Global Light and Heavy Duty Natural Gas Vehicle market to grow at a CAGR of 5.65% during the period 2017 - 2021; Finds New Report

Report forecast the global light and heavy duty natural gas vehicle market to grow at a CAGR of 5.65% during the period 2017-2021.

Natural gas vehicles (NGV) are alternative fuel vehicles that use natural gas in place of diesel or gasoline as fuel for combustion. Natural gas is used in two forms in automobiles: compressed natural gas (CNG) and liquefied natural gas (LNG). LNG is stored as a supercooled liquid and is used for combustion. A temperature range between -184 degrees Fahrenheit and -274 degrees Fahrenheit is maintained for the storage of LNG.

The advantage of using LNG is that it has a high calorific value that is comparable to that of gasoline. However, it needs high investment in infrastructure to maintain the temperature of the cryogenic liquid. CNG is stored in a gaseous form and an odorant is added to it to detect leakage. Normally, it is stored in high-pressure tanks with a pressure range of 20 to 25 MPa.

The report covers the present scenario and the growth prospects of the global light and heavy duty natural gas vehicle market for 2017-2021. To calculate the market size, the report presents a comprehensive, reliable, and the result of extensive research, both primary and secondary.

The market is divided into the following segments based on geography:

• Americas
• APAC
• EMEA

According to the report, one driver in market is stricter emission standards. Many countries are working to implement strict emission norms in response to environmental and health concerns. Reducing automotive emissions and fuel consumption are the main objectives behind setting tougher emission norms. Such legislations will lead to the increased adoption of NGVs especially in the LCV and HCV segment as the emissions from diesel-powered light-duty and heavy-duty trucks are much more than that of natural gas-powered engines. Nitrogen oxide emissions are also higher in diesel engines, thus mandating the installation of urea filters to reduce nitrox emissions. The resultant increase in the prices of diesel engines will further boost NGV adoption rates.

Further, the report states that one challenge in market is higher differential cost of NGV for heavy-duty vehicles. The majority of the engines manufactured today are compatible with either gasoline or diesel. Alternative fuels like LPG, CNG, and LNG require the installation of a kit to make the engine compatible with the fuel type. Gasoline engines are the cheapest to manufacture. In the passenger vehicle segment, the sum of gasoline engine cost and the differential cost for the installation of kits for CNG and LNG fuel types are lower compared to the cost of diesel engines owing to lower engine displacement and size. However, the differential cost rises as the engine displacement increases. For heavy-duty vehicles, the cost of the kit may be more than that of the diesel engine itself.

Global Light And Heavy Duty Natural Gas Vehicle Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the global light and heavy duty natural gas vehicle market: CNH Industrial, Daimler Trucks, General Motors, MAN Truck & Bus, and Volvo Trucks.

Other Prominent Vendors in the market are: Beiqi Foton Motor, BRC Gas Equipment, Cummins Westport, Dongfeng Motor, Fiat Chrysler Automobiles, Ford Motor, GAZ, Honda, IMPCO Technologies, ISUZU MOTORS, KAMAZ, Landi Renzo, Navistar, Renault, and Volkswagen.

Market driver

• Promotional measures by local governments to boost NGV market.
• For a full, detailed list, view our report

Market challenge

• Reducing crude oil prices to hinder adoption of NGV.
• For a full, detailed list, view our report

Market trend

• Next generation fuel injectors and adsorbent natural gas tank to increase range of NGV.
• For a full, detailed list, view our report

Key questions answered in this report

• What will the market size be in 2021 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?

Spanning over 78 pages and 55 Exhibits “Global Light and Heavy duty Natural Gas Vehicle Market 2017 - 2021” report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by application, Market segmentation by geography, Market drivers, Market challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.

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