The natural gas vehicle market was valued at US$ 17,100.00 million in 2019 and is expected to reach US$ 28,805.75 million by 2027; it is estimated to grow at a CAGR of 6.9% during 2020–2027.
Natural gas vehicle engines function similar to gasoline-powered vehicle engines that are typically spark-ignited internal combustion engines. Natural gas is stored in a cylinder or a fuel tank, usually embedded at the back of the vehicle. Batteries provide electricity for the functioning of the engine and power electronics in these vehicles. The electronic control module (ECM) controls the ignition timing, fuel mixture, and emissions system; it also observes the operation of the vehicle and detects the problems. Natural gas is eco-friendly fuel as it contributes less to pollution than petrol or diesel and its resources are extensively available worldwide. Moreover, the prospective benefits of using natural gas vehicles include low greenhouse gas emissions, cost reduction, noise reduction, and local air quality improvement. As per the Climate Technology Centre & Network (CTCN), compressed natural gas (CNG) is broadly used as vehicle fuel in the world. CTCN stated that there are ~10 million natural gas-powered vehicles and ~15,000 CNG refueling stations in ~75 countries. In countries with substantial gas reserves and limited oil reserves, the use of natural gas in transport can lower the dependency on costly oil imports. The global natural gas vehicle market is currently a niche market as the current share of natural gas in road transportation is small in a few countries. The prominent countries using CNG in vehicles are Pakistan, Argentina, Iran, and Brazil.
Heavy investments in vehicles and an increase in government support might be needed to establish the natural gas vehicle market since numerous countries are not likely to achieve natural gas vehicle markets with less penetration levels. The automobile industry is booming across the world, with a swift surge in the production of passenger cars and commercial vehicles. Moreover, extending the benefits of natural gas to a wider range of industries, in addition to the automobile industry, would attract more investments in transmission and distribution grids for the natural gas supply.
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Natural Gas Vehicle Market: Strategic Insights
Market Size Value in US$ 17,100.00 Million in 2019 Market Size Value by US$ 28,805.75 Million by 2027 Growth rate CAGR of 6.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Natural Gas Vehicle Market: Strategic Insights
| Market Size Value in | US$ 17,100.00 Million in 2019 |
| Market Size Value by | US$ 28,805.75 Million by 2027 |
| Growth rate | CAGR of 6.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Impact of COVID-19 Pandemic on Natural Gas Vehicles Market
The automotive manufacturing and transportation industry is heavily dependent on manual labor. Owing to the strict lockdown regulations imposed by the majority of the countries across the globe, the industry is experiencing a significantly lower number of labors in respective manufacturing facilities. This factor is hindering the automotive and transportation industry, thereby restraining the growth of the natural gas vehicle market. The US is a prominent market for natural gas vehicle due to rising government support to build infrastructure for the same. The rapidly increasing number of COVID-19 confirmed cases and reported deaths in the country is adversely affecting the automotive and transportation industry. The factory and business shutdowns across the US, Canada, and Mexico are restricting the demand for natural gas vehicles. North America comprises a large number of manufacturing and automotive companies; thus, the impact of the COVID-19 outbreak is quite severe on the market in North America, and it is likely to continue in 2021.
Market Insights– Natural Gas Vehicle Market
Increasing Government Focus on Enhancing Energy Security
Energy security signifies the constant availability of cost-effective energy sources. It has numerous features, such as long-term energy security, chiefly handle timely investments to supply energy in line with environmental needs and economic developments. Short-term energy security revolves around the ability of energy systems to react quickly to unexpected changes in the supply-demand balance. The government of Pakistan has encouraged the introduction and development of CNG applications in the transportation industry through various policy measures. A huge number of natural gas vehicles (~2 million vehicles) are running on the roads in Pakistan, consuming 2.5 billion cubic meters (BCM) of natural gas every year. Various Asian countries, especially India, have introduced crucial energy pricing reforms in the oil, gas, coal, and electricity fields, which are essential to further open the energy market and enhance its financial health. India has taken substantial steps to develop its energy security by fostering domestic production of natural gas vehicles. With the rising concerns regarding the environmental impacts of using fossil fuels and the benefits of energy grids, engineers are progressively adopting energy storage solutions, thereby propelling the growth of the energy security industry. Adopting natural gas as a transit fuel to lower carbon emissions helps achieve sustainable development goals while addressing energy security worldwide. Thus, a surge in the focus of governments on enhancing energy security propels the growth of the natural gas vehicle market.
