Natural Gas Vehicle Market Report: Trends, Forecast and Competitive Analysis to 2030

Natural Gas Vehicle Trends and Forecast

The future of the global natural gas vehicle market looks promising with opportunities in the passenger car, light-duty vehicle, heavy-duty vehicle, bus, and off-highway vehicle applications. The global natural gas vehicle market is expected to reach an estimated $26.2 billion by 2030 with a CAGR of 6.5% from 2024 to 2030. The major drivers for this market are growing interest towards eco-friendly fuels, rapid expansion of automotive sector, and increasing price of fuel.

A more than 150-page report is developed to help in your business decisions.

Natural Gas Vehicle by Segment

The study includes a forecast for the global natural gas vehicle by type, fueling system, vehicle class, application, and region.

Natural Gas Vehicle Market by Type [Shipment Analysis by Value from 2018 to 2030]:

• CNG Vehicle
• LNG Vehicle

Natural Gas Vehicle Market by Fueling System [Shipment Analysis by Value from 2018 to 2030]:

• Fast-Fill
• Time-Fill

Natural Gas Vehicle Market by Vehicle Class [Shipment Analysis by Value from 2018 to 2030]:

• Compact
• Midsize
• Large

Natural Gas Vehicle Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Passenger Cars
• Light-Duty Vehicles
• Heavy-Duty Vehicles
• Buses
• Off-Highway Vehicles
• Others

Natural Gas Vehicle Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Natural Gas Vehicle Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies natural gas vehicle companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the natural gas vehicle companies profiled in this report include-

• Maruti Suzuki
• Volkswagen
• Fiat
• Honda
• General Motors
• Renault
• Hyundai
• Ford
• Iran Khodro
• Volvo

Natural Gas Vehicle Market Insights

Lucintel forecasts that compact is expected to witness highest growth over the forecast period due to its significant use in city driving purpose given to its fuel-efficiency and affordability.

Within this market, passenger car is expected to witness highest growth over the forecast period.

APAC is expected to witness highest growth over the forecast period due to rising population demand for passenger vehicles and existence of supportive government intiatives towards the use of natural gas in the region.

Features of the Global Natural Gas Vehicle Market

Market Size Estimates: Natural gas vehicle market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Natural gas vehicle market size by various segments, such as by type, fueling system, vehicle class, application, and region in terms of value ($B).

Regional Analysis: Natural gas vehicle market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different types, fueling systems, vehicle classes, applications, and regions for the natural gas vehicle market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the natural gas vehicle market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the natural gas vehicle market size?

Answer: The global natural gas vehicle market is expected to reach an estimated $26.2 billion by 2030.

Q2. What is the growth forecast for natural gas vehicle market?

Answer: The global natural gas vehicle market is expected to grow with a CAGR of 6.5% from 2024 to 2030.

Q3. What are the major drivers influencing the growth of the natural gas vehicle market?

Answer: The major drivers for this market are growing interest towards eco-friendly fuels, rapid expansion of automotive sector, and increasing price of fuel.

Q4. What are the major segments for natural gas vehicle market?

Answer: The future of the natural gas vehicle market looks promising with opportunities in the passenger car, light-duty vehicle, heavy-duty vehicle, bus, and off-highway vehicle applications.

Q5. Who are the key natural gas vehicle market companies?

Answer: Some of the key natural gas vehicle companies are as follows:

• Maruti Suzuki
• Volkswagen
• Fiat
• Honda
• General Motors
• Renault
• Hyundai
• Ford
• Iran Khodro
• Volvo

Q6. Which natural gas vehicle market segment will be the largest in future?

Answer: Lucintel forecasts that compact is expected to witness highest growth over the forecast period due to its significant use in city driving purpose given to its fuel-efficiency and affordability.

Q7. In natural gas vehicle market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to rising population demand for passenger vehicles and existence of supportive government intiatives towards the use of natural gas in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the natural gas vehicle market by type (CNG vehicle and LNG vehicle), fueling system (fast-fill and time-fill), vehicle class (compact, midsize, and large), application (passenger cars, light-duty vehicles, heavy-duty vehicles, buses, off-highway vehicles, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?