Global Natural Gas Vehicles (NGVs) Market to Reach 34.7 Million Units by 2027
Amid the COVID-19 crisis, the global market for Natural Gas Vehicles (NGVs) estimated at 23.2 Million Units in the year 2020, is projected to reach a revised size of 34.7 Million Units by 2027, growing at a CAGR of 5.9% over the period 2020-2027. Light Duty Vehicles, one of the segments analyzed in the report, is projected to record a 6.1% CAGR and reach 31.9 Million Units by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Medium & Heavy Duty Trucks segment is readjusted to a revised 5.3% CAGR for the next 7-year period.The U.S. Market is Estimated at 160.7 Thousand Units, While China is Forecast to Grow at 6.6% CAGR
The Natural Gas Vehicles (NGVs) market in the U.S. is estimated at 160.7 Thousand Units in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of 7.9 Million Units by the year 2027 trailing a CAGR of 6.6% over the period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 9.4 Million Units by the year 2027.Medium & Heavy Duty Buses Segment to Record 4.3% CAGR
In the global Medium & Heavy Duty Buses segment, USA, Canada, Japan, China and Europe will drive the 4.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of 337.4 Thousand Units in the year 2020 will reach a projected size of 452.9 Thousand Units by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 4.4% CAGR through the analysis period.Select Competitors (Total 55 Featured)
- AB Volvo - Bajaj Auto Limited
- Bayerische Motoren Werke AG
- CNH Industrial N.V.
- Daimler AG - Dongfeng Motor Corporation
- Ford Motor Company
- General Motors Company
- Landi Renzo S.p.A.
- Opel Automobile GmbH
- PACCAR Inc.
- Tata Motors Limited
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Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISREST OF ASIA-PACIFICARGENTINAREST OF LATIN AMERICAIRANREST OF MIDDLE EAST
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
INDIA
LATIN AMERICA
BRAZIL
MIDDLE EAST
AFRICA
IV. COMPETITION
Companies Mentioned
A selection of companies mentioned in this report includes:
- AB Volvo
- Bajaj Auto Limited
- Bayerische Motoren Werke AG
- CNH Industrial N.V.
- Daimler AG
- Dongfeng Motor Corporation
- Ford Motor Company
- General Motors Company
- Landi Renzo S.p.A.
- Opel Automobile GmbH
- PACCAR Inc.
- Tata Motors Limited