Fuel Type - Based Insights
Based on fuel type, the natural gas vehicle market is bifurcated into CNG and LNG. The market for CNG vehicles continues to witness lucrative opportunities due to the increasing number of natural gas vehicles and growing preference for CNG vehicles worldwide. Further, the growth of the automotive industry influences the adoption of CNG vehicles.
Application - Based Insights
Based on application, the natural gas vehicle market is bifurcated into on road and off road. In 2019, the on road segment led the market. Natural gas is used primarily for electricity generation and residential, commercial, and industrial applications. It is used as fuel for on road vehicles, especially in medium- or heavy-duty vehicles in centrally fueled fleets. It has also been also proposed for more generous use as a fuel for on road vehicles, particularly in light-duty vehicles.
Vehicle Type-Based Insights
Based on vehicle type, the natural gas vehicle market is segmented into passenger vehicles, light and commercial vehicles, and heavy commercial vehicles. In 2019, the passenger vehicles segment led the market. The passenger cars is the leading segment in the CNG and LPG vehicles market in India. India’s top carmakers are focusing more on natural gas vehicle development than electric vehicles. The demand for passenger vehicles is increasing owing to the rise in per capita income and need for luxury. Public acceptance and strong government support for natural gas passenger vehicles would drive the growth of the natural gas vehicle market.
Natural Gas Vehicle Market Report Scope
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, Agility Fuel Solutions urged the Indian automotive and fleet industry to implement long distance travel solutions with CNG. India’s Minister for Petroleum and Natural Gas launched India’s first long distance compressed natural gas (CNG) bus under a strategic program led by Indraprastha Gas Limited (IGL), the largest CNG distribution company in India.
- In 2020, PACCAR Inc. has been honored as a global leader in environmental practices by the environmental reporting firm CDP. The company achieved a list by demonstrating best in class disclosure and reduction of greenhouse gas emissions in its commercial vehicles business and global facilities.
Natural Gas Vehicle Market – by Fuel Type
- CNG
- LNG
Natural Gas Vehicle Market – by Application
- On Road
- Off Road
Natural Gas Vehicle Market – by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Natural Gas Vehicle Market – Companies Profiles
- AB Volvo
- Agility Fuel Solutions LLC
- America Honda Motor Company
- CNH Industrial N.V.
- Cummins Westport
- General Motors
- Navistar Inc.
- Paccar Inc.
