As per Market Research Future (MRFR), the global CNG vehicles
market is expected to register a compound annual growth rate of 5.96% between
2018 and 2025 (forecast period). The study discusses and investigates the
effects of the outbreak of COVID-19 on the global CNG vehicles industry,
including potential opportunities and challenges, drivers, and risks. The study
explains the impacts of COVID-19 on the global CNG vehicles market and
predicts market growth based on various scenarios.
A compressed natural gas vehicle is an alternative fuel
vehicle that uses compressed natural gas instead of gasoline or diesel. CNG or
compressed natural gas is stored at a high pressure of between 3,000 and 3,600
pounds per square inch (21 to 25 MPa). The tank required is larger and more
expensive than the conventional fuel tank. The emissions of the CNG vehicle are
cleaner, with lower carbon emissions and lower particulate emissions per
equivalent distance traveled. Generally, there is less fuel wasted.
Market Dynamics
CNG vehicles are a significant segment of the current
categories of vehicles that promote the popular concept of clean technology
adoption. Several car manufacturers have already recognized the market
opportunities in CNG vehicles and are increasing investment in a specific
class. Demand for cars with dual fuel a system (petrol and CNG) is on the rise.
CNG vehicles are environmentally viable and fuel-efficient, which is a crucial
marketing pitch for these vehicles in markets with a large number of
price-sensitive buyers. Sales of CNG vehicles in Asia, LatAm, and Middle East
& Africa (MEA) have increased due to increasing prices of conventional
fuels. CNG is more affordable than petrol and diesel, which is mainly driving
the demand for CNG vehicles.
CNG Vehicles Market@ http://heraldkeeper.com/featured/cng-vehicles-market-insights-2020-business-opportunity-future-scope-rising-demand-by-top-vendors-suzuki-motor-corporation-renault-594354.html
Key Players
Notable players in the global CNG vehicles market are
Volkswagen Group, General Motors, Ford Motor Company, Hyundai Motor Company,
Daimler AG, Toyota Motor Corporation, Fiat Chrysler Automobiles, Groupe PSA,
Volvo Group, Honda Motor Co. Ltd., Renault, and Suzuki Motor Corporation.
The global CNG vehicles market consists of a few
well-established vendors. Key vendors in the market are currently enhancing
their customer base and growing their investment in R&D activities. The
market is expected to experience competition based on technological innovations
and government regulations. Manufacturers are also expected to engage in
long-term partnerships with vendors, as the quality of the products used and
the design are critical factors in controlling costs that distinguish each
vendor.
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Market Segmentation
The global CNG vehicles market has been segmented on the
basis of product type and application.
On the basis of product type, the global CNG vehicles market
has been segmented into OEM and car modification.
On the basis of application, the global CNG vehicles market
has been segmented into personal use and commercial use.
Regional Analysis
Region-wise, the global CNG vehicles market has been
segmented into North America, Europe, Asia Pacific (Japan, China, India, South
Korea), and RoW (rest of the world).
Asia Pacific is the most extensive market for CNG vehicles
and is projected to grow at the highest growth rate over the evaluation
period.
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TABLE OF CONTENTS:
1.
Market Introduction
2.
Research Methodology
3.
Market Dynamics
4.
Executive Summary
5.
Market Factor Analysis
6.
CNG vehicles Market,
By Segments
7.
Competitive Analysis
Continued…
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