Impact of Covid-19 Outbreak on CNG vehicles Market Share

01/giu/2020 10:23:53 Automotive Market Research Reports Contatta l'autore

Questo comunicato è stato pubblicato più di 3 mesi fa. Le informazioni su questa pagina potrebbero non essere attendibili.

The CNG vehicles market is likely to witness propulsion in growth owing to the rising awareness towards the hazardous effects of the use of conventional energy sources to the environment. This is fueling the demand for clean energy-based vehicles for environment-friendly transit options, driving exponential growth to the CNG vehicles market. The global CNG vehicles market is anticipated to expand at a 5.96% CAGR during the review period, as stated in the latest MRFR report. Further, rising prices of conventional fuels such as petrol and diesel are pivoting the consumers to adopt CNG vehicles. Additionally, supportive government initiatives are pushing the general public to opt for CNG-based vehicles, instead of vehicles operating on petrol or diesel. Tough regulations laid out by the government towards the emission of pollutants from automobiles is also expected to drive the CNG vehicles market as CNG-based vehicles have the lowest carbon emissions among all types of vehicles.

Segmental Analysis

The global CNG vehicles market is segmented by product type, application, and region. Based on product type, the market is segmented into OEM and car modification. The car modification market segment held for the largest CNG vehicles market share in 2017 and is likely to retain the same during the forecast period. The car modifications segment is also expected to witness the highest growth during the forecast period.

On the basis of application, the CNG vehicles market is segmented into personal use and commercial use. Both personal and commercial segments are witnessing proliferated demand due to the extensive range of products in the CNG conversion kit for cars, trucks, as well as buses. The personal use segment is assessed to be the fastest to grow during the forecast period. Additionally, the personal use segment is also projected to hold the largest share in the CNG vehicles market. A rise in the affordability of CNG vehicles and an increasing number of refueling CNG stations are also contributing majorly to the augmentation of the personal use segment.

Detailed Regional Analysis

Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW) are the regional segments based on which the MRFR report has been prepared. Rest of the World (RoW) is anticipated to account for 46% of the global CNG vehicles market. The government authorities of many economies comprised in the RoW have introduced policies such as tax reduction, affordable pricing, subsidies, and stringent emission regulations, hence, promoting growth in the CNG vehicles market. South Africa, Thailand, Egypt, Iraq, Columbia, Brazil, Iran, Pakistan, and Argentina are significant contributors in the CNG market in the RoW. Iran has made a dual fuel capacity in all cars compulsory, promoting the usage of CNG vehicles over conventional vehicles. Whereas, Dubai and Saudi Arabia are also witnessing numerous activities creating awareness of the advantages of CNG vehicles, hence, propelling the growth in the CNG vehicles market.

China is projected to witness substantial growth during the assessment period and holds 18% of the global CNG vehicles market share. Also, Japan is anticipated to showcase potential growth opportunities for CNG vehicles owing to the presence of many prominent CNG automobile manufacturers such as Honda, Suzuki, Toyota, and Nissan.

Market Players

The noteworthy players in the CNG vehicle market as profiled by MRFR include Daimler AG, General Motors, Honda Motor Co. Ltd., Renault, Ford Motor Company, Fiat Chrysler Automobiles, Toyota Motor Corporation, Hyundai Motor Company, Groupe PSA, Volvo Group, Suzuki Motor Corporation, and Volkswagen Group.

Industry Updates

February 27, 2019: Kwik Trip is likely to be a primary dispenser of renewable natural gas (RNG) which was produced at the Wisconsin county’s landfill biogas project once it is completed during 2019.

February 12, 2019: ECO-GATE introduced the ECO-G brand, which is designed to rename the natural gas used for CNG vehicles. ECO-GATE is a European consortium led by NEDGIA (Naturgy group’s gas distributor) and co-financed by the European Union.

 

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

 

blog comments powered by Disqus
Comunicati.net è un servizio offerto da Factotum Srl