- The Ford Motor Company
- Volkswagen AG
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Fuel Type , Application , and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Natural Gas Vehicle Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Natural Gas Vehicle –Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Cost-Effective Mobility Solutions
5.1.2 Surge in Government Focus on Enhancing Energy Security
5.2 Market Restraints
5.2.1 Rising Emphasis on Electric Vehicles
5.3 Market Opportunities
5.3.1 Rising Focus on Green Transportation
5.4 Future Trends
5.4.1 Growing Use of Heavy-Duty Vehicles Powered by Natural Gas
5.5 Impact Analysis of Drivers and Restraints
6. Natural Gas Vehicle Market – Global Analysis
6.1 Global Natural Gas Vehicle Market Overview
6.2 Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning – Top Five Players
7. Natural Gas Vehicle Market Analysis – by Fuel Type
7.1 Overview
7.2 Natural Gas Vehicle Market, by Fuel Type (2019 and 2027)
7.3 CNG
7.3.1 Overview
7.3.2 CNG: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
7.4 LNG
7.4.1 Overview
7.4.2 LNG: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
8. Natural Gas Vehicle Market Analysis – by Application
8.1 Overview
8.2 Natural Gas Vehicle Market, by Application (2019 and 2027)
8.3 On Road
8.3.1 Overview
8.3.2 On road: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
8.4 Off Road
8.4.1 Overview
8.4.2 Off road: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
9. Natural Gas Vehicle Market Analysis – by Vehicle Type
9.1 Overview
9.2 Natural Gas Vehicle Market, by Vehicle Type (2019 and 2027)
9.3 Passenger Vehicles
9.3.1 Overview
9.3.2 Passenger Vehicles: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
9.4 Light and Commercial Vehicles
9.4.1 Overview
9.4.2 Light and Commercial Vehicles: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
9.5 Heavy Commercial Vehicles
9.5.1 Overview
9.5.2 Heavy Commercial Vehicles Market Revenue and Forecast to 2027 (US$ Million)
10. Natural Gas Vehicle Market – Geographic Analysis
10.1 Overview
10.2 North America: Natural Gas Vehicle Market
10.2.1 North America: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.2.2 North America: Natural Gas Vehicle Market, by Fuel Type
10.2.3 North America: Natural Gas Vehicle Market, by Application
10.2.4 North America: Natural Gas Vehicle Market, by Vehicle Type
10.2.5 North America: Natural Gas Vehicle Market, by Key Country
10.2.5.1 US: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.2.5.1.1 US: Natural Gas Vehicle Market, by Fuel Type
10.2.5.1.2 US: Natural Gas Vehicle Market, by Application
10.2.5.1.3 US: Natural Gas Vehicle Market, by Vehicle Type
10.2.5.2 Canada: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.2.5.2.1 Canada: Natural Gas Vehicle Market, by Fuel Type
10.2.5.2.2 Canada: Natural Gas Vehicle Market, by Application
10.2.5.2.3 Canada: Natural Gas Vehicle Market, by Vehicle Type
10.2.5.3 Mexico: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.2.5.3.1 Mexico: Natural Gas Vehicle Market, by Fuel Type
10.2.5.3.2 Mexico: Natural Gas Vehicle Market, by Application
10.2.5.3.3 Mexico: Natural Gas Vehicle Market, by Vehicle Type
10.3 Europe: Natural Gas Vehicle Market
10.3.1 Europe: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.3.2 Europe: Natural Gas Vehicle Market, by Fuel Type
10.3.3 Europe: Natural Gas Vehicle Market, by Application
10.3.4 Europe: Natural Gas Vehicle Market, by Vehicle Type
10.3.5 Europe: Natural Gas Vehicle Market, by Key Country
10.3.5.1 Germany: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.3.5.1.1 Germany: Natural Gas Vehicle Market, by Fuel Type
10.3.5.1.2 Germany: Natural Gas Vehicle Market, by Application
10.3.5.1.3 Germany: Natural Gas Vehicle Market, by Vehicle Type
10.3.5.2 France: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.3.5.2.1 France: Natural Gas Vehicle Market, by Fuel Type
10.3.5.2.2 France: Natural Gas Vehicle Market, by Application
10.3.5.2.3 France: Natural Gas Vehicle Market, by Vehicle Type
10.3.5.3 Italy: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.3.5.3.1 Italy: Natural Gas Vehicle Market, by Fuel Type
10.3.5.3.2 Italy: Natural Gas Vehicle Market, by Application
10.3.5.3.3 Italy: Natural Gas Vehicle Market, by Vehicle Type
10.3.5.4 UK: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.3.5.4.1 UK: Natural Gas Vehicle Market, by Fuel Type
10.3.5.4.2 UK: Natural Gas Vehicle Market, by Application
10.3.5.4.3 UK: Natural Gas Vehicle Market, by Vehicle Type
