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(Transportation-News.com, January 17, 2019 ) CNG vehicle continues to witness lucrative opportunities across the countries on the backdrop of the increasing number of the NGVs (Natural Gas Vehicles) and increasing preference for CNG vehicles across the world. Moreover, the growth in the automotive industry has influenced the adoption of the CNG vehicles due to the depletion of crude oil resources owing to the increasing demand for high quality and reliable CNG vehicle from the consumer. For instance, there has been an increase in the fleet of CNG vehicles by 7.4% in 2014 to 18% in 2018 across the world. The trending convergence of government regulations on fuel emissions & natural gas powered vehicle production which have more adoption rate and is further anticipated to create remunerative growth opportunities for CNG Vehicles Market. Around the world, governments have issued stringent regulations regarding emissions and fuel efficiency.
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The global fossil fuel price has seen an increasing trend over the past five to ten years. Due to these reasons, there is a growing demand for cheap and environmentally friendly fuel alternative. Original equipment manufacturers of vehicles are promoting their products by showcasing fuel efficiency and emission-free features. This factor is fueling the demand for automotive CNG vehicle market.
A recent Fact study foretells the CNG vehicle market to record an expansion at 3.2% over the forecast period (2018 – 2027). CNG vehicle continues to witness increased demand from automotive industry. However promotional buyers demand has impressive growth in some of the regions.
CNG vehicle for Passenger vehicle type segment are Estimated to be the Most Lucrative Market in the CNG vehicle
The demand for CNG vehicle for passenger vehicle type segment is estimated to grow at a significant rate and is projected to reach more than thousand millions by 2027 end. The CNG vehicle for commercial vehicle segment is growing at a relatively slower pace as compared to other CNG vehicle segment. The slow growth in the commercial CNG vehicle in the market is due to the long product lifecycle and the availability in the market globally. Though the CNG vehicle for passenger vehicle segment has maximum work piece diameter, which is used in various light commercial vehicle. Therefore, it holds more than 60% share in terms of value in 2018.
Dedicated Fuel CNG vehicle are anticipated to be the most Favorable Product Type in CNG vehicle Market
Dedicated fuel CNG vehicle holds more than 45% share in CNG vehicle sales owing to have less complicated yet simple design. Although the bi-fuel and dual fuel CNG vehicles are also growing at a significant rate owing to the increasing demand for fuel efficient vehicles and optional fuel function. Also, the dedicated CNG vehicle is estimated to grow at a significant CAGR of more than 3.5% in terms of value, in the global CNG vehicle market over the forecast period.
Fact.MR’s study on CNG Vehicles Marketis comprehensive – 170 pages, 64 tables, and 58 figures @ https://www.factmr.com/report/2537/cng-vehicles-market
APEJ: Market Leader in the CNG vehicle
The CNG vehicle market has been evaluated across primary regions such as North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ) and Middle East and Africa (MEA). Among these, APEJ CNG vehicle market is expected to hold favorable growth in terms of CAGR over the forecast period. In terms of value, the APEJ market is anticipated to hold a prominent share of the market by 2027. The market for CNG vehicle is estimated to grow at a significant CAGR of more than 3.6% and will represent a total incremental opportunity of over thousand millions in terms of value during the forecast period.
Competition Dashboard
The competitive landscape section of the CNG vehicle market delivers the most insightful information regarding the key market players, their relative global position and business strategies. The market for the CNG vehicle is estimated to grow over the forecast period as the contenders in the global market are rising and competition with the existing players is estimated to grow in the next nine years. The manufacturers in CNG vehicle market to expand with strategic developments such as product launches, product innovation, expansion, collaborations and acquisitions in the CNG vehicle market.
Key players operating in the global market for CNG vehicle, include Ford Motor Company, Fiat Chrysler Automobiles, General Motors, Honda Motor Company, Volkswagen, Hyundai Motor Group, Suzuki Motor Corporation, Great Wall Motors, Iran Khodro, and others. Some of the aftermarket players in the CNG Vehicle market are Landi Renzo, Impco, Venchurs, Westport, Tomasetoo Achile, and others. The competition among the existing market players is very high. Therefore, to survive & succeed in such a competitive environment, manufacturers must distinguish their product offering through innovative & unique products.
About the Report
FactMR published an exclusive forecast report for the CNG vehicle market between 2018 and 2027. The foremost objective of this report on CNG vehicle market is to pitch spearhead insights on market scenario, demand generators and technological advancements in CNG vehicle market. Also, the study on CNG vehicle market addresses key dynamics are expected to diversify the sales and future prominence of CNG vehicle market.
The report on CNG vehicle market initiates with an executive overview in which a product definition is provided. The report further proceeds with taxonomy of CNG vehicle market elaborate on the key segments. Also, the report outlines visionary insights on dynamics of CNG vehicle market including drivers, restraints, opportunities and trends and pricing analysis along with the key buying factors for CNG vehicle. Supply chain analysis and pricing analysis of CNG vehicle market along with the difference between passenger CNG vehicle and commercial CNG vehicles have also been included in the report to help the readers clearly understand the product framework map in CNG vehicle market.
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About FactMR
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market insights reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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