Rockville Pike, MD -- (SBWIRE) -- 07/19/2019 -- CNG vehicles continues to witness lucrative opportunities across the countries on the backdrop of the increasing number of the NGVs (Natural Gas Vehicles) and increasing preference for CNG vehicles across the world. Moreover, the growth in the automotive industry has influenced the adoption of the CNG vehicles due to the depletion of crude oil resources owing to the increasing demand for high quality and reliable CNG vehicles from the consumer. For instance, there has been an increase in the fleet of CNG vehicles by 7.4% in 2014 to 18% in 2018 across the world. The trending convergence of government regulations on fuel emissions & natural gas powered vehicles production which have more adoption rate and is further anticipated to create remunerative growth opportunities for CNG vehicles market. Around the world, governments have issued stringent regulations regarding emissions and fuel efficiency. The global fossil fuel price has seen an increasing trend over the past five to ten years. Due to these reasons, there is a growing demand for cheap and environmentally friendly fuel alternative. Original equipment manufacturers of vehicles are promoting their products by showcasing fuel efficiency and emission-free features. This factor is fueling the demand for automotive CNG vehicles market.
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The demand for CNG vehicles for passenger vehicles type segment is estimated to grow at a significant rate and is projected to reach more than thousand millions by 2027 end. The CNG vehicles for commercial vehicles segment is growing at a relatively slower pace as compared to other CNG vehicles segment. The slow growth in the commercial CNG vehicle in the market is due to the long product lifecycle and the availability in the market globally. Though the CNG vehicles for passenger vehicles segment has maximum work piece diameter, which is used in various light commercial vehicles. Therefore, it holds more than 60% share in terms of value in 2018.
Dedicated fuel CNG vehicles holds more than 45% share in CNG vehicles sales owing to have less complicated yet simple design. Although the bi-fuel and dual fuel CNG vehicles are also growing at a significant rate owing to the increasing demand for fuel efficient vehicles and optional fuel function. Also, the dedicated CNG vehicles is estimated to grow at a significant CAGR of more than 3.5% in terms of value, in the global CNG vehicles market over the forecast period.
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The competitive landscape section of the CNG vehicles market delivers the most insightful information regarding the key market players, their relative global position and business strategies. The market for the CNG vehicles is estimated to grow over the forecast period as the contenders in the global market are rising and competition with the existing players is estimated to grow in the next nine years. The manufacturers in CNG vehicles market to expand with strategic developments such as product launches, product innovation, expansion, collaborations and acquisitions in the CNG vehicles market.
Key players operating in the global market for CNG vehicles, include Ford Motor Company, Fiat Chrysler Automobiles, General Motors, Honda Motor Company, Volkswagen, Hyundai Motor Group, Suzuki Motor Corporation, Great Wall Motors, Iran Khodro, and others. Some of the aftermarket players in the CNG Vehicles market are Landi Renzo, Impco, Venchurs, Westport, Tomasetoo Achile, and others. The competition among the existing market players is very high. Therefore, to survive & succeed in such a competitive environment, manufacturers must distinguish their product offering through innovative & unique products.
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