Global Light and Heavy duty Natural Gas Vehicle Market 2017-2021

January 06, 2017
SKU:
IRTNTR11419
This industry research report identifies CNH Industrial, Daimler Trucks, General Motors, MAN Truck & Bus, and Volvo Trucks as the key vendors in the global light- and heavy-duty natural gas vehicle (NGV) market. This industry research report also presents a competitive analysis of the market by application (light-duty NGV and heavy-duty NGV) and by geography (the Americas, APAC, and EMEA).

Overview of the global light- and heavy-duty natural gas vehicle (NGV) market

Market research analysts at Technavio predict that the global light- and heavy-duty NGV market will grow steadily during the next four years and in terms of units, will post a CAGR of more than 5% by 2021. This market research analysis identifies the higher fuel efficiency of natural gas trucks as one of the primary growth factors for this market. It has been observed that fuel prices account for almost 30% of the total acquisition cost of commercial vehicles. Though this induces fleet owners to prefer commercial vehicles with a reasonable engine horsepower and better fuel efficiency, fluctuating fuel prices make it difficult for fleet owners to forecast operational costs. This will result in the increased adoption of natural gas vehicles since the low cost of natural gas reduces the cost per mile of NGVs.

The introduction of multi-fuel engines will be one of the major factors that will gain traction in this market in the coming years. To overcome the shortcomings of a fuel type, original equipment manufacturers (OEMs) will increasingly focus on the development of engines that are compatible with multiple fuels. Niyato Industries has already developed a tri-fuel system for the Ford F-150 which can operate using multiple fuels such as gasoline, compressed natural gas (CNG), and propanone.

Competitive landscape and key vendors

The market is characterized by the presence of a considerable number of natural gas vehicle manufacturers and is fragmented. Market players who have a wide product portfolio and an enhanced geographical presence currently dominate the market. One of the major natural gas truck manufacturers, Daimler Trucks, plays a significant role in the market and operates in various geographical regions like the Americas, Asia, and Europe. The company manufactures trucks under the various brand names such as Mercedes-Benz, Western Star, Thomas Built Buses, Freightliner, BharatBenz, and FUSO.  The company also offers customized solutions in the medium and heavy duty truck segment and is also one of the leading school bus manufacturers.

The leading vendors in the market are -

  • CNH Industrial
  • Daimler Trucks
  • General Motors
  • MAN Truck & Bus
  • Volvo Trucks

The other prominent vendors in the market are Beiqi Foton Motor, BRC Gas Equipment, Cummins Westport, Dongfeng Motor, Fiat Chrysler Automobiles, Ford Motor, GAZ, Honda, IMPCO Technologies, ISUZU MOTORS, KAMAZ, Landi Renzo, Navistar, Renault, and Volkswagen.

Segmentation by application and analysis of the light- and heavy-duty NGV market

  • Light-duty NGV
  • Heavy-duty NGV

During 2016, the light-duty NGV segment accounted for the major shares and dominated this market. The coming years will witness a significant rise in the demand for light commercial vehicles (LCV) that play a significant role in the delivery of time-critical goods, high-value goods, and support services. The focus of LCV fleet operators to reduce their maintenance, repair, and operational expenses, will in turn, propel market growth in this segment due to the low fuel costs of NGVs.

Geographical segmentation and analysis of the light- and heavy-duty NGV market

  • Americas
  • APAC
  • EMEA

This market study estimates that in terms of geographical regions, APAC will be the major revenue contributor to the market throughout the forecast period. The rise in living standards and increasing disposable income in countries such as India, China, and South Korea that result in the economic growth of the region, the growing need for logistics services, and the increasing demand for fuel-efficient vehicles from fleet operators to reduce operating costs, are major factors that will drive market growth in this region in the next four years.

Key questions answered in the report include

  • What will the market size and the growth rate be in 2021?
  • What are the key factors driving the global light- and heavy-duty natural gas vehicle market?
  • What are the key market trends impacting the growth of the global light- and heavy-duty natural gas vehicle market?
  • What are the challenges to market growth?
  • Who are the key vendors in the global light- and heavy-duty natural gas vehicle market?
  • What are the market opportunities and threats faced by the vendors in the global light- and heavy-duty natural gas vehicle market?
  • Trending factors influencing the market shares of the Americas, APAC, and EMEA.
  • What are the key outcomes of the five forces analysis of the global light- and heavy-duty natural gas vehicle market?

Technavio also offers customization on reports based on specific client requirement.

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