10.3.5.5 Russia: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.3.5.5.1 Russia: Natural Gas Vehicle Market, by Fuel Type
10.3.5.5.2 Russia: Natural Gas Vehicle Market, by Application
10.3.5.5.3 Russia: Natural Gas Vehicle Market, by Vehicle Type
10.3.5.6 Rest of Europe: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.3.5.6.1 Rest of Europe: Natural Gas Vehicle Market, by Fuel Type
10.3.5.6.2 Rest of Europe: Natural Gas Vehicle Market, by Application
10.3.5.6.3 Rest of Europe: Natural Gas Vehicle Market, by Vehicle Type
10.4 APAC: Natural Gas Vehicle Market
10.4.1 APAC: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.4.2 APAC: Natural Gas Vehicle Market, by Fuel Type
10.4.3 APAC: Natural Gas Vehicle Market, by Application
10.4.4 APAC: Natural Gas Vehicle Market, by Vehicle Type
10.4.5 APAC: Natural Gas Vehicle Market, by Key Country
10.4.5.1 China: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.1.1 China: Natural Gas Vehicle Market, by Fuel Type
10.4.5.1.2 China: Natural Gas Vehicle Market, by Application
10.4.5.1.3 China: Natural Gas Vehicle Market, by Vehicle Type
10.4.5.2 India: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.2.1 India: Natural Gas Vehicle Market, by Fuel Type
10.4.5.2.2 India: Natural Gas Vehicle Market, by Application
10.4.5.2.3 India: Natural Gas Vehicle Market, by Vehicle Type
10.4.5.3 Japan: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.3.1 Japan: Natural Gas Vehicle Market, by Fuel Type
10.4.5.3.2 Japan: Natural Gas Vehicle Market, by Application
10.4.5.3.3 Japan: Natural Gas Vehicle Market, by Vehicle Type
10.4.5.4 South Korea: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.4.1 South Korea: Natural Gas Vehicle Market, by Fuel Type
10.4.5.4.2 South Korea: Natural Gas Vehicle Market, by Application
10.4.5.4.3 South Korea: Natural Gas Vehicle Market, by Vehicle Type
10.4.5.5 Australia: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.5.1 Australia: Natural Gas Vehicle Market, by Fuel Type
10.4.5.5.2 Australia: Natural Gas Vehicle Market, by Application
10.4.5.5.3 Australia: Natural Gas Vehicle Market, by Vehicle Type
10.4.5.6 Rest of APAC: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.4.5.6.1 Rest of APAC: Natural Gas Vehicle Market, by Fuel Type
10.4.5.6.2 Rest of APAC: Natural Gas Vehicle Market, by Application
10.4.5.6.3 Rest of APAC: Natural Gas Vehicle Market, by Vehicle Type
10.5 MEA: Natural Gas Vehicle Market
10.5.1 MEA: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.5.2 MEA: Natural Gas Vehicle Market, by Fuel Type
10.5.3 MEA: Natural Gas Vehicle Market, by Application
10.5.4 MEA: Natural Gas Vehicle Market, by Vehicle Type
10.5.5 MEA: Natural Gas Vehicle Market, by Key Country
10.5.5.1 South Africa: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.5.5.1.1 South Africa: Natural Gas Vehicle Market, by Fuel Type
10.5.5.1.2 South Africa: Natural Gas Vehicle Market, by Application
10.5.5.1.3 South Africa: Natural Gas Vehicle Market, by Vehicle Type
10.5.5.2 Saudi Arabia: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.5.5.2.1 Saudi Arabia: Natural Gas Vehicle Market, by Fuel Type
10.5.5.2.2 Saudi Arabia: Natural Gas Vehicle Market, by Application
10.5.5.2.3 Saudi Arabia: Natural Gas Vehicle Market, by Vehicle Type
10.5.5.3 UAE: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.5.5.3.1 UAE: Natural Gas Vehicle Market, by Fuel Type
10.5.5.3.2 UAE: Natural Gas Vehicle Market, by Application
10.5.5.3.3 UAE: Natural Gas Vehicle Market, by Vehicle Type
10.5.5.4 Rest of MEA: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.5.5.4.1 Rest of MEA: Natural Gas Vehicle Market, by Fuel Type
10.5.5.4.2 Rest of MEA: Natural Gas Vehicle Market, by Application
10.5.5.4.3 Rest of MEA: Natural Gas Vehicle Market, by Vehicle Type
10.6 SAM: Natural Gas Vehicle Market
10.6.1 SAM: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.6.2 SAM: Natural Gas Vehicle Market, by Fuel Type
10.6.3 SAM: Natural Gas Vehicle Market, by Application
10.6.4 SAM: Natural Gas Vehicle Market, by Vehicle Type
10.6.5 SAM: Natural Gas Vehicle Market, by Key Country
10.6.5.1 Brazil: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.6.5.1.1 Brazil: Natural Gas Vehicle Market, by Fuel Type
10.6.5.1.2 Brazil: Natural Gas Vehicle Market, by Application
10.6.5.1.3 Brazil: Natural Gas Vehicle Market, by Vehicle Type
10.6.5.2 Argentina: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.6.5.2.1 Argentina: Natural Gas Vehicle Market, by Fuel Type
10.6.5.2.2 Argentina: Natural Gas Vehicle Market, by Application
