Automotive Natural Gas Vehicle (NGV) Market Size, Share, Growth, Trends, Production, Revenue, Sales and Forecast 2020 to 2027

The global automotive natural gas vehicle (NGV) market demand was estimated at 24,900.00 thousand units in 2018. It is expected to exhibit a CAGR of 3.0% during the forecast period 2019 o 2027.

The global automotive NGV market demand is projected to reach 32,000.1 thousand units by 2027.

Rising support from several governments worldwide for the adoption of NGVs is one of the primary growth stimulants for the market.

The transportation sector across the world is adopting natural gas as a fuel for vehicles. Incumbents of the sector have realized that vehicles operating on conventional fuels, such as diesel and gasoline, are causing pollution and emitting greenhouse gases on a large scale. The adoption of advanced technologies in engines is turning out to be of paramount importance in order to reduce emissions.

Stringent regulations, laid down by governments of various nations, focus on reduction of emissions of greenhouse gases and particulate matter from vehicles in order to curb environmental damage. Along with these regulations, authorities have also been amending emission standard policies dynamically in order to protect the environment. This, in turn, is projected to positively influence the growth of the market over the forecast period.

Incumbents of the automotive industry are enhancing their product portfolio and providing compressed natural gas (CNG) and liquefied natural gas (LNG) variants of vehicles in order to comply with evolving policies and standards. Surging demand for vehicles running on CNG and LNG coupled with increasing launches of a variety of natural gas vehicles is likely to propel the market.

Production of natural gas is becoming a safer process as authorities have been implementing strict regulations and industry standards to ensure safe production, storage, transportation, distribution, and use of natural gas. Technological advancements and government support have provided a push to the natural gas industry over the last decade. As a result, improved production and handling processes of natural gas are estimated to augment the market over the forecast period.

Need for alternative fuel technology in the transportation sector is prompting incumbents to adopt LNG vehicles for their operations. Subsequently, the automotive LNG vehicle segment is likely to witness strong growth in line with rising interest from the transportation sector, especially the trucking sector.

Rising emissions of greenhouse gases and particulate matter (PM) from diesel and gasoline vehicles are causing the air quality all around the globe to deteriorate, thus affecting people’s health. PM and greenhouse gases lead to smog that might cause lung diseases, such as asthma, chronic bronchitis, and emphysema, along with other health issues.

Modern technologies have continuously emerged through dedicated collaborative R&D centers or manufacturers’ independent technology centers; where researchers focus on building optimal solutions for their NGV customers. Governments across the globe are taking initiatives and investing significant resources to improve natural gas technologies.

Further key findings from the report suggest:

• Stringent regulations, laid down by governments of various nations, to reduce emissions of greenhouse gases and particulate matter are expected to positively influence market growth over the forecast period

• Refueling solutions such as home refueling and time-fill refueling prove to be economic along with providing convenience to customers

• There is an increase in the adoption of natural gas for different applications across various industries owing to stringent government regulations regarding greenhouse gas emissions and environmental protection

• Asia Pacific dominated the market in 2017 and is anticipated to progress at the highest CAGR over the forecast period

• Some of the key players in the market are AB Volvo; Cummins, Inc.; Beiqi Foton Motor Co., Ltd.; Navistar, Inc.; PACCAR, Inc.; and Westport Fuel Systems Inc.

Report Scope:

Automotive NGV Market Share Insights

Key players operating in the market include AB Volvo; Cummins, Inc.; Beiqi Foton Motor Co., Ltd.; Navistar, Inc.; PACCAR, Inc.; and Westport Fuel Systems Inc. Suppliers in the value chain of the automotive market are chosen according to their offerings and quality standards to ensure that final quality of assembled vehicle meet expectations. Selection of suppliers is carried out through various means, such as direct negotiations, reverse auctions, or competitive bidding. A crucial component that makes up an NGV is the natural gas engine. Companies such as Cummins Westport, Inc. and Weichai Westport, Inc. design and build CNG engines and LNG engines, along with engines running on other alternative fuels.

Segmentation

• Fuel Type Outlook

  • CNG

  • LNG

• Vehicle Type Outlook

  • Passenger vehicles

  • Three-wheelers

  • Light-duty & heavy-duty buses and trucks

• Regional Outlook

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Russia

    • Sweden

  • Asia Pacific

    • China

    • India

    • Thailand

    • Bangladesh

  • South America

    • Brazil

  • Middle East & Africa (MEA)

The Automotive Natural Gas Vehicle (NGV) market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Automotive Natural Gas Vehicle (NGV) market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Automotive Natural Gas Vehicle (NGV) market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive Natural Gas Vehicle (NGV) market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive Natural Gas Vehicle (NGV) market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Automotive Natural Gas Vehicle (NGV) capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Automotive Natural Gas Vehicle (NGV) by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive Natural Gas Vehicle (NGV) market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive Natural Gas Vehicle (NGV) market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive Natural Gas Vehicle (NGV) market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Automotive Natural Gas Vehicle (NGV) industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Automotive Natural Gas Vehicle (NGV) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive Natural Gas Vehicle (NGV) market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive Natural Gas Vehicle (NGV) market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive Natural Gas Vehicle (NGV) market. These factors have benefited the growth of the global market for Automotive Natural Gas Vehicle (NGV). Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automotive Natural Gas Vehicle (NGV). The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Automotive Natural Gas Vehicle (NGV) are as follows:

• History Year: 2016-2019
• Base Year: 2019
• Estimated Year: 2020
• Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.