Automotive Natural Gas Vehicle (NGV) Market, By Type (LNG, and CNG), By Vehicle Type (Light-duty and Heavy-duty Buses & Trucks, Three Wheelers, and Passenger Vehicles), and By Geography (NA, EU, APAC, LATAM and MEA) Analysis, Size, Share, Trends, & Forecast from 2020-2026
REPORT HIGHLIGHT
Automotive natural gas vehicle (NGV) market was valued at USD 7,030.8 million by 2018, growing with 6.6% CAGR during the forecast period, 2020-2026
A natural gas vehicle or NGV can be defined as a vehicle that runs on different fuels, like LNG (liquefied natural gas) and CNG (compressed natural gas). In powered NGV, power is being generated by the combustion of oxygen and methane into water and carbon dioxide. Generally, natural gas is used in bikes, cars, trucks, and buses. The handling cost of NGV is higher than that of diesel and petrol as it requires a special tank for storing the gas. Many countries have now started initiating to surge the use and production of natural gases in commercial transportation owing to depletion and the rise in prices of crude oil resources. Moreover, natural gas vehicles emit less amount of nitrogen and carbon dioxide gas and hence are good for the environment.
Market Dynamics
The growing support from various governments all across the globe regarding the adoption of NGVs is a major factor driving the growth of global automotive natural gas vehicle market. According to NGV Global, in 2019, the total number of natural gas vehicles running on the roads worldwide was around 27 million and this number is expected to reach up to 30 million by 2024. The stringent regulations adopted by governments of several nations focus on the depletion of emissions of greenhouse gases in order to control the environmental damage.
In addition, various authorities are also amending standard policies for emission to protect the environment. Thus, these factors will likely boost the market growth during the forecast period. Moreover, increasing demand for vehicles running on LNG and CNG coupled with a surge in launches of a variety of NGVs is expected to create lucrative opportunities in the industry. However, high costs associated with storing these gases and improper fuelling infrastructure are expected to hinder the market growth in the coming future.
Type Takeaway
Based on the type, the worldwide market for automotive NGV is categorized into LNG and CNG. Of these types, the LNG segment is estimated to be the fastest-growing market during the forecast period. This growth is mainly due to the rising use of LNG in the aviation and locomotive industries. On the other hand, the CNG type segment is projected to subjugate the market throughout the forecast owing to increase in government initiatives regarding the usage of NGVs. Moreover, the authorities and governments all across the globe are launching numerous incentive programs to simplify the procedure of adopting NGV vehicles. For instance, the incentive programs launched in the U.S. include Congestion Mitigation & Air Quality (CMAQ) Improvement program, EPA’s Clean Construction and Clean Agriculture program, and VALE (Voluntary Airport Low Emission) program.
Furthermore, there is an increasing trend towards adopting LNG as a fuel for heavy-duty trucks owing to various innovations in technology in recent times, especially in the trucking sector. A number of truck fleets are shifting toward alternative fuel technologies in order to comply with stringent regulations by governments.
Vehicle Type Takeaway
On the basis of vehicle type, the automotive NGV market is bifurcated into light-duty and heavy-duty buses & trucks, three-wheelers, and passenger vehicles. Of these, the passenger vehicles segment dominated the automotive NGV market in 2019 and is estimated to continue its dominance in the projected timeframe. This dominance is attributed to stringent government regulations and the growing demand for fuel-efficient vehicles.
In addition, LNG and CNG find prominent applications in the sector of rail transport in countries such as the U.S., India, Japan, and Canada which will propel the market growth. Also, considering the ongoing R&D activities and rising potential for natural gas as a fuel will help the market to grow impressively during the period of forecast. On the other hand, the three-wheelers vehicle type segment is anticipated to grow substantially in the estimated period owing to a greater number of three-wheelers running in countries such as India, Thailand, and Bangladesh.
Regional Takeaway
Depending on the geography, the worldwide market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The North America region is anticipated to witness a noteworthy growth in the automotive NGV market owing to the growing advancements in the development of CNG vehicles in this region. The automakers and domestic truck makers in the U.S. are launching new CNG cars and trucks which is expected to impel the regional market growth during the forecast period.
