Luton, Bedfordshire, United Kingdom, March 10, 2023 (GLOBE NEWSWIRE) --
Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the LNG Truck Market.
The Global LNG Truck Market is estimated to grow from USD 1.2 billion in 2022 to USD 3.96 billion by 2029, at a CAGR of 12.9% during the forecast period (2023-2029).
LNG Truck Market Growth in upcoming years
An LNG truck is a vehicle that uses liquefied natural gas (LNG) as fuel. Natural gas vehicles have been around for decades, but the market has grown significantly in recent years due to increased availability of LNG and increased environmental awareness. As awareness of the harmful effects of carbon emissions grows, demand for vehicles powered by liquefied natural gas (LNG) is increasing. Commercial vehicle manufacturers are constantly experimenting with different technologies to ensure that their commercial vehicles are not only safe, but also environmentally friendly and efficient.
The global LNG truck market is growing increasingly because of increased availability of LNG and increased environmental awareness.
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Key Growth Drivers
A major factor driving the global LNG commercial vehicle market is the growing awareness of the dangerous impact of carbon emissions on the global environment. LNG commercial vehicles are being considered by the government as an alternative and his OEMs in various regions as an alternative to gasoline and diesel vehicles to reduce CO2 emissions and improve efficiency and productivity of commercial vehicles. As natural gas production has become easier and safer, hence LNG adoption rate among automakers has increased. Another factor driving this LNG commercial vehicles in the world is government support and technological advancements in the LNG commercial vehicle market.
Bunkering infrastructure, distribution networks, etc. are restraining the growth of the LNG commercial truck market.
Especially in developing regions, the infrastructure required for the growth of the LNG commercial vehicle market is not in place. Bunkering infrastructure, distribution networks, etc. are restraining the growth of the LNG commercial vehicle market. The main limiting factors are depletion of natural resources and higher operating costs per kg compared to medium and large LNG. It is this issue that is hindering growth for manufacturers of innovative LNG products. Decreasing the LNG truck market.
Key Trends
Increasing demand for LNG as a transportation fuel: There is a growing market for cleaner fuels as people become more aware of the negative effects that conventional fuels have on the environment. Compared to gasoline, LNG burns cleaner and produces fewer greenhouse gases and other pollutants. As a result, there is a rising need for LNG as a fuel for transit.
Growing adoption of LNG trucks by fleet operators: Due to the financial savings and environmental advantages, many fleet owners are converting to LNG trucks. In general, LNG trucks are more fuel-efficient than diesel trucks, and LNG fuel is less costly than diesel fuel. Fleet owners are increasingly using LNG vehicles as a result of this.
Government initiatives to promote LNG as a transportation fuel: Through a variety of incentives and regulations, numerous governments all over the world are encouraging the use of LNG as a transportation fuel. For instance, some governments provide tax breaks or subsidies for LNG-powered cars or fuel, while others have put in place emission standards that give LNG the advantage over diesel.
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Competitive Insight
Some of the notable market players operating in the global LNG Truck Market covered in this report are:
- Volvo Trucks
- Fiat Industrial
- China International Marine Containers (Group)
- Sinotruk Group
- Paccar
- Scania
- Shaanxi Automobile Group
- Faw Jiefang
- Daimler
- Isuzu *The Company List Is Indicative
Recent Developments
- 1-2-2023 Volvo launches powerful biogas truck for lowering CO2 on longer transports
- Volvo Trucks is now launching a new, stronger gas-powered truck that can run on liquified biogas. The new truck can carry out demanding, long distance transport tasks, while reducing overall CO2 emissions.
- CIMC Enric Boosting LNG Logistics Mode Upgrade
Browse the full “LNG Truck Market by Type (Tractor Truck, Dump Truck, Other), by Application (Transportation, Construction) and Region (North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA), Global trends and forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/13349/lng-truck-market/
Segment Overview
The LNG Truck market is segmented By Type, By Battery type, and By Propulsion Type.
| By Propulsion Type | By Application | By Region |
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Regional Insights
North America region is expected to show higher LNG truck market growth in the forecast period.
The North American region is the largest market for LNG trucks. The growth in this region can be attributed to the increasing demand for natural gas as a fuel source for commercial vehicles, owing to its low emissions and high efficiency. In addition, the abundance of natural gas resources in North America makes it an attractive option for transportation companies looking to switch to a less-polluting alternative fuel.
Opportunities
Favorable government initiatives related to environmental regulations to increase demand for greener solutions create more revenue opportunities for LNG truck market participants.
For gasoline and diesel commercial vehicles with a focus on long-term contracts. Major manufacturers are focusing on developing emerging regions such as China. Brazil and other countries where the automotive industry is developing rapidly and the demand for skid steer loaders is increasing. The European Commission and other federal agencies are creating new laws and regulations such as the Eco Product Certification Scheme (ECS). These regulations ensure a green and sustainable environment with low or no harmful emissions. To produce greener fuels, these regulations will encourage fuel companies to invest in bio-based fuel sources, increasing demand for greener fuel solutions. United States and Western European government regulations, particularly on air pollution, will continue to favour the use of clean fuels. These initiatives create specific growth opportunities in the market of LNG and as a result in LNG truck over the forecast period.
Quantitative Analysis
- Market size, estimates, and forecasts from 2023 - 2029
- Market size and revenue estimates for product up to 2029
- Market revenue estimates for application up to 2029
- Market revenue estimates for type up to 2029
- Regional market size and forecast up to 2029
- Company financial
What are the Key Data Covered in this LNG Truck Market Report?
- CAGR of the market during the forecast period 2023-2029
- Detailed information on factors that will drive LNG Truck Market growth during the next Six years
- Precise estimation of the LNG Truck Market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior.
- The growth of the LNG Truck industry across North America, Europe, APAC, South America, the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of LNG Truck Market vendors
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