The global market for Natural Gas Vehicles (NGVs) is estimated at 26.6 Million Units in 2023 and is projected to reach 42.3 Million Units by 2030, growing at a CAGR of 6.8% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the natural gas vehicles market is driven by several factors, including technological innovations, regulatory policies, and economic incentives. Governments around the world are implementing stringent emissions regulations and offering subsidies to encourage the adoption of cleaner vehicle technologies, including NGVs. These regulatory measures are particularly influential in sectors such as public transportation and freight, where reducing emissions is a priority. Additionally, the lower cost of natural gas compared to gasoline and diesel provides a significant economic incentive for businesses and consumers to switch to NGVs. The rising awareness of environmental issues and the increasing demand for sustainable transportation solutions are also key drivers. Furthermore, the development of a more robust refueling infrastructure, with more CNG and LNG stations being established globally, is making it more convenient for NGV owners to refuel, thus boosting market growth. The combined effect of these factors is creating a favorable environment for the expansion of the NGV market, promising a cleaner and more sustainable future for the transportation industry.
The growth in the natural gas vehicles market is driven by several factors, including technological innovations, regulatory policies, and economic incentives. Governments around the world are implementing stringent emissions regulations and offering subsidies to encourage the adoption of cleaner vehicle technologies, including NGVs. These regulatory measures are particularly influential in sectors such as public transportation and freight, where reducing emissions is a priority. Additionally, the lower cost of natural gas compared to gasoline and diesel provides a significant economic incentive for businesses and consumers to switch to NGVs. The rising awareness of environmental issues and the increasing demand for sustainable transportation solutions are also key drivers. Furthermore, the development of a more robust refueling infrastructure, with more CNG and LNG stations being established globally, is making it more convenient for NGV owners to refuel, thus boosting market growth. The combined effect of these factors is creating a favorable environment for the expansion of the NGV market, promising a cleaner and more sustainable future for the transportation industry.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Natural Gas Light Duty Vehicles segment, which is expected to reach 39.0 Million Units by 2030 with a CAGR of a 6.9%. The Natural Gas Medium & Heavy Duty Trucks segment is also set to grow at 6.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at 179.9 Thousand Units in 2023, and China, forecasted to grow at an impressive 7.6% CAGR to reach 9.9 Million Units by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Natural Gas Vehicles (NGVs) Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Natural Gas Vehicles (NGVs) Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Natural Gas Vehicles (NGVs) Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Daimler AG, Honda Motor Co., Ltd., Bayerische Motoren Werke AG (BMW GROUP), and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 55 Featured):
- Daimler AG
- Honda Motor Co., Ltd.
- Bayerische Motoren Werke AG (BMW GROUP)
- AB Volvo
- Adam Opel AG
- Blue Bird Corporation
- Bajaj Auto Ltd.
- Iveco SpA
- Jiangling Motors Co., Ltd.
- Champion Bus, Inc.
- Freightliner Trucks
- Hyundai Motor Company
- Alexander Dennis Ltd.
- Autocar LLC
- GILLIG LLC
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
INDIA
PAKISTAN
THAILAND
UZBEKISTAN
REST OF ASIA-PACIFIC
LATIN AMERICA
ARGENTINA
BRAZIL
REST OF LATIN AMERICA
MIDDLE EAST
IRAN
REST OF MIDDLE EAST
AFRICA
Companies Mentioned
- Daimler AG
- Honda Motor Co., Ltd.
- Bayerische Motoren Werke AG (BMW GROUP)
- AB Volvo
- Adam Opel AG
- Blue Bird Corporation
- Bajaj Auto Ltd.
- Iveco SpA
- Jiangling Motors Co., Ltd.
- Champion Bus, Inc.
- Freightliner Trucks
- Hyundai Motor Company
- Alexander Dennis Ltd.
- Autocar LLC
- GILLIG LLC
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value in 2023 | 26.6 Million Units |
| Forecasted Market Value by 2030 | 42.3 Million Units |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
