investments in sustainable transport and increasing need for alternative fuel technology would accelerate the natural gas vehicle market growth across various European countries in the coming years.
In 2019, Asia-Pacific stood second in the natural gas vehicle market with a decent market share; it is anticipated to register a steady CAGR from 2020 to 2027.In the past five years, capital investment in technological development has grown by 6.3%in Europe, to reach US$ 7,313.09 million of capital investment in 2019.International Energy Agency stated that apart from South America, APAC is the leading region in the natural gas vehicle industry.The increasing disposable income of individuals and rising economy have bolstered the sales of passenger cars and commercial vehicles in the past few years. APAC has become a global manufacturing hub with the presence of a robust automotive and transportation industry.
Government initiatives - such as Made in China 2025 and Make in India - propel the growth of this sector in APAC countries. Developing infrastructure, increasing domestic consumption, as well as low labor costs are the key factors attracting automotive and transportation companies in southeast Asian countries. Based on the pollutant emissions, natural gas vehicles perform exceptionally well than diesel vehicles - especially in heavy commercial vehicles. Optimizing air quality is expected to be a significant driver for natural gas in various APAC countries, such as India, Malaysia, Singapore, and Thailand. Expansion of gas markets, public transportation, and the economy in the region drives the growth of the market.
Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The market players present in the natural gas vehicle market are mainly focusing on gaining approval by integrating advanced features and technologies. By signing partnerships, contracts, joint ventures, and inaugurating new offices across the world, companies are increasing their market share and brand presence. Most of the market initiatives were observed in North America, and Europe, which have a high potential for future market growth. For instance, in 2019, Agility Fuel Solutions for medium - and heavy-duty commercial vehicles received 2019 California Air Resources Board (CARB) certifications for its natural gas fuel system for installation on General Motors 6.0L gasoline engines.
Impact of COVID-19 Pandemic on Natural Gas Vehicle Market
The COVID-19 outbreak is adversely affecting the world and is continuing to shatter several countries. Until the outbreak, the automotive and transportation industry was experiencing substantial growth in terms of production and services; however, the outbreak is tremendously disrupting the supply chain and production of automotive and transportation. The automotive manufacturing and transportation industry is heavily dependent on manual labor. Owing to the strong lockdown regulations imposed by the majority of the countries across the globe, the industry is experiencing a significantly lower number of labors in respective manufacturing facilities. This factor is hindering the automotive and transportation industry, thereby restraining the growth of the natural gas vehicle market.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global natural gas vehicle market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global natural gas vehicle market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Key Topics Covered:
1. Introduction
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Natural Gas Vehicle Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Natural Gas Vehicle - Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Cost-Effective Mobility Solutions
5.1.2 Surge in Government Focus on Enhancing Energy Security
5.2 Market Restraints
5.2.1 Rising Emphasis on Electric Vehicles
5.3 Market Opportunities
5.3.1 Rising Focus on Green Transportation
5.4 Future Trends
5.4.1 Growing Use of Heavy-Duty Vehicles Powered by Natural Gas
5.5 Impact Analysis of Drivers and Restraints
6. Natural Gas Vehicle Market - Global Analysis
6.1 Global Natural Gas Vehicle Market Overview
6.2 Natural Gas Vehicle Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Top Five Players
7. Natural Gas Vehicle Market Analysis - by Fuel Type
7.1 Overview
7.2 Natural Gas Vehicle Market, by Fuel Type (2019 and 2027)
7.3 CNG
7.3.1 Overview
7.3.2 CNG: Natural Gas Vehicle Market - Revenue and Forecast to 2027 (US$ Million)
7.4 LNG
7.4.1 Overview
7.4.2 LNG: Natural Gas Vehicle Market - Revenue and Forecast to 2027 (US$ Million)
8. Natural Gas Vehicle Market Analysis - by Application
8.1 Overview
8.2 Natural Gas Vehicle Market, by Application (2019 and 2027)
8.3 On Road
8.3.1 Overview
8.3.2 On road: Natural Gas Vehicle Market - Revenue and Forecast to 2027 (US$ Million)
8.4 Off Road
8.4.1 Overview
8.4.2 Off road: Natural Gas Vehicle Market - Revenue and Forecast to 2027 (US$ Million)
9. Natural Gas Vehicle Market Analysis - by Vehicle Type
9.1 Overview
9.2 Natural Gas Vehicle Market, by Vehicle Type (2019 and 2027)
9.3 Passenger Vehicles
9.3.1 Overview
9.3.2 Passenger Vehicles: Natural Gas Vehicle Market - Revenue and Forecast to 2027 (US$ Million)
9.4 Light and Commercial Vehicles
9.4.1 Overview
9.4.2 Light and Commercial Vehicles: Natural Gas Vehicle Market - Revenue and Forecast to 2027 (US$ Million)
9.5 Heavy Commercial Vehicles
9.5.1 Overview
9.5.2 Heavy Commercial Vehicles Market Revenue and Forecast to 2027 (US$ Million)
10. Natural Gas Vehicle Market - Geographic Analysis
10.1 Overview
10.2 North America: Natural Gas Vehicle Market
10.3 Europe: Natural Gas Vehicle Market
10.4 APAC: Natural Gas Vehicle Market
10.5 MEA: Natural Gas Vehicle Market
10.6 SAM: Natural Gas Vehicle Market
11. Impact of COVID-19 Pandemic on Natural Gas Vehicle Market
11.1 North America: Impact assessment of COVID-19 Pandemic
11.2 Europe: Impact assessment of COVID-19 Pandemic
11.3 Asia-Pacific: Impact assessment of COVID-19 Pandemic
11.4 Middle East and Africa: Impact assessment of COVID-19 Pandemic
11.5 South America: Impact Assessment of COVID-19 Pandemic
12. Global Natural Gas Vehicle Market - Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Development
13. Company Profiles
13.1 AB Volvo
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Agility Fuel Solutions
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Cummins Westport Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Ford Motor Company
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 PACCAR Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 General Motors
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 CNH Industrial N.V.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Navistar, Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Volkswagen AG
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Nissan Motor Co., Ltd.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About the Publisher
14.2 Word Index
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