On the other hand, the Asia Pacific market for automotive NGV is projected to emerge as the major adopter of natural gas vehicles in the projected timeframe. This is mainly owing to the development of natural gas in countries such as India, China, and Japan. In addition, the stringent policies of governments of these countries are anticipated to spur the growth of the regional market.
Key Vendor Takeaway
The major players functioning in the global automotive NGV industry include AB Volvo, Quantum Fuel Systems LLC, Cummins, Inc., Navistar, Clean Energy Fuels, Agility, CNH Industrial N.V., Beiqi Foton Motor Co., Ltd., PACCAR, Inc., Navistar, Inc., and Westport Fuel Systems Inc.
These players are adopting several strategies such as technological advancements and product developments to maintain a strong market share. For instance, in January 2018, Westport Fuel Systems Inc. and Tata Motors, Inc. entered into a supply and development agreement for their 6 cylinders and 4 cylinders natural gas spark-ignited commercial vehicle.
The market size and forecast for each segment and sub-segments has been considered as below:
- Historical Year – 2015 to 2018
- Base Year – 2019
- Estimated Year – 2020
- Projected Year – 2026
TARGET AUDIENCE
- Traders, Distributors, and Suppliers
- Manufacturers
- Government and Regional Agencies
- Research Organizations
- Consultants
- Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET PLAYERS
- AB Volvo
- Quantum Fuel Systems LLC
- Cummins, Inc.
- Navistar
- Clean Energy Fuels
- Agility
- CNH Industrial N.V.
- Beiqi Foton Motor Co., Ltd.
- PACCAR, Inc.
- Navistar, Inc.
- Westport Fuel Systems Inc.
AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET, BY TYPE
- LNG
- CNG
AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET, BY VEHICLE TYPE
- Light-duty and Heavy-duty Buses & Trucks
- Three-Wheelers
- Passenger Vehicles
AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET, BY REGION
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Singapore
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA
TABLE OF CONTENT
1. AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET OVERVIEW
1.1. Study Scope
1.2. Assumption and Methodology
2. EXECUTIVE SUMMARY
2.1. Market Snippet
2.1.1. Market Snippet by Type
2.1.2. Market Snippet by Vehicle Type
2.1.3. Market Snippet by Region
2.2. Competitive Insights
3. AUTOMOTIVE NATURAL GAS VEHICLE (NGV) KEY MARKET TRENDS
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. AUTOMOTIVE NATURAL GAS VEHICLE (NGV) INDUSTRY STUDY
4.1. Porter’s Five Forces Analysis
4.2. Marketing Strategy Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET LANDSCAPE
5.1. Market Share Analysis
5.2. Key Innovators
5.3. Breakdown Data, by Key manufacturer
5.3.1. Established Player Analysis
5.3.2. Emerging Player Analysis
6. AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET – BY TYPE
6.1. Overview
6.1.1. Segment Share Analysis, By Type, 2019 & 2026 (%)
6.2. LNG
6.2.1. Overview
6.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
6.3. CNG
6.3.1. Overview
6.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
7. AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET – BY VEHICLE TYPE
7.1. Overview
7.1.1. Segment Share Analysis, By Vehicle Type, 2019 & 2026 (%)
7.2. Light-duty and Heavy duty Buses & Trucks
7.2.1. Overview
7.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
7.3. Three-wheelers
7.3.1. Overview
7.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
7.4. Passenger Vehicles
7.4.1. Overview
7.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8. AUTOMOTIVE NATURAL GAS VEHICLE (NGV) MARKET– BY GEOGRAPHY
8.1. Introduction
8.1.1. Segment Share Analysis, By Region, 2019 & 2026 (%)
8.2. North America
8.2.1. Overview
8.2.2. Key Manufacturers in North America
8.2.3. North America Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
8.2.4. North America Market Size and Forecast, By Type, 2015 – 2026 (US$ Million)
8.2.5. North America Market Size and Forecast, By Vehicle Type, 2015 – 2026 (US$ Million)
8.2.6. U.S.
8.2.6.1. Overview
8.2.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.2.7. Canada
8.2.7.1. Overview
8.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.3. Europe
8.3.1. Overview
8.3.2. Key Manufacturers in Europe
8.3.3. Europe Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
8.3.4. Europe Market Size and Forecast, By Type, 2015 – 2026 (US$ Million)
8.3.5. Europe Market Size and Forecast, By Vehicle Type, 2015 – 2026 (US$ Million)
8.3.6. Germany
8.3.6.1. Overview
8.3.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.3.7. Italy
8.3.7.1. Overview
8.3.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.3.8. United Kingdom
8.3.8.1. Overview
8.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.3.9. France
8.3.9.1. Overview
8.3.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.3.10. Rest of Europe
8.3.10.1. Overview
8.3.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.4. Asia Pacific (APAC)
8.4.1. Overview
8.4.2. Key Manufacturers in Asia Pacific
8.4.3. Asia Pacific Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
8.4.4. Asia Pacific Market Size and Forecast, By Type, 2015 – 2026 (US$ Million)
8.4.5. Asia Pacific Market Size and Forecast, By Vehicle Type, 2015 – 2026 (US$ Million)
8.4.6. India
8.4.6.1. Overview
8.4.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.4.7. China
8.4.7.1. Overview
8.4.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.4.8. Japan
8.4.8.1. Overview
8.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.4.9. South Korea
8.4.9.1. Overview
8.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.4.10. Rest of APAC
8.4.10.1. Overview
8.4.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.5. Latin America
8.5.1. Overview
8.5.2. Key Manufacturers in Latin America
8.5.3. Latin America Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
8.5.4. Latin America Market Size and Forecast, By Type, 2015 – 2026 (US$ Million)
8.5.5. Asia Pacific Market Size and Forecast, By Vehicle Type, 2015 – 2026 (US$ Million)
8.5.6. Brazil
8.5.6.1. Overview
8.5.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.5.7. Mexico
8.5.7.1. Overview
8.5.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.5.8. Argentina
8.5.8.1. Overview
8.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.5.9. Rest of LATAM
8.5.9.1. Overview
8.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.6. Middle East and Africa
8.6.1. Overview
8.6.2. Key Manufacturers in Middle East and Africa
8.6.3. Middle East and Africa Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
8.6.4. Middle East and Africa Market Size and Forecast, By Type, 2015 – 2026 (US$ Million)
8.6.5. Middle East and Africa Market Size and Forecast, By Vehicle Type, 2015 – 2026 (US$ Million)
8.6.6. Saudi Arabia
8.6.6.1. Overview
8.6.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.6.7. United Arab Emirates
8.6.7.1. Overview
8.6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9. KEY VENDOR ANALYSIS
9.1. AB Volvo
9.1.1. Company Snapshot
9.1.2. Financial Performance
9.1.3. Product Benchmarking
9.1.4. Strategic Initiatives
9.2. Quantum Fuel Systems LLC
9.3. Cummins, Inc.
9.4. Navistar
9.5. Clean Energy Fuels
9.6. Agility
9.7. CNH Industrial N.V.
9.8. Beiqi Foton Motor Co., Ltd.
9.9. PACCAR, Inc.
9.10. Navistar, Inc.
9.11. Westport Fuel Systems Inc.
10. 360 DEGREE ANALYSTVIEW
11. APPENDIX
11.1. Research Methodology
11.2. References
11.3. Abbreviations
11.4. Disclaimer
11.5. Contact Us
List of Tables
TABLE List of data sources
TABLE Market drivers; Impact Analysis
TABLE Market restraints; Impact Analysis
TABLE Automotive Natural Gas Vehicle (NGV) market: Type Snapshot (2018)
TABLE Segment Dashboard; Definition and Scope, by Type
TABLE Global Automotive Natural Gas Vehicle (NGV) market, by Type 2015-2026 (USD Million)
TABLE Automotive Natural Gas Vehicle (NGV) market: Vehicle Type Snapshot (2018)
TABLE Segment Dashboard; Definition and Scope, by Vehicle Type
TABLE Global Automotive Natural Gas Vehicle (NGV) market, by Vehicle Type 2015-2026 (USD Million)
TABLE Automotive Natural Gas Vehicle (NGV) market: Regional snapshot (2018)
TABLE Segment Dashboard; Definition and Scope, by Region
TABLE Global Automotive Natural Gas Vehicle (NGV) market, by Region 2015-2026 (USD Million)
TABLE North America Automotive Natural Gas Vehicle (NGV) market, by Country, 2015-2026 (USD Million)
TABLE North America Automotive Natural Gas Vehicle (NGV) market, by Type, 2015-2026 (USD Million)
TABLE North America Automotive Natural Gas Vehicle (NGV) market, by Vehicle Type, 2015-2026 (USD Million)
TABLE Europe Automotive Natural Gas Vehicle (NGV) market, by country, 2015-2026 (USD Million)
TABLE Europe Automotive Natural Gas Vehicle (NGV) market, by Type, 2015-2026 (USD Million)
TABLE Europe Automotive Natural Gas Vehicle (NGV) market, by Vehicle Type, 2015-2026 (USD Million)
TABLE Asia Pacific Automotive Natural Gas Vehicle (NGV) market, by country, 2015-2026 (USD Million)
TABLE Asia Pacific Automotive Natural Gas Vehicle (NGV) market, by Type, 2015-2026 (USD Million)
TABLE Asia Pacific Automotive Natural Gas Vehicle (NGV) market, by Vehicle Type, 2015-2026 (USD Million)
TABLE Latin America Automotive Natural Gas Vehicle (NGV) market, by country, 2015-2026 (USD Million)
TABLE Latin America Automotive Natural Gas Vehicle (NGV) market, by Type, 2015-2026 (USD Million)
TABLE Latin America Automotive Natural Gas Vehicle (NGV) market, by Vehicle Type, 2015-2026 (USD Million)
TABLE Middle East and Africa Automotive Natural Gas Vehicle (NGV) market, by country, 2015-2026 (USD Million)
TABLE Middle East and Africa Automotive Natural Gas Vehicle (NGV) market, by Type, 2015-2026 (USD Million)
TABLE Middle East and Africa Automotive Natural Gas Vehicle (NGV) market, by Vehicle Type, 2015-2026 (USD Million)
List of Figures
FIGURE Automotive Natural Gas Vehicle (NGV) market segmentation
FIGURE Market research methodology
FIGURE Value chain analysis
FIGURE Porter’s Five Forces Analysis
FIGURE Market Attractiveness Analysis
FIGURE Competitive Landscape; Key company market share analysis, 2018
FIGURE Type segment market share analysis, 2019 & 2026
FIGURE Type segment market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE LNG market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE CNG market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Vehicle Type segment market share analysis, 2019 & 2026
FIGURE Vehicle Type segment market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Light-duty and Heavy duty Buses & Trucks market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Three-wheelers market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Passenger Vehicles market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Regional segment market share analysis, 2019 & 2026
FIGURE Regional segment market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE North America Automotive Natural Gas Vehicle (NGV) market share and leading players, 2018
FIGURE Europe Automotive Natural Gas Vehicle (NGV) market share and leading players, 2018
FIGURE Asia Pacific Automotive Natural Gas Vehicle (NGV) market share and leading players, 2018
FIGURE Latin America Automotive Natural Gas Vehicle (NGV) market share and leading players, 2018
FIGURE Middle East and Africa Automotive Natural Gas Vehicle (NGV) market share and leading players, 2018
FIGURE North America market share analysis by country, 2018
FIGURE U.S. Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Canada Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Europe Automotive Natural Gas Vehicle (NGV) market share analysis by country, 2018
FIGURE Germany Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Spain Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Italy Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE UK Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE France Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Rest of the Europe Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Asia Pacific Automotive Natural Gas Vehicle (NGV) market share analysis by country, 2018
FIGURE India Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE China Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Japan Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE South Korea Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Singapore Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Rest of APAC Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Latin America Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Latin America Automotive Natural Gas Vehicle (NGV) market share analysis by country, 2018
FIGURE Brazil Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Mexico Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Argentina Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Rest of LATAM Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Middle East and Africa Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Middle East and Africa Automotive Natural Gas Vehicle (NGV) market share analysis by country, 2018
FIGURE Saudi Arabia Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE United Arab Emirates Automotive Natural Gas Vehicle (NGV) market size, forecast and trend analysis, 2015 to 2026 (USD Million)
