PUBLISHER: Azoth Analytics | PRODUCT CODE: 1400506
PUBLISHER: Azoth Analytics | PRODUCT CODE: 1400506
Azoth Analytics has released a research report titled "Global LNG Truck Market (2023 Edition)" which provides a complete analysis of the Global LNG Truck industry in terms of value and volume (number of LNG trucks), market segmentation by Type (Tractor Truck, Dump Truck, Other Types), Application (Construction and Mining, Freight and Logistics and Other Applications), Weight Type (Light Truck, Medium Truck and Heavy Truck) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.
The Global LNG Truck market showcased growth at a CAGR of 3.3% during 2019-2022. The market was valued at USD 1.82 Billion in 2022 which is expected to reach USD 3.6 Billion in 2029. LNG trucks produce lower emissions of nitrogen oxides (NOx), particulate matter, and greenhouse gases compared to diesel trucks. This aligns with stringent emissions regulations in many regions, making LNG trucks an attractive option for compliance with environmental standards. Moreover, LNG often offers cost savings compared to diesel fuel due to which there is high demand for the LNG truck market globally. Governments and regulatory bodies in various regions are implementing incentives and policies to encourage the adoption of cleaner fuels. Incentives may include tax credits, subsidies, and regulatory exemptions for fleets using LNG trucks.
The Global LNG Truck Market is expected to grow in the forecast period and register growth at a CAGR of 10.24% during the forecast period. LNG is known for its lower carbon content compared to diesel, resulting in reduced greenhouse gas emissions when burned. The lower emissions profile of LNG trucks appeals to companies and governments aiming to address climate change and air quality concerns, as businesses and fleet operators recognize the economic, environmental, and regulatory advantages of adopting LNG as a fuel source.
Moreover, one of the key drivers behind the global rise of LNG trucks is the increasing emphasis on environmental sustainability. With the transportation sector being a major contributor to greenhouse gas emissions, there is a growing urgency to transition to cleaner fuels. LNG, with its lower emissions profile compared to diesel, aligns with global efforts to combat climate change and reduce air pollutants. Stringent emissions regulations in various regions worldwide have further accelerated the adoption of LNG trucks, as fleet operators seek compliance with these standards.
Due to global warming to no more than 1.5°C - as called for in the Paris Agreement - emissions need to be reduced by 45% by 2030 and reach net zero by 2050. Increasing emission standards often favour cleaner technologies, including alternative fuels like LNG. The LNG truck market can experience growth as fleet operators seek compliance with stringent emission policies.
LNG trucks, known for producing lower emissions compared to traditional diesel vehicles, become more competitive in regions with strict emission policies. This can contribute to market share gains for LNG trucks in the commercial vehicle sector. Governments may offer incentives, subsidies, or tax breaks to encourage the adoption of vehicles that meet or exceed stringent emission standards. These incentives can enhance the economic attractiveness of LNG trucks, driving increased adoption.
Moreover, to support the adoption of cleaner technologies, governments and private entities may invest in the development of LNG infrastructure, including refuelling stations. This infrastructure expansion is crucial for the widespread adoption of LNG trucks. LNG is considered a cleaner-burning fuel, emitting fewer pollutants and greenhouse gases than traditional diesel. The adoption of LNG trucks aligns with environmental goals and helps reduce the overall carbon footprint of the transportation sector.
Scope of the Report:
List of Tables
Table A1: Global Impact of Macro Economic Factors, By Region
Table A2: United States LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A3: United States LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A4: United States LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A5: United States LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A6: United States LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A7: United States LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A8: Canada LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A9: Canada LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A10: Canada LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A11: Canada LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A12: Canada LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A13: Canada LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A14: Brazil LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A15: Brazil LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A16: Brazil LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A17: Brazil LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A18: Brazil LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A19: Brazil LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A20: Rest of Americas LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A21: Rest of Americas LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A22: Rest of Americas LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A23: Rest of Americas LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A24: Rest of Americas LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A25: Rest of Americas LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A26: Germany LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A27: Germany LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A28: Germany LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A29: Germany LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A30: Germany LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A31: Germany LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A32: United Kingdom LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A33: United Kingdom LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A34: United Kingdom LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A35: United Kingdom LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A36: United Kingdom LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million
Table A37: United Kingdom LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A38: France LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A39: France LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A40: France LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A41: France LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A42: France LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A43: France LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A44: Italy LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A45: Italy LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A46: Italy LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A47: Italy LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A48: Italy LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A49: Italy LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A50: Rest of Europe LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A51: Rest of Europe LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A52: Rest of Europe LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A53: Rest of Europe LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A54: Rest of Europe LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A55: Rest of Europe LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A56: China LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A57: China LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A58: China LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A59: China LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A60: China LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A61: China LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A62: Japan LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A63: Japan LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A64: Japan LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A65: Japan LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A66: Japan LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A67: Japan LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A68: India LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A69: India LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A70: India LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A71: India LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A72: India LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A73: India LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A74: Rest of Asia Pacific LNG Truck Market, By Type, By Value, 2019-2022 (USD Million)
Table A75: Rest of Asia Pacific LNG Truck Market, By Type, By Value, 2023-2029 (USD Million)
Table A76: Rest of Asia Pacific LNG Truck Market, By Application, By Value, 2019-2022 (USD Million)
Table A77: Rest of Asia Pacific LNG Truck Market, By Application, By Value, 2023-2029 (USD Million)
Table A78: Rest of Asia Pacific LNG Truck Market, By Weight Type, By Value, 2019-2022 (USD Million)
Table A79: Rest of Asia Pacific LNG Truck Market, By Weight Type, By Value, 2023-2029 (USD Million)
Table A80: Volve Key Company Financials, 2020-2022
Table A81: Traton Key Company Financials, 2020-2022
Table A82: Iveco Key Company Financials, 2020-2022
Table A83: Tata Motors Key Company Financials, 2020-2022
Table A84: Mercedes Benz Key Company Financials, 2020-2022
Table A85: FAW Key Company Financials, 2020-2022
Table A86: Sinotruk Key Company Financials, 2020-2022
Table A87: Ashok Key Company Financials, 2021-2023