Light and Heavy duty Natural Gas Vehicle Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: Aug 2020
  • Pages: 120
  • SKU: IRTNTR44296
Technavio

The 2022-2026 version of this report is just being published. Buy it now and get up to $1000 worth of free customization!

Get me the latest version! (includes COVID-19 impact)
Safe and Secure SSL Encrypted
  • 2500.00
  • USD

The light and heavy duty natural gas vehicle market size has the potential to grow by 251.43 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by application (light-duty NGV and heavy-duty NGV) and geography (APAC, North America, Europe, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AB Volvo, CNH Industrial NV, Cummins Inc., Daimler AG, General Motors Co., MAN SE, Navistar International Corp., PACCAR Inc., Renault SA, and Volkswagen AG.

Market Overview

Browse TOC and LoE with selected illustrations and example pages of Light and Heavy Duty Natural Gas Vehicle Market

Request a FREE sample now!

Market Competitive Analysis

The market has a considerable number of natural gas vehicle manufacturers and is fragmented. Market players that have a wide product portfolio and an enhanced geographical presence currently dominate the market. AB Volvo, CNH Industrial NV, and Cummins Inc. are some of the major market participants. Although the increasing focus on emission reduction will offer immense growth opportunities, the high cost of heavy-duty NGVs will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this light and heavy duty natural gas vehicle market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this light and heavy duty natural gas vehicle market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • AB Volvo
  • CNH Industrial NV
  • Cummins Inc.
  • Daimler AG
  • General Motors Co.
  • MAN SE
  • Navistar International Corp.
  • PACCAR Inc.
  • Renault SA
  • Volkswagen AG

Light and Heavy Duty Natural Gas Vehicle Market: Segmentation by Geography

For more insights on the market share of various regions Request for a FREE sample now!

APAC was the largest light and heavy duty natural gas vehicle market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rise in living standards and increasing disposable income in countries such as India, China, and South Korea, the growing need for logistics services, and the increasing demand for fuel-efficient vehicles from fleet operators to reduce operating costs will significantly drive light and heavy duty natural gas vehicle market growth in this region over the forecast period.

59% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for light and heavy duty natural gas vehicles in APAC. Market growth in this region will be slower than the growth of the market in South America.

Light and Heavy Duty Natural Gas Vehicle Market: Segmentation by Application

Request for a FREE sample and Get more information on the market contribution of various segments

During 2020, the light-duty NGV segment accounted for the major shares and dominated the natural gas vehicles 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 propel the growth of this segment in the light and heavy duty natural gas vehicles market due to the low fuel costs of NGVs.

However, the market growth in the light duty NGV segment will be slower than the growth of the market in the heavy-duty NGV segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the light and heavy duty natural gas vehicle market size.

Light and Heavy Duty Natural Gas Vehicle Market: Key Drivers and Trends

The light and heavy duty NGV market will register a CAGR of over 2% by 2024. The higher fuel efficiency of natural gas trucks is 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. Although 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 light and heavy duty natural gas vehicle market trends that will gain traction 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.

Event-Tickets-Market-Report

Request for a FREE sample

Light and Heavy Duty Natural Gas Vehicle Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive light and heavy duty natural gas vehicle market growth during the next five years
  • Precise estimation of the light and heavy duty natural gas vehicle market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the light and heavy duty natural gas vehicle industry across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of light and heavy duty natural gas vehicle market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Read More Read Less

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application by Volume

  • Market segments
  • Comparison by Application by volume
  • Light-duty NGV - Market size and forecast 2019-2024
  • Heavy-duty NGV - Market size and forecast 2019-2024
  • Market opportunity by Application by volume

Customer landscape

Geographic Landscape by Volume

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Volume drivers – Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • AB Volvo
  • CNH Industrial NV
  • Cummins Inc.
  • Daimler AG
  • General Motors Co.
  • MAN SE
  • Navistar International Corp.
  • PACCAR Inc.
  • Renault SA
  • Volkswagen AG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
Interested in this report?
Get your FREE sample now!
The light and heavy duty natural gas vehicle market growth will increase by $251.43 thousand units during 2019-2024.
The light and heavy duty natural gas vehicle market is expected to grow at a CAGR of 2.18% during 2019-2024.
Technavio has segmented the light and heavy duty natural gas vehicle market by application (Light-duty NGV and Heavy-duty NGV) ,application by volume (Light-duty NGV and Heavy-duty NGV) , and geographic (APAC, North America, Europe, South America, and MEA).
AB Volvo, CNH Industrial NV, Cummins Inc., Daimler AG, General Motors Co., MAN SE, Navistar International Corp., PACCAR Inc., Renault SA, Volkswagen AG are a few of the key vendors in the light and heavy duty natural gas vehicle market.
APAC will register the highest growth rate of 58.57% among the other regions. Therefore, the light and heavy duty natural gas vehicle market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the light and heavy duty natural gas vehicle market growth are:
  • Increasing focus on emission reduction
  • Rapid growth in the development of near-zero emission NGV
The light and heavy duty natural gas vehicle market vendors should focus on grabbing business opportunities from the light-duty ngv segment as it accounted for the largest market share in the base year.
Safe and Secure SSL Encrypted
Technavio

Single User:

2500 USD

Technavio Get the report (PDF) sent to your email within minutes.

Subscribe & Save

Get lifetime access to our
Technavio Insights

Want to customize this report?

This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.

We offer $1000 worth of FREE customization at the time of purchase
Technavio
Enquire Before Buying
  1. Home
  2. Industrials
  3. Published Report
17,000 reports available | Plans starting from just 5,000 USD | Get FREE trial>>