10.6.5.2.3 Argentina: Natural Gas Vehicle Market, by Vehicle Type
10.6.5.3 Rest of SAM: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
10.6.5.3.1 Rest of SAM: Natural Gas Vehicle Market, by Fuel Type
10.6.5.3.2 Rest of SAM: Natural Gas Vehicle Market, by Application
10.6.5.3.3 Rest of SAM: Natural Gas Vehicle Market, by Vehicle Type
11. Impact of COVID-19 Pandemic on Natural Gas Vehicle Market
11.1 North America: Impact assessment of COVID-19 Pandemic
11.2 Europe: Impact assessment of COVID-19 Pandemic
11.3 Asia-Pacific: Impact assessment of COVID-19 Pandemic
11.4 Middle East and Africa: Impact assessment of COVID-19 Pandemic
11.5 South America: Impact Assessment of COVID-19 Pandemic
12. Global Natural Gas Vehicle Market -Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Development
13. Company Profiles
13.1 AB Volvo
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Agility Fuel Solutions
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Cummins Westport Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Ford Motor Company
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 PACCAR Inc.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 General Motors
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 CNH Industrial N.V.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Navistar, Inc.
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Volkswagen AG
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Nissan Motor Co., Ltd.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. North America: Natural Gas Vehicle Market, by Fuel Type – Revenue and Forecast to 2027 (US$ Million)
Table 3. North America: Natural Gas Vehicle Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 4. North America: Natural Gas Vehicle Market, by Vehicle Type – Revenue and Forecast to 2027 (US$ Million)
Table 5. US: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 6. US: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 7. US: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 8. Canada: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 9. Canada: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 10. Canada: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 11. Mexico: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 12. Mexico: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 13. Mexico: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 14. Europe: Natural Gas Vehicle Market, by Fuel Type – Revenue and Forecast to 2027 (US$ Million)
Table 15. Europe: Natural Gas Vehicle Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 16. Europe: Natural Gas Vehicle Market, by Vehicle Type – Revenue and Forecast to 2027 (US$ Million)
Table 17. Germany: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 18. Germany: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 19. Germany: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 20. France: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 21. France: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 22. France: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 23. Italy: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 24. Italy: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 25. Italy: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 26. UK: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 27. UK: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 28. UK: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 29. Russia: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 30. Russia: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 31. Russia: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 32. Rest of Europe: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 33. Rest of Europe: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 34. Rest of Europe: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 35. APAC: Natural Gas Vehicle Market, by Fuel Type – Revenue and Forecast to 2027 (US$ Million)
Table 36. APAC: Natural Gas Vehicle Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 37. APAC: Natural Gas Vehicle Market, by Vehicle Type – Revenue and Forecast to 2027 (US$ Million)
Table 38. China: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 39. China: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 40. China: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 41. India: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 42. India: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 43. India: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 44. Japan: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 45. Japan: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 46. Japan: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 47. South Korea: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 48. South Korea: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 49. South Korea: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 50. Australia: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 51. Australia: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 52. Australia: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 53. Rest of APAC: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 54. Rest of APAC: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 55. Rest of APAC: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 56. MEA: Natural Gas Vehicle Market, by Fuel Type– Revenue and Forecast to 2027 (US$ Million)
Table 57. MEA: Natural Gas Vehicle Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 58. MEA: Natural Gas Vehicle Market, by Vehicle Type – Revenue and Forecast to 2027 (US$ Million)
Table 59. South Africa: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 60. South Africa: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 61. South Africa: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 62. Saudi Arabia: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 63. Saudi Arabia: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 64. Saudi Arabia: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 65. UAE: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 66. UAE: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 67. UAE: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 68. Rest of MEA: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 69. Rest of MEA: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 70. Rest of MEA: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 71. SAM: Natural Gas Vehicle Market, by Fuel Type – Revenue and Forecast to 2027 (US$ Million)
Table 72. SAM: Natural Gas Vehicle Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 73. SAM: Natural Gas Vehicle Market, by Vehicle Type – Revenue and Forecast to 2027 (US$ Million)
Table 74. Brazil: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 75. Brazil: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 76. Brazil: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 77. Argentina: Natural Gas Vehicle Market, by Fuel Type –Revenue and Forecast to 2027 (US$ Million)
Table 78. Argentina: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 79. Argentina: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 80. Rest of SAM: Natural Gas Vehicle Market, by Fuel Type–Revenue and Forecast to 2027 (US$ Million)
Table 81. Rest of SAM: Natural Gas Vehicle Market, by Application –Revenue and Forecast to 2027 (US$ Million)
Table 82. Rest of SAM: Natural Gas Vehicle Market, by Vehicle Type –Revenue and Forecast to 2027 (US$ Million)
Table 83. List of Abbreviation
LIST OF FIGURES
Figure 1. Natural Gas Vehicle Market Segmentation
Figure 2. Natural Gas Vehicle Market Segmentation – By Geography
Figure 3. Global Natural Gas Vehicle Market Overview
Figure 4. CNG Segment to Show Remarkable Traction During Forecast Period
Figure 5. On Road Segment to Show Remarkable Growth During Forecast Period
Figure 6. Passenger Vehicles Segment to Show Remarkable Growth During Forecast Period
Figure 7. Global Natural Gas Vehicle Market, Geography Analysis
Figure 8. North America: PEST Analysis
Figure 9. Europe: PEST Analysis
Figure 10. Asia-Pacific: PEST Analysis
Figure 11. MEA: PEST Analysis
Figure 12. South America: PEST Analysis
Figure 13. Ecosystem Analysis
Figure 14. Expert Opinion
Figure 15. Natural Gas Vehicle Market Impact Analysis of Drivers and Restraints
Figure 16. Geographic Overview of Natural Gas Vehicle Market
Figure 17. Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 18. Natural Gas Vehicle Market Revenue Share, by Fuel Type (2019 and 2027)
Figure 19. CNG: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 20. LNG: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 21. Natural Gas Vehicle Market Revenue Share, by Application (2019 and 2027)
Figure 22. On road: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 23. Off road: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24. Natural Gas Vehicle Market Revenue Share, by Vehicle Type (2019 and 2027)
Figure 25. Passenger Vehicles: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 26. Light and Commercial Vehicles: Natural Gas Vehicle Market – Revenue and Forecast to 2027 (US$ Million)
Figure 27. Heavy Commercial Vehicles Market Revenue and Forecast to 2027 (US$ Million)
Figure 28. Natural Gas Vehicle Market Revenue Share, By Region (2019 and 2027)
Figure 29. North America: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 30. North America: Natural Gas Vehicle Market Revenue Share, by Fuel Type (2019 and 2027)
Figure 31. North America: Natural Gas Vehicle Market Revenue Share, by Application (2019 and 2027)
Figure 32. North America: Natural Gas Vehicle Market Revenue Share, by Vehicle Type (2019 and 2027)
Figure 33. North America: Natural Gas Vehicle Market Revenue Share, by Key Country (2019 and 2027)
Figure 34. US: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 35. Canada: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 36. Mexico: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 37. Europe: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 38. Europe: Natural Gas Vehicle Market Revenue Share, By Fuel Type (2019 and 2027)
Figure 39. Europe: Natural Gas Vehicle Market Revenue Share, By Application (2019 and 2027)
Figure 40. Europe: Natural Gas Vehicle Market Revenue Share, By Vehicle Type (2019 and 2027)
Figure 41. Europe: Natural Gas Vehicle Market Revenue Share, By Key Country (2019 and 2027)
Figure 42. Germany: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 43. France: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 44. Italy: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 45. UK: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 46. Russia: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 47. Rest of Europe: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 48. APAC: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 49. APAC: Natural Gas Vehicle Market Revenue Share, By Fuel Type (2019 and 2027)
Figure 50. APAC: Natural Gas Vehicle Market Revenue Share, By Application (2019 and 2027)
Figure 51. APAC: Natural Gas Vehicle Market Revenue Share, By Vehicle Type (2019 and 2027)
Figure 52. APAC: Natural Gas Vehicle Market Revenue Share, By Key Country (2019 and 2027)
Figure 53. China: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 54. India: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 55. Japan: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 56. South Korea: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 57. Australia: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 58. Rest of APAC: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 59. MEA: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 60. MEA: Natural Gas Vehicle Market Revenue Share, By Fuel Type (2019 and 2027)
Figure 61. MEA: Natural Gas Vehicle Market Revenue Share, By Application (2019 and 2027)
Figure 62. MEA: Natural Gas Vehicle Market Revenue Share, By Vehicle Type (2019 and 2027)
Figure 63. MEA: Natural Gas Vehicle Market Revenue Share, By Key Country (2019 and 2027)
Figure 64. South Africa: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 65. Saudi Arabia: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 66. UAE: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 67. Rest of MEA: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 68. SAM: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 69. SAM: Natural Gas Vehicle Market Revenue Share, By Fuel Type (2019 and 2027)
Figure 70. SAM: Natural Gas Vehicle Market Revenue Share, By Application (2019 and 2027)
Figure 71. SAM: Natural Gas Vehicle Market Revenue Share, By Vehicle Type (2019 and 2027)
Figure 72. SAM: Natural Gas Vehicle Market Revenue Share, By Key Country (2019 and 2027)
Figure 73. Brazil: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 74. Argentina: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 75. Rest of SAM: Natural Gas Vehicle Market – Revenue and Forecast To 2027 (US$ Million)
Figure 76. Impact of COVID-19 Pandemic in North American Country Markets
Figure 77. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 78. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 79. Impact of COVID-19 Pandemic in Middle East and Africa Country Markets
Figure 80. Impact of COVID-19 Pandemic in South America Country Markets
The List of Companies - Natural Gas Vehicle Market
- AB Volvo
- Agility Fuel Solutions
- Cummins Westport Inc.
- Ford Motor Company
- PACCAR Inc.
- General Motors
- CNH Industrial N.V.
- Navistar, Inc.
- Volkswagen AG
- Nissan Motor Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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