Market Research Future reports provide unique viewpoints on the various markets that its reports focus upon. The detailed procedures and practices applied by the research team contain selecting, processing, identifying, and examining information which is the essential core of the research method. The methods used have permitted the utilization of the best methods that help to discover the latest trends in the market. Furthermore, the research design for every specific report includes a grouping of top-down and bottom-up approaches to estimate market volumes and worth of the various segments and nations included in the report. Thus, the useful and potent insights emphasized by the reports permit the users to make knowledgeable decisions that can steer to profitable outcomes for businesses.

Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market.

This MRFR market perspective presents an objective outlook towards the global market for CNG vehicles. It also includes a seven-year (2018-2025) market forecast, until 2025. The research document includes a comprehensive discussion on the market dynamics as well as sub-markets of CNG vehicles. The sub-markets comprise OME CNG vehicle products and car modification CNG vehicle products. In the report, revenue analysis based on major application areas for CNG vehicle covers personal use and commercial use.

CNG vehicles represent a major segment of the existing categories of vehicles that promote the popular notion of clean technology adoption. Several carmakers have already recognized the market opportunity in CNG vehicles and are ramping up investments in the particular class. Demand for cars with dual fuel system (petrol and CNG) is on the rise. CNG vehicles are not only environmentally viable but also fuel efficient, which is a key marketing pitch for these vehicles in markets with high number of price-sensitive customers. MRFR reports that the global market for CNG vehicles is set to witness a compound annual growth rate of 5.96% between 2018 and 2025. Sales of CNG vehicles in Asia, LatAm and the Middles East & Africa (MEA) have increased owing to rising price of conventional fuels. CNG is more affordable as compared to petrol and diesel, which is partly driving the demand for CNG vehicles.

Market Snapshot, CNG vehicles represent a major segment of the existing categories of vehicles that promote the popular notion of clean technology adoption. Several carmakers have already recognized the market opportunity in CNG vehicles and are ramping up investments in the particular class. Demand for cars with dual fuel system (petrol and CNG) is on the rise. CNG vehicles are not only environmentally viable but also fuel efficient, which is a key marketing pitch for these vehicles in markets with high number of price-sensitive customers. MRFR reports that the global market for CNG vehicles is set to witness a compound annual growth rate of 5.96% between 2018 and 2025. Sales of CNG vehicles in Asia, LatAm and the Middles East & Africa (MEA) have increased owing to rising price of conventional fuels. CNG is more affordable as compared to petrol and diesel, which is partly driving the demand for CNG vehicles. , Report Synopsis , This MRFR market perspective presents an objective outlook towards the global market for CNG vehicles. It also includes a seven-year (2018-2025) market forecast, until 2025. The research document includes a comprehensive discussion on the market dynamics as well as sub-markets of CNG vehicles. The sub-markets comprise OME CNG vehicle products and car modification CNG vehicle products. In the report, revenue analysis based on major application areas for CNG vehicle covers personal use and commercial use. , Report Coverage , Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market., Companies Covered , Volkswagen Group, General Motors, Ford Motor Company, Hyundai Motor Company, Daimler AG, Toyota Motor Corporation, Fiat Chrysler Automobiles, Groupe PSA, Volvo Group, Honda Motor Co. Ltd., Renault and Suzuki Motor Corporation., Research Methodology , Market Research Future reports provide unique viewpoints on the various markets that its reports focus upon. The detailed procedures and practices applied by the research team contain selecting, processing, identifying, and examining information which is the essential core of the research met

Compressed natural gas (CNG) powered vehicles offer an alternative to traditional petrol or diesel-powered vehicles due to the combustion of methane with oxygen and water vapor which burns cleanly and has lower carbon emissions. The global CNG vehicle market recorded revenue of USD 1,09,783.6 Mn in 2017 and is expected to appreciate to an approximate market value of USD 1,85,422.3 Mn. The global market is slated to witness growth at a CAGR of 5.96% during the forecast period from 2018 to 2025.

Several factors drive the global CNG vehicle market, chief among them is the ever-increasing price of crude oil due to its rapidly decreasing availability. The growth of the global population has resulted in an increase in demand for automotive vehicles. However, consumer preferences are shifting to CNG and other alternative fuel vehicles in an effort to avoid fuel hikes. Emerging economies across the world are displaying an increasing preference for CNG vehicles as has been depicted in the year by year growth in sales. Moreover, developed economies are increasing focus on the development of CNG supportive infrastructure due to a growing concern for rapidly depleting fossil fuel. The significant price difference between traditional fuel and CNG shows significant disparity and as such drives growth of the global CNG vehicles market. In support of this, government authorities of various emerging countries across the globe have planned and increased investments in manufacturing of CNG vehicles and have taken steps to attract prominent manufacturers. As a result, the global economy is shifting with emerging economies gradually establishing themselves as manufacturing hubs. Countries such as Brazil, Singapore, India, China, and some Middle Eastern countries have attracted significantly important manufacturers for the Natural Gas vehicle market.

Increasing concern for the negative impact of harmful vehicle emissions on the environment and a growing global desire to adopt clean and renewable energy methods has given rise to strong demand for electric vehicles. This demand is expected to increase in the coming years due to the highly advanced features that these types of vehicles offer. Several key market players have successfully begun rolling out a wide variety of electric powered vehicles including sedans, hatchbacks, family cars and vans among others. The growing popularity and demand for electric vehicles are expected to restrain market growth. Expansion of OEM activities to accommodate older vehicles is likely to provide market opportunities. Older CNG vehicles presently have underdeveloped aftermarket services. However, mounting pressure to increase aftermarket services are expected to yield opportunities for the growth of the global CNG vehicles market.

The global CNG vehicle market is segmented, in the report on the basis of product type, application, and region. OEM and car modification make up the main segments by product type. The car modifications segment captures over 60% of the total market share due to the increasing prices of crude oil which have influenced an increased demand for cheaper fuels. Additionally, this segment is poised to witness growth at the highest CAGR of 6.03% during the assessment period as vehicle owners are increasingly choosing to power their vehicles with CNG.

By application, the market is segmented into commercial use and personal use. The personal use segment accounts for the largest share of the market and is expected to grow at the highest CAGR of 6.14% during the review period. Although the automotive segment is growing rapidly due to the increased buying power of consumers, increasing fuel prices are daunting and have resulted in an increased preference for CNG vehicles for private use.

Regional Analysis

The Rest of the World accounts for a market share of over 46% making it a key market for CNG vehicles. Iran Pakistan and GCC countries are among the key country-level markets in the region. In GCC countries the CNG vehicle market is witnessing growth as air pollution, and traffic congestion has encouraged emerging economies in the GCC to encourage adoption of CNG to reduce carbon emissions. Reduced price of natural gas which offers an overall reduction in vehicle ownership and travel is highly attractive in the major countries of this region where CNG adoption is high. Government regulations in the region are additionally, encouraging CNG vehicle adoption. These factors are expected to increase sales of CNG during the forecast period.

China is another significant country-level market which has a market share exceeding 18%. The Chinese government has increased tax waiver initiatives to encourage the adoption of CNG vehicles. High levels of air pollution have resulted in stringent government regulations in an effort to reduce carbon emissions. Moreover, improvement of infrastructure and tax incentives, combined with increasing environmental awareness have contributed significantly to Chinas leadership position in the global CNG vehicle market. Japan has a comparable growth pattern to China which also makes it a significant market. Moreover, several key CNG vehicle manufacturers are present in the country, thus contributing to Japan’s position in the market.

Competitive Tracking

Notable market players in the global CNG vehicle industry 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, and innovation of technology, mergers & acquisitions, and product extensions have been observed to be prominent growth strategies employed by the aforementioned market players.