CNG vehicles Market 2019
Latest report CNG vehicles Market Research Report Categories By Product Type, By Application and by Regions with Forecast To 2025. Global The global CNG vehicle market stood at USD 1, 09,783.6 Mn in 2017 and is expected to attain a valuation of approximately USD 1, 85,000 Mn.
Compressed natural gas (CNG) can be referred to as natural gas under pressure, that remains odorless, colorless, and non-corrosive. It can be used as a greener, cheaper, and more efficient alternative to conventional diesel and petrol fuels for vehicles. CNG comprises methane gas, which, like gasoline, can produce engine power when combined with air and fed into the combustion chamber of an engine. Natural gas is compressed so that sufficient fuel can be stored in the vehicle to expand the range of driving, like gasoline tanks in any vehicles
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CNG Vehicles Market Key Players:
- Daimler AG
- General Motors
- Honda Motor Co. Ltd.
- Renault, Ford Motor Company
- Fiat Chrysler Automobiles
- Toyota Motor Corporation
- Hyundai Motor Company
- Groupe PSA, Volvo Group
- Suzuki Motor Corporation
- Volkswagen Group
CNG Vehicles Market Drivers and Restraints:
The CNG vehicles market is likely to witness propulsion in growth owing to the rising awareness towards the hazardous effects of the use of conventional energy sources to the environment. This is fueling the demand for clean energy-based vehicles for environment-friendly transit options, driving exponential growth to the CNG vehicles market. The global CNG vehicles market is anticipated to expand at a 5.96% CAGR during the review period, as stated in the latest MRFR report. Further, rising prices of conventional fuels such as petrol and diesel are pivoting the consumers to adopt CNG vehicles. Additionally, supportive government initiatives are pushing the general public to opt for CNG-based vehicles, instead of vehicles operating on petrol or diesel. Tough regulations laid out by the government towards the emission of pollutants from automobiles is also expected to drive the CNG vehicles market as CNG-based vehicles have the lowest carbon emissions among all types of vehicles.
Benefits of CNG Vehicles Over Gasoline
Cheaper: CNG is considered cheap and costs almost one third the price of super gasoline, which results in savings in fuel costs.
Reduced maintenance cost: CNG does not contain any additives, burns cleanly, and does not leave any by-products behind which contaminates engine oil and spark plugs. The engine remains clean, thereby reducing engine wear. Also, the combustion chamber parts function at peak output for an extended period before it requires service.
Environment-Friendly: As CNG has a higher-octane rating over gasoline, CNG engines run more quietly and produce minimum exhaust emissions. Harmful emissions like carbon dioxide, carbon monoxide, and nitrous oxide can be minimized compared to gasoline-powered vehicles.
Safer: CNG components are specifically designed and made to international standards. They are monitored to assure safe operation. These fuel systems are sealed, which further prevents spillage and evaporation losses.
Look & Feel Like Conventional Cars: While the fuel systems and engines of CNG vehicles are modified to make use of natural gas, these vehicles are similar to existing diesel and gasoline cars. A conventional car can also be converted to run on natural gas.
CNG Hybrids Available: Some of the CNG cars are specifically designed to run on gasoline as well as CNG, thereby eliminating the range anxiety, and enabling the driver to drive for a long time.
Industry Updates
February 27, 2019: Kwik Trip is likely to be a primary dispenser of renewable natural gas (RNG) which was produced at the Wisconsin county’s landfill biogas project once it is completed during 2019.
February 12, 2019: ECO-GATE introduced the ECO-G brand, which is designed to rename the natural gas used for CNG vehicles. ECO-GATE is a European consortium led by NEDGIA (Naturgy group’s gas distributor) and co-financed by the European Union.
Light CNG Vehicles: Increasing Demand
Lightweight vehicles are in huge demand these days and will retain its growth in the coming years. The increasing sales of per passenger vehicles will propel the demand for light CNG vehicles among the consumers. Per capita spending has increased, especially in developing economies like China, India, and Nigeria. Also, climate awareness and higher vehicle mileage have created an ambient ecosystem for CNG vehicles to propel in these nations. Meanwhile, heavy-duty vehicles like trucks and buses will exhibit sluggish growth due to the higher emphasis on electric trucks and buses across the globe.
Global CNG Vehicles Market Regional Analysis:
Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW) are the regional segments based on which the MRFR report has been prepared. Rest of the World (RoW) is anticipated to account for 46% of the global CNG vehicles market. The government authorities of many economies comprised in the RoW have introduced policies such as tax reduction, affordable pricing, subsidies, and stringent emission regulations, hence, promoting growth in the CNG vehicles market. South Africa, Thailand, Egypt, Iraq, Columbia, Brazil, Iran, Pakistan, and Argentina are significant contributors in the CNG market in the RoW. Iran has made a dual fuel capacity in all cars compulsory, promoting the usage of CNG vehicles over conventional vehicles. Whereas, Dubai and Saudi Arabia are also witnessing numerous activities creating awareness of the advantages of CNG vehicles, hence, propelling the growth in the CNG vehicles market.
China is projected to witness substantial growth during the assessment period and holds 18% of the global CNG vehicles market share. Also, Japan is anticipated to showcase potential growth opportunities for CNG vehicles owing to the presence of many prominent CNG automobile manufacturers such as Honda, Suzuki, Toyota, and Nissan.
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LIST OF TABLES
TABLE 1 MARKET SYNOPSIS 14
TABLE 2 LIST OF ASSUMPTIONS 17
TABLE 3 MANUFACTURING COST STRUCTURE OF CNG VEHICLES 33
TABLE 4 LABOR COST STRUCTURE: CNG VEHICLES 33
TABLE 5 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2013-2017 (USD MILLION) 37
TABLE 6 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2018-2025 (USD MILLION) 37
TABLE 7 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2013-2017 (MILLION UNITS) 37
TABLE 8 GLOBAL CNG VEHICLE MARKET, BY PRODUCT TYPE, 2018-2025 (MILLION UNITS) 37
TABLE 9 GLOBAL CNG VEHICLE MARKET, BY APPLICATION, 2013-2017 (USD MILLION) 40
TABLE 10 GLOBAL CNG VEHICLE MARKET, BY APPLICATION, 2018-2025 (USD MILLION